Bitcoin - Wait! I know where we are!
Updated
Looking at the 1D chart you can see we are back to that damn obnoxious line that kept us around $6500 for weeks last year. To be clear we are talking about the white support line I drew a few months back, we've hit it twice now and have refused to go below it. I can look at this chart and write a 12 page analysis on the last 4 candles but let's keep it short.
What has happened on the last 4 days is that we went under the green trend line, but curiously enough for on 2 candles, as you guys know by now 3 candles equals confirmation which means BTC was purposely pushed up so that candle #3 would not close below and now we are resting of all places back on the green trend line and exactly below the 61.8% retracement. What does all of that mean? Well... I looked around and check out what I found.
According to the 1W chart, our green trend line is still valid as a possible bottom. Keep in mind that the 200MA (200 moving average) on the 1W (One week chart) is what divides us from a bear market, this time frame is very important. This line was specifically not violated, all of the efforts to pump up the price from $6400 to $7100 had a reason. It was just to keep BTC from spending too much time under and closing below this line, but why? Well... Maybe this is it, the bottom may be here. For now, the fact is that the green trend line means a lot to the Algos trading BTC. TA is not about guessing it's about interpreting. A good analyst looks through time frames and indicators to find a possible answer. So the possible answer, for now, is that the green trend line may be our bottom.
Here you have it, one last look at the 1D chart
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NOW, THE LEGEND;
Support trend lines are green
Resistance trend lines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Going Down but finding stability
THE OUTLOOK: Beginning to see the end of the downtrend a rally may be coming soon.
What has happened on the last 4 days is that we went under the green trend line, but curiously enough for on 2 candles, as you guys know by now 3 candles equals confirmation which means BTC was purposely pushed up so that candle #3 would not close below and now we are resting of all places back on the green trend line and exactly below the 61.8% retracement. What does all of that mean? Well... I looked around and check out what I found.
According to the 1W chart, our green trend line is still valid as a possible bottom. Keep in mind that the 200MA (200 moving average) on the 1W (One week chart) is what divides us from a bear market, this time frame is very important. This line was specifically not violated, all of the efforts to pump up the price from $6400 to $7100 had a reason. It was just to keep BTC from spending too much time under and closing below this line, but why? Well... Maybe this is it, the bottom may be here. For now, the fact is that the green trend line means a lot to the Algos trading BTC. TA is not about guessing it's about interpreting. A good analyst looks through time frames and indicators to find a possible answer. So the possible answer, for now, is that the green trend line may be our bottom.
Here you have it, one last look at the 1D chart
VERY IMPORTANT: Hitting the "Like" button is like a tip, please don't forget to do so after reading, this is your way of paying me for my time.
Follow me and you'll know exactly which coins to buy and when to buy to maximize your profits.
NOW, THE LEGEND;
Support trend lines are green
Resistance trend lines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Going Down but finding stability
THE OUTLOOK: Beginning to see the end of the downtrend a rally may be coming soon.
Note
To begin to get into "stable" condition we need to close the the current candle above the green trend line. That candle has been lingering there in the red since yesterday but it refuses to go below the trend line. Note
There you go. So far I was right, we are once again walking up specifically along this line. Yesterday's candle closed right on the line and today's candle has stayed right above it. Pointing out again that this line means something. 
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