Which way is BTC headed, 12k or to 9.1k in the bargain basement?
Updated
Are the moon boys right? Are we going to launch? Or are we going to revisit 9100 again and pick up some cheap BTC? Which direction is BTC headed?
BTC seems to have hit an impasse for the moment. On the 30 minute chart, BTC is stuck between two EMA's, the 200 EMA on top and the 60 EMA on the bottom. It has pierced the bottom 60 EMA on numerous occasions but always move back above it. Same with the 200 EMA that is acting as resistance. BTC doesn't know which direction it is going to go. It is bouncing between these two EMA's like a ping pong ball.
Be ready for a breakout, because the ping pong ball can't keep this rally going forever. Eventually the ball will fall off the table, signalling a breakout in one of these directions. But you will need to wait for the CLOSE of at least 2 candles to confirm it. The orange trend line that was started in April is currently acting as resistance and will need to be broken for the rally to be confirmed.
It should happen this weekend so you may want to put in some alarms on these EMA's (candle close) or just outside of it. Beware that you may get a few false signals if you don't wait for a couple of candle closes.
As I write this, the price dropped through the 60 EMA all the way down to the 100 EMA, but just as quickly it jumped back above to 60 EMA. It doesn't want to wander too far below the 60 EMA for too long.
BTC seems to have hit an impasse for the moment. On the 30 minute chart, BTC is stuck between two EMA's, the 200 EMA on top and the 60 EMA on the bottom. It has pierced the bottom 60 EMA on numerous occasions but always move back above it. Same with the 200 EMA that is acting as resistance. BTC doesn't know which direction it is going to go. It is bouncing between these two EMA's like a ping pong ball.
Be ready for a breakout, because the ping pong ball can't keep this rally going forever. Eventually the ball will fall off the table, signalling a breakout in one of these directions. But you will need to wait for the CLOSE of at least 2 candles to confirm it. The orange trend line that was started in April is currently acting as resistance and will need to be broken for the rally to be confirmed.
It should happen this weekend so you may want to put in some alarms on these EMA's (candle close) or just outside of it. Beware that you may get a few false signals if you don't wait for a couple of candle closes.
As I write this, the price dropped through the 60 EMA all the way down to the 100 EMA, but just as quickly it jumped back above to 60 EMA. It doesn't want to wander too far below the 60 EMA for too long.
Note
I should point out that on the daily chart, the 60 EMA is acting as resistance and the price is currently trying to break above it. If the price fails at breaking through the 60 EMA daily, then the price is headed lower, probably to below 10k. Trade closed: target reached
Things sure happen fast on the weekend. I leave the computer for a couple of hours and not only did the price crash through the support 60 EMA but it fell to below 10k (briefly). I had expected this would have taken 1 or 2 days to accomplish. Not a couple of hours. What we need to know now is, have we hit bottom or will it continue to fall? Today's sell off is remarkably different from Friday's sell off in that there is no price recovery. On Friday morning the price fell to 9.8k then roared back with whopping 4.4% rise in less than 15 minutes. Today the price fell and is now sitting at the curb (10.1k ) trying to thumb for a ride uptown. There are no buyers at this price. I find this ominous. Do the discount buyers take the weekend off? Or do they think BTC will get discounted even more? If you are long at this price, I'd suggest a very tight stop.
Don't forget to hit the lives on your way out. :-)
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