Hi guys i hope you are all fine and not too bored by the slow trend of BTC these days.
Several days have passed since my last BTC/USD chart, because i think it's still relevant.
Here is just an update because we are at the crossroads of two imminent possibilities.
You can see of the chart the 34 WMA(purple) and 89 WMA (yellow). The Death cross is the bearish point where both lines crossed and accelerate the downtrend.
As you can see of the chart we are always rejected by 89WMA since 10 January...
1 : IF we can break it by a 4h candle (11400) that would be a buy signal for short-term traders, with a target of 13500-14000$ (bigger resistance since the two massive Head and Shoulders). Where i expect to be reject to a lower low (my final target is around 5500 (weekly 89WMA).
2 : Other possibility is we are rejected once again by the 89WMA and fall quicker to the bottom of ascending triangle and make a breakdown to my C point of EW with a target in the 7500 area (between 8000 and 7200).
On the daily chart 34WMA and 89WMA Just deathcross what is a strong bearish signal.
MACD show the possibility of a rejection at 0 which would imply new dip.
I'm not a financial advisor. I do my TA for my personal entertainment and trading. Always do your own research before take a position.
I would love to have your feelings : agreements and disagreements are always welcome with constructive arguments.
Cheers everyone and good luck in the terrible crypto world ;).