BTC and the two support lines

Updated

RSI in Ascending channel
MACD at bottom of ascending wedge
Meeting upward trendline from start of Jan 2017 Bull run
Meeting 0.618 fib retracement of entire log growth
Next support is the trendline dating from peak of 2014 Bull run

Neither trendline has been broken (except in April 2017 with PBoC negative news) and both make up structure and key resistance througout 2017 till the present day.

Do your own research. Not Financial Advice.

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If price can get above and close above the 50 day MA then I see it acting as support up to the trend line.

Buying volume is low. The market is very unsure. We can still go down from here. Some alts are busy, others just starting to wake up. Breaking the red downtrend line would be a very bullish signal, but I am still unsure this would trigger a long-term bull market for BTC, but we will see an explosion in Alts.

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Popped above the 50MA on both the 1day and the 4hr chart

WE ARE IN WHAT THEY CALL A NO TRADE ZONE - Not for Gainsbeast, I have opened a long position here in QASH, ADA, THETA, NEO, DRGN, ETH, and VEN.

There is a high chance I will get toasted here. There is a HIGH chance that BTC will still go down. I do not recommend you follow this strategy unless you are prepared to make losses. If you are looking for a confirmation then we need to break both the uptrend line and the last peak of 10k. So far the signs are positive

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Not Trading advice at all

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Looking bullish. That being said; the big players have all sorts of ways of making us pay for faith, dreams, and thinking we know what is going on.

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I can see this crossing the MA100 on the 1D right underneath the down-trend line; acting as the support to push us through.

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4H
- Another re-test of the trendline
- RSI should clip oversold territory at the same time.
- Volume still incredibly low
- If we get a bounce here then I am almost certain it will confirm trend line and push us to 10K
- If the trendline fails then the first step is to 7700 then 6700-7200 area (don't trust the bounce to go all the way)
- There are H/S in both bullish and bearish formations, chart patterns are giving us no clear idea of direction. Sticking to seeing where momentum indicators and trendlines meet.
- Still long (and feeling the pressure)
- Set stop losses!!!
DYOR Not trading advice

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A better chart

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Grim times. We have a break of the line. If this 1D candle closes then I am pretty sure we are going downtown to the bottom trendline (which will be awful for me as I have a whole load of Alt to decide on shifting) Remember that a line can be tested, broken, and bounce from the underside. We have seen some brutal manipulation used to take out stop-losses these last two months. Nasty, horrible time to be applying TA. Keep your eyes peeled on movements,

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Sorry, I meant 4H, not 1D

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1H closed below

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I really wish this story of the two trendlines would get through this bit. Even though we thoroughly ripped a hole in the 2017 up-trend line, it seems that BTC is hesitant to visit the 2014 up-trend line. Well, that is because it determines the fate of BTC (and much of crypto as the new retail money knows it) That bottom trendline is the safety net. Below that we get into nasty places and the fear of BTC being valued less than it costs to mine. From a TA perspective we have the 0.618 and 0.786 fib retracement levels from our last move in our way, and what do you know; we landed on the 0.618 fib where it crosses the 4/1 gann fan on retracement. 7800.

So let's look at some indicators

Ichi cloud isn't telling me much on 4H except that BTC is weak Volume or common sense could tell us that. But bear in mind that BTC has only been gasping for air above the ichi for the last 3 months.

In fact, most of our indicators are bearish, everything is bearish, even that little boost in volume is so small it is bearish. But price action (although bearish) isn't really as bearish as all of our indicators. This is lights out, pull the plug kind of bearishness. But BTC doesn't really want to go down much more. When a market does this, it is telling us that that a lot of "bag holders" don't think it is worth selling, or the risk is too great. So I went and looked into the RSI for guidance and it showed up a pattern of three double top rebounds that prelude another fall before a bounce.

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So the question is; do you want to? And can you catch that bounce?

UnknownUnicorn2454397

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