BTC weekly digest
Updated
In this digest, I want to share with you mine thoughts about the expectable price changes of BTC.
Indicators
I would like to start with indicators, bearish divergence on 1D TF MACD spotted, I can't say this one is not strong ( 29th Sep ( 103,5) 02 Aug ( 100,3)) one, but on 4h TF this could look very scary. Stoch RSI and Stoch show overbought (above 80). RSI is on 60.
So, due to indicators, I can't say we can expect for an upgoing trend to continue.
Pattern
In my opinion, BTC in the rising channel, if we will see a trend down to 7100 and lower it would be confirmation of a downtrend. Next stop after downtrend confirmation would be on 6800. Uptrend would be confirmed when we will pass strong resistance on 7500 and I don't expect to see this kind of situation right now.
News
Good news are connected with ETH futures on CBOE. New 100 000 000 USDT transaction to bitfinex (what for?). But most important that people who are doing mass crypto "forecasts" believed in new wave growth.
To conclude
I can't say that I don't believe in growth, but currently, hold or buy crypto is a mistake. If u believe in growth don't forget to set stop because of overinvested BTC, in my opinion, only a miracle (for example CME will accept all ETF) can help BTC to pass 7500. As for me better, I would rather expect for a correction to ±6800 and then for another try to pass resistance.
Leave your thought in comments below.
Indicators
I would like to start with indicators, bearish divergence on 1D TF MACD spotted, I can't say this one is not strong ( 29th Sep ( 103,5) 02 Aug ( 100,3)) one, but on 4h TF this could look very scary. Stoch RSI and Stoch show overbought (above 80). RSI is on 60.
So, due to indicators, I can't say we can expect for an upgoing trend to continue.
Pattern
In my opinion, BTC in the rising channel, if we will see a trend down to 7100 and lower it would be confirmation of a downtrend. Next stop after downtrend confirmation would be on 6800. Uptrend would be confirmed when we will pass strong resistance on 7500 and I don't expect to see this kind of situation right now.
News
Good news are connected with ETH futures on CBOE. New 100 000 000 USDT transaction to bitfinex (what for?). But most important that people who are doing mass crypto "forecasts" believed in new wave growth.
To conclude
I can't say that I don't believe in growth, but currently, hold or buy crypto is a mistake. If u believe in growth don't forget to set stop because of overinvested BTC, in my opinion, only a miracle (for example CME will accept all ETF) can help BTC to pass 7500. As for me better, I would rather expect for a correction to ±6800 and then for another try to pass resistance.
Leave your thought in comments below.
Note
Since all breakdown traders crushed to death now we keen expect for a positive
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.