$4770 SupportClear as day update for you all on BTC. Here you will read I am calling the 'bottom' of bitcoin you won't see me do this often as the technical bottom is 0 so we should be calling this a support but I think its where we will bottom at IF we don't get a bounce prior. This will give you the worst case scenario.
I have used a line chart for this to clearly show you the closing price of BTC and I have used the closing price for the support level rather then using the base of the shadow from the candles.
You will see the current formation BTC is in and we have now entered the last 2 thirds of this formation and we will breakout between now and the apex.
Now I am calling the bottom the tip of this formation at $4770 the likelihood of getting down to this bottom is very low but possible. We have just crossed the 200 day simple moving average and you will see the underlying trend is still upward.
Now a falling wedge formation is also 1 of the most bullish patterns you will find, people know this and you can see the accumulation indicator showing BTC is starting to be bought up, on smaller timeframe you will see current sell offs though which is why the continued drop.
To confirm the further move down we go to the global chart of Crypto on the link I provided you in past posts and see that crypto volume has dropped another 20 billion dollars.
Now The practical targets here are the green lines.
I am not shorting BTC on this run margins aren't healthier enough and too much risk, so I will just be buying at targets for a long.
After we break the wedge the first major line of resistance will be the purple trend line I have placed on the chart once this is broken I would expect to see some anabolic growth on BTC.
Overall BTC is in a good buying range, as you get this far into formations you will always be read to buy the break of the wedge so each day you can set a buy order and adjust it down daily on the outside of the wedge. Please draw this on with candles don't use the line chart for your buy orders as you might get picked up early on a spike. But once again buying BTC at this price is still a great range.
After you enter the LONG targets are the FIB lines.
Short write up as chart says it all :) By the way I have given you a number of BTC updates now but if you do check history nothing has changed from what I was calling a month ago, I was calling same targets and still am. We have only see short price action over the past month that is useful for day traders.
Cash Is King! Come follow and jump on some alt trades we have been hitting some nice profits.
