Hello everybody.
Here in this chart we can see that BTC has failed to bounce above the 50 day EMA since November the 9th. 5 days later BTC took a big dump and continued to plummet to form a new low 30 days later. BTC has also failed to show any positive bullish moves and remains bearish unable to push pass 0.000 on the histogram as of AUG 9th (few exceptions not worthy of note). Since BTC's new low, we saw it climb slowly from 3157 to 4074 and again bounce from the under side of the 50 EMA which has proven to be strong resistance.
So where is BTC going now?
BTC has been stuck in a descending price channel since the beginning of March and remains so. The chart tells us that BTC will remain bearish unless BTC is able to break through the 50 EMA and hold. If BTC breaks through and holds; we will need to see further increase to gain confidence in BTC ability to transform itself. We will need to see BTC using the 50 EMA as support for a period of time and if that happens, then there is a possibility of a change in trend towards the bullish side.
Until then we look at what is happening now by looking backwards to November 9th. What we see is a near identical pattern forming in the here and now and by the looks of it, we are heading towards another big dump soon. If this happens, then we can most definitely expect to see a new lower low. If the trend holds then we can expect to see BTC plummet to about $2400.00. This could be the bottom and a great opportunity to see BTC return to former glories and beyond.
Until then, the trend is your friend. Buying on the dip and selling on the hype.
This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.
Cryptocurrency is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.
If you find this information helpful, then please hit the like button. Your support is appreciated. Thank you!
Cheers!
Here in this chart we can see that BTC has failed to bounce above the 50 day EMA since November the 9th. 5 days later BTC took a big dump and continued to plummet to form a new low 30 days later. BTC has also failed to show any positive bullish moves and remains bearish unable to push pass 0.000 on the histogram as of AUG 9th (few exceptions not worthy of note). Since BTC's new low, we saw it climb slowly from 3157 to 4074 and again bounce from the under side of the 50 EMA which has proven to be strong resistance.
So where is BTC going now?
BTC has been stuck in a descending price channel since the beginning of March and remains so. The chart tells us that BTC will remain bearish unless BTC is able to break through the 50 EMA and hold. If BTC breaks through and holds; we will need to see further increase to gain confidence in BTC ability to transform itself. We will need to see BTC using the 50 EMA as support for a period of time and if that happens, then there is a possibility of a change in trend towards the bullish side.
Until then we look at what is happening now by looking backwards to November 9th. What we see is a near identical pattern forming in the here and now and by the looks of it, we are heading towards another big dump soon. If this happens, then we can most definitely expect to see a new lower low. If the trend holds then we can expect to see BTC plummet to about $2400.00. This could be the bottom and a great opportunity to see BTC return to former glories and beyond.
Until then, the trend is your friend. Buying on the dip and selling on the hype.
This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.
Cryptocurrency is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.
If you find this information helpful, then please hit the like button. Your support is appreciated. Thank you!
Cheers!
Note
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.
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.