Bitcoin - And then this happened...
Updated
I hope you all have a greater appreciation of what were are doing and what we are accomplishing here. Good TA keeps you ahead of the game not by guessing but by reading the signs. In the previous posts, I have been insisting that the green trend line was the right one to follow and so here we are. Even when BTC was throwing signs that it was headed down I kept insisting to keep an eye on this line. To be clear this is a temporary bottom, our near target is the 50MA and our final destination is the 200MA (In white.) I have been saying this for weeks. What is going to happen after we hit the 200MA? BTC will either get rejected in the days after and go lower than we are now (very likely to hit the $4800 target), or we will surpass it with force and up we go.
For now, we will just be looking out to hit those targets that were planned out weeks ago and continue to keep in mind that we are under a death cross, remember that it is not easy to escape its grasp. To get from under it we need to hit a great buy zone and heavy volume. So far we've hit an ok buy zone and we have normal volume.
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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: Finding stability
THE OUTLOOK: A rally may be coming soon.
For now, we will just be looking out to hit those targets that were planned out weeks ago and continue to keep in mind that we are under a death cross, remember that it is not easy to escape its grasp. To get from under it we need to hit a great buy zone and heavy volume. So far we've hit an ok buy zone and we have normal volume.
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: Finding stability
THE OUTLOOK: A rally may be coming soon.
Note
Good to go on the 4H chart, we manage to go over resistance. Note
But we are stuck right on the 50MA on the 3D (3 day) chart. We have to keep going and close above or we are coming back down. Note
We are coming up to our first serious obstacle. Note
So we hit our first obstacle as expected and the reaction was also as expected. We can fall back (retrace) to the $7280 area and it will still be ok. Bottom line we are good so long as BTC remains above the green trend line, also BTC is acting according to the script. Note
Looking at the 4H chart, this is a very logical place for BTC to stop falling, it is no coincidence we are exactly where the 61.8% pullback and the 200MA meet. this would be a good support point and a good place to rest before moving up again. Note
What is the next thing we need to keep our eye on? Over the next couple of days the 50MA might cross above the 200MA, BTC may use this opportunity to start moving up again. Note
On the road - check the 6H and the 50MA, in 35 minutes that candle will close. Where it closes will Offer a clue into the future. Above the 50MA good, below the 50MA not good.Note
Follow up: BTC specifically closed right above the trend line on the 6H, what this tells you is that Algos, keep testing that trend line. That was a “Stress test” of the trend line to see if it can easily be broken and then they returned price above just to keep things as they were. Headline: trend line is still intact BTC, wants to keep going up. We shall see.
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