Bitcoin - Walking a fine line today.
Updated
BTC is making some interesting moves and answering some questions along the way. What we saw over the last few days was predictable but we are beginning to go into behavior that's a little dangerous. After reaching out to the 50MA on the 1-day chart, which I called "First Serious Obstacle" -- and now you see why-- got rejected in a decisive way (from $7700 to $7100) the two options here are; Let's regroup and go after the 50MA again or acknowledge that there are no buyers interested in buying at this point and let down to the $6900 area.
The obvious thing is that we are now resting right on the trend line again, which can be seen as good and bad. The good is that BTC is pointing as this line as the bottom, by refusing to close under for 10 days now. The bad, BTC can't seem to rally buyers at this point even though it is a great buy zone. Personally, I still have BTC right where I want it. I would be happy if it goes up or if it goes down, I hope most of you have followed along and are in the same scenario.
Also, we are watching 50/200MA crossover on the 4H chart, this may get some buyers to come in. The battle here as you can see is that price is pinched between the 50MA and the 200MA and also it is refusing to go under the 78.6% retracement, this are small hints that it may go up.
Lastly, we are still headed uphill here in the 1-week chart, but here we really have to make it above the yellow 50MA before we close 3 candles under it.
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.
The obvious thing is that we are now resting right on the trend line again, which can be seen as good and bad. The good is that BTC is pointing as this line as the bottom, by refusing to close under for 10 days now. The bad, BTC can't seem to rally buyers at this point even though it is a great buy zone. Personally, I still have BTC right where I want it. I would be happy if it goes up or if it goes down, I hope most of you have followed along and are in the same scenario.
Also, we are watching 50/200MA crossover on the 4H chart, this may get some buyers to come in. The battle here as you can see is that price is pinched between the 50MA and the 200MA and also it is refusing to go under the 78.6% retracement, this are small hints that it may go up.
Lastly, we are still headed uphill here in the 1-week chart, but here we really have to make it above the yellow 50MA before we close 3 candles under it.
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
Know how to pick your Fibo spots just right. If you draw your lines correctly you'll know when it's too late or even what kind of up move you are looking at. In this case we hit and hung around the 78.6% pull back just right. When you combine it with another indicator (The 50 crossing over the 200MA) then you will lean towards price bouncing up even if it looks like it is coming down. Note
This is the chart that includes the soon to be golden cross.Note
Still sticking to the 78.6% 
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.