BTC is looking to go back down to restest our 50 SMA (green) and 100 SMA (support) for support. If we manage to get a weekly close below either, things could look very grim. We are still however within a giant triangle marked by pink dotted trendlines. Prices will consolidate within our 12/26EMA and 50/100 SMA range between our .5 and .382 (orange) fib retracement range. If we get a weekly close below our .382 orange fib and we have a good chance to visit our 200 Weekly SMA (red) for a retest which is around 5k. 5k is where we have our pink dotted trendline support for our giant triangle. 5k is not impossible in the near future. Weekly Stoch showing similar pattern to winter of 2018.
If I want to be confident on long positions, We need to first break our EMA's (yellow, purple) resistance and then eventually make a higher high until we hit our top pink dotted trendline where we test resistance again.
If I want to be confident on long positions, We need to first break our EMA's (yellow, purple) resistance and then eventually make a higher high until we hit our top pink dotted trendline where we test resistance again.
Note
Here's a look into our monthly chartNote
Montly Stoch showing downtrend. MACD looking to make a bearish crossover.Note
Long Term
We broke our SMA supports(50SMA green, 100SMA orange). Now we could be looking to test our 200 SMA (red) which should be around 5k. We could hit as low as 4.6k to test pink dotted trendline support. I'm expecting a bounce at those levels.
Short Term
We could potentially get a bounce from here near our downtrend channel in purple to go up to retest 8k. By then that's where our EMA's (yellow purple) should be acting as resistance at those price levels. We would need to get above our EMA's for bull market momentum.
Note
Taking a look at our Monthly Chart. Currently we are sitting right on top of 26 EMA (purple). If we break this support, good chance of us retesting 50 SMA (green) which is by green rectangle (4.6k-5.5k)
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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.