Don't listen to the doubters on Bitcoin! Daily trend-lines below
I don't use trend-lines a great deal, because they are objective and what I mean is that traders have different ideas on where to place them. So I constructed several trend lines on the Daily-chart for BTC USD above 3 lines & below 2 lines. Well guess what? Current price is sitting on the 200 EMA (which looks to be sloping up soon, note that 200 EMA is dead-set horizontal at current price.
But there's more guys.......
About a week or so on the Daily chart there was a bullish cross up on the MACD. Weekly & Daily RSI levels are sloping upwards and the Stochastics which I mostly follow are doing the same thing.
You see, I am a contrarian trader & I think to myself why would traders bid-up the Gold Price a shit-load more this coming week when my Stochastics on the weekly and daily shows its very overbought. Sure, it might run up a bit more at the start of the week. After all it is in breakout territory. I think precious metals investors & banks, market makers will turn their focus to bidding up bitcoin this coming week. Do I know, 100% that it will be Bitcoins turn, of course not. But I will be watching the BTCUSD chart with interest.
Also see my other Bitcoin weekly chart which shows the 2024 M-TOP sell-off. The M-TOP bearish pattern played out to an exact 18.8% approx to the downside from the top of system. So, why the hell would price be taken down again. I don't see a bearish H&S or another M_TOP forming. Trade smart guys. Don't be fooled by the so-called experts with their complicated trading styles & busy chart.
(I keep it simple & trade the patterns mostly & I watch out for divergences & overbought and oversold areas).
I made so much money on gold and silver the last several weeks & mostly this past week, that my broker in a very veiled way (Fusion Markets) showed me the door, here in Australia. I am now with Eightcap.
Cheers, Chris.
Cheers,
Chris
