[BTC]: Catch the last train before it takes off!
Updated
As you can see we had a double bottom.
TA wise:
- we had strong MA crosses on the 8h timeframe (check flags)
- there were lower highs (few dead cat bounces) after this local hype we had in previous months
News:
- Facebook's Lybra currency was an interesting catalyst in both ways
- Trump tweeting about crypto got some more PR into the crypto field
- Lybra might not ever see the daylight might have been shocking for some weak hands
However, I firmly believe this is still whales playground where they know how to use the news and key points.
It's been really interesting to see the push after the first double bottom low to 2nd dead cat high that was clearly made by big players in less than an hour!
Since it's hard to play against them, it might be better to join them or even better to read them.
What I read from presented zoom out graph (1day timeframe) is that we have reached the bottom.
I already talked about a possible falling knife, but it would have to be some serious FUD for the cut to happen, with a strong bounce from there expected.
Considering that this is less probable, I believe there is the last train that you can catch these days.
As you can see from the graph fast MACD made a nice cross 2 days ago which was the buy signal, where CCI was even faster and could be used by the ones that want to play riskier.
If your view is clear enough you can spot the hidden divergences on the first double bottom peak down and convergences now on the second one.
Thus, I believe we won't reach 8500$ level everybody is expecting unless crazily bad news happens. Probably even not 9000$ level.
The support line is clearly on the double bottom and previous peak level (around 9100).
I have put short term and midterm targets for shorter time frame traders, but the real deal for the majority here is probably to buy and hold until the next hype happens.
I'm 90% sure it will. Nothing in life is 100% but you have to play the odds when they are in your favor.
Remember, it's just an idea. Not investing advice. ;)
Take care!
TA wise:
- we had strong MA crosses on the 8h timeframe (check flags)
- there were lower highs (few dead cat bounces) after this local hype we had in previous months
News:
- Facebook's Lybra currency was an interesting catalyst in both ways
- Trump tweeting about crypto got some more PR into the crypto field
- Lybra might not ever see the daylight might have been shocking for some weak hands
However, I firmly believe this is still whales playground where they know how to use the news and key points.
It's been really interesting to see the push after the first double bottom low to 2nd dead cat high that was clearly made by big players in less than an hour!
Since it's hard to play against them, it might be better to join them or even better to read them.
What I read from presented zoom out graph (1day timeframe) is that we have reached the bottom.
I already talked about a possible falling knife, but it would have to be some serious FUD for the cut to happen, with a strong bounce from there expected.
Considering that this is less probable, I believe there is the last train that you can catch these days.
As you can see from the graph fast MACD made a nice cross 2 days ago which was the buy signal, where CCI was even faster and could be used by the ones that want to play riskier.
If your view is clear enough you can spot the hidden divergences on the first double bottom peak down and convergences now on the second one.
Thus, I believe we won't reach 8500$ level everybody is expecting unless crazily bad news happens. Probably even not 9000$ level.
The support line is clearly on the double bottom and previous peak level (around 9100).
I have put short term and midterm targets for shorter time frame traders, but the real deal for the majority here is probably to buy and hold until the next hype happens.
I'm 90% sure it will. Nothing in life is 100% but you have to play the odds when they are in your favor.
Remember, it's just an idea. Not investing advice. ;)
Take care!
Note
Seems we have a breakout here.Let's see how psychological number with MA100 resistance will workout.
Note
It might be that we will still retest the breakout, but nothing sure yet since we have some mixed signals and could have a flagging movement also.Indicators are showing super short term downside potential while moving averages are either preparing for bullish crosses or are showing support for the price (Ex.MA9).
Buy/sell orders ratio on exchanges is app 2:1, so upwards potential is ATM better for a stronger upside move even if retest happens. Seems we have the first strong resistance around 10600$ where MA200 (red) will probably also land at the moment we will go to that level. Additionally there is another Fibbo level at 10650.
Note
We are breaking out as expected! Note
We touched the resistance line as projected above.Note
We destroyed the resistance zone. It becomes a strong support zone afterwards.
Reasons:
- MA 200 (4h) is nicely supporting the price (red curve)
- Fibonacci level also served nicely as support (green line inside support)
- high local trading volumes on that level (strongest VPVR bar)
- many MA crosses that show a local trend reversal (flags)
- volumes are not bumps but look more like a steady flow (bulls taking over)
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