Bitcoin - Is BTC is good health? Let's see
Updated
Part of going up is going down, no asset ever goes up and continues going up. the current pullback is part of going up so long as it does not close too many times under support. We have now closed once under the 100MA, we have to return above it tonight or tomorrow night at the latest. For now, it seems to be running down the old resistance line now support, as you can see my 6-month-old chart is aging amazingly well. The fact is that we have come down because a lot of traders have exited their positions which is normal when you hit resistance. Soon you will be a big part of driving price down along with me once we hit our resistance goal.
When do we expect BTC to push back up?
Let's look at the 6-hour chart, I have marked it very well so you understand exactly what every resting point means. I recommended to the traders that got out too early to get back in right at the 50% and 61.8% and wouldn't you know it, we hit it and congratulations to you all.
What is the one thing we do not want BTC to do?
We do not want it to go under the 100MA on the weekly chart, which has become strong support, if we close under even one time the math says that it will be difficult to pop over again. What does this chart tell us right now? The 20MA stopped the up momentum, the 100MA is the support and the 50MA is where we are resting right now. The headline here is that BTC is still moving upwards.
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Why has the "B" for bitcoin in my chart gone from red to yellow? Because we have stopped doing lower lows and we have exited the secondary downtrend channel. BTC is acting neutral for now.
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
THE OUTLOOK: A rally may be coming soon.
When do we expect BTC to push back up?
Let's look at the 6-hour chart, I have marked it very well so you understand exactly what every resting point means. I recommended to the traders that got out too early to get back in right at the 50% and 61.8% and wouldn't you know it, we hit it and congratulations to you all.
What is the one thing we do not want BTC to do?
We do not want it to go under the 100MA on the weekly chart, which has become strong support, if we close under even one time the math says that it will be difficult to pop over again. What does this chart tell us right now? The 20MA stopped the up momentum, the 100MA is the support and the 50MA is where we are resting right now. The headline here is that BTC is still moving upwards.
VERY IMPORTANT: Hitting the "Like" button is like a tip, please don't forget to do so after reading, this is your way of thanking me for my time and so I thank you for yours.
Why has the "B" for bitcoin in my chart gone from red to yellow? Because we have stopped doing lower lows and we have exited the secondary downtrend channel. BTC is acting neutral for now.
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
THE OUTLOOK: A rally may be coming soon.
Note
We'll BTC's market dominance has dropped just a bit and it has sent Altcoins up in price. Let me explain, when Bitcoin's grip in the crypto market goes down it means that money has been taken out of Bitcoin and placed into alts. The number on the chart represents how much of a percentage BTC owns. It has been hovering around 70% but with just a click down Alts are going up. This also is an indicator that BTC is looking healthy for now. The lower the number the better for alts. Note
Just as expected the beast is going up.Note
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What's going on at this point with BTC? Check this out; We are stuck in an old support and resistance channel. We've been here before and we've been stuck in it, under it and now back in it again. I circled the areas where we interacted with the channel so you can see what I mean. So what needs to happen? We have to make it out and go above soon in order to keep that momentum going. Over all Bitcoin is still looking healthy.Note
We've had a healthy pull-back to 50% and now we are moving up slow and steady. Also, as you can see we are staying above the 20MA (the green line) which is also good. Something to keep in mind BTC is not in anyway going to skyrocket to $20,000 non-stop. The right order of things is that we go up and then down and then slow and then up and so on... When BTC slows down it does not necessarily mean that it's in trouble. Going down is part of going up. There is a good going down and there is a bad going down, you will learn about this later. Note
What are we watching? We want to see BTC go over the white line soon, and if it does confirmation that we are going to my "short term goal" will be one decisive candle or to close 3 candles in a row. Note
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