Bitcoin - What's happening and what needs to happen - Important!
Updated
If BTC closes above the 50MA (50-day moving average line) on the 4H (Four-hour time frame) that will also push BTC to close above the 50MA on the weekly which is a pretty good sign of stability. This is what all of that means; When the weekly candle closes this weekend above the 50MA it is a signal that BTC does not want to go any lower than $7300 at this point. Which means it has found a bottom at the 1D trend line I drew a few months back. Sounds complicated but all of this put together gives you a good perspective. So which chart is the best one to watch? The 1D and that green trend line. Where BTC's price is right now is also the 61.8% retracement which is a place BTC is always staging comebacks from. If we go up from here, it is a wink from BTC to you that says "I'm healthy and the good times will continue." 61.8 is a magical number that BTC uses to stage comebacks from. Bitcoin goes up by a lot and it comes back down to 61.8% and it does it over and over again.
This is the weekly chart, BTC has to close over the yellow line.
This is the Daily chart, BTC has to stay above the green line.
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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 mostly finding stability
THE OUTLOOK: Beginning to see the end of the downtrend a rally may be coming soon.
This is the weekly chart, BTC has to close over the yellow line.
This is the Daily chart, BTC has to stay above the green line.
Follow me and you'll know exactly which coins to buy and when to buy to maximize your profits.
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.
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 mostly finding stability
THE OUTLOOK: Beginning to see the end of the downtrend a rally may be coming soon.
Note
The live link to the weekly chart. tradingview.com/chart/oSY41X33/
Note
Zero coincidence that this is happening before the weekly candle closes.Note
I’m talking specifically about the drop we just had. You can see the invisible hand lowering price “Just to be safe.” You may also see a push to close above right before the candle closes.Note
Metaphor: if you see two muscular and fit guys fighting, to the untrained eye it may seem like a deadlock. To the trained eye you could see that one of those guys moves differently — like a boxer — and that the other lacks coordination, so you bet on the boxer. Point is that once you have enough experience and learn concepts that you do not know right now you will see things in plain sight that 99% of traders miss. You’ll start to lose small and win big. You’ll be able to see if the bears or bulls have the momentum easily and ahead of time.
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