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Ezmoney

Which way do we go George, which way do we go?Currently, the bears are still in control. We are meeting resistance around $7,675. This is our 8th attempt to break above. The MACD is still signaling a buy on the 4h but is curling down. RSI is meeting the same resistance as price and is now trending down. CMF indicator shows accumulation is in progress and has been, especially in the dips. There is bullish divergence showing in the MACD and the RSI. "A bullish divergence occurs when prices fall to a new low while an oscillator fails to reach a new low. This situation demonstrates that bears are losing power, and that bulls are ready to control the market again—often a bullish divergence marks the end of a downtrend." www.investopedia.com What I believe we are seeing here is the relief rally a lot of people have been talking about. However, I feel like a lot of traders are not keeping in mind the fact that a full-on reversal is due. I believe we may see some more downside to test support, but I personally do not see us going down to/past $7k quite yet. The blue trend line that price is acting on is a yearly trend line from June/July of last year. I *highly* doubt it fully breaks. If it does, I believe we will catch support around $7k. I have $6,425 as a worst case scenario. In a prior idea of mine, I also listed $7,185-$6,800 as nearly unbreakable support, which so far has held phenominally. See here: In all, I believe short term we're bear, but not super bear. Mid-term, within the next week or two, bull. Targets are on the chart on the right hand side. Long-term, $500k+ EOY. Laugh at me now if you want. ;) This isn't financial advice, I am just an amateur. But.. FeelsGood to post a chart again. More updates to come, stay tuned! :)
BITFINEX:BTCUSD
by deactivatedaccount123
22
This one's for the bulls.Teh Amateur is here to give his opinion. Teh guy that was a Bull, went bear, annow I'm bull again. Why? See examples below. Hit play. We broke out of an ascending wedge, to a very strong support at $7,900. Near instant retrace. This support was crucial after a massive fall from $9,990.00. It provided ample support as the buy volume here is E N O R M O U S. We just completed an inverse head and shoulders on a very large time frame. We wicked perfectly into my buy zone. If hypothetically you listened to the Amateur, you'd have made $400/BTC. So far. ;) Current wave structure with RSI: Strong, consistent volume: MACD on the 4H 15M Timeframe RSI is trending up but recently tested/weakened support. MACD is about to possibly make a bullish crossover. Support test at $7,900 bounced REALLY high so far. IF we continue bullish momentum, $8,330+ is our first short-term target. $9k is our mid-term. TLDR We are potentially creating a short-term stairway to heaven. For right now, it seems we are bear long-term but momentum is slowly and steadily turning bullish over short to medium term. KEEP IN MIND, the fall from $9,990 was violent and FAST and can come out of ANYWHERE. The fall we JUST had today, and subsequent upwards correction, OUT OF NOWHERE. This is not financial advice, DO YOUR OWN HOMEWORK. PM ME for my telegram and twitch links. I go live Mon/Wed/Fri and am gaining quite the following. My telegram is F R E E and I post there instantaneously if danger/opportunity strikes. This has been your not-so-favorite Amateur giving you as much info at once as possible, and it'll continue just like it always does and always will. My name is MC_Peewee, but you can call me teh Salesman.
BITFINEX:BTCUSDLong
by deactivatedaccount123
4