BTC WEEKLY DAILY- Nobody knows! STAND OFF
Updated
This TA is just observations not predictions. In the market since we tapped the bottom we have formed a longer term double bottom. Also the sentiment for bullish momentum has increased as more people bought in at 6500$ reinforcing the floor where we created a double bottom.
As for bearish sentiment the presence is there however it is starting to decrease. Many traders and investors were hoping for a double bottom so that they could get in at the closing floor we saw on the February panic lows.
The only thing left to do is to read the indicators. Here on this chart we are using the RSI, the STOCH, the 20 Day MA, Fib Retracement from the previous run up, and of course parabola trend lines from the ATH to the down trend and the base of the triangle.
Both the Stoch and RSI are showing a flatline in place which is a neutral signal. These two indicators are telling us it could go either way. NEUTRAL
The 20 Day MA is telling us something different. The 20 day MA is a clear indication when there is strength in the market. If the price action can get above the 20 day MA we may be looking at a completely new cycle for a BTC bullrun. Until that happens this indicator is showing BTC is bearish still and suggests a further drop perhaps to the lower lows of the February panic lows 5800$.
BEARISH
On the Fib retracement we see a clear bullish movement, again a bounce off of the 100% retracement line and that is what confirms the double bottom. We are right now in a double bottomed market that is hanging in the balance but this tool is showing that we are indeed bullish and after a small flatline period we will work are ways towards higher levels of resistance.
BULLISH.
In regards to the trend lines we have two bullish signs and a remaining bearish sign. The two bullish signs come from the double bottom again. As the price action tapped support at 100% retracement we saw a strong buy orders coming through and this suggested buyers sentiment towards the previous lows and is later hint that whales don't want the prices lowers. The two indications that are bullish are that we are again back inside the triangle and that we double bottomed. The bearish tone is that the large downtrend line suggests downward pressure continues. If BTC cannot crack through the top of the triangle it will go lower, for a last chance at 5800$ before completely collapsing. That is why the 20 Day is such a significant indicator here because it is this MA that will be the ultimate resistance outside of the 78.6% fib retracement level.
BITCOIN is neutral by use of these indicators. That is why no body else knows where it is going. Speculate all you want. We don't know what will happen until we see either indicators being broken. No fundamentals no technical analysis or what you think other people are thinking will lead you to the answer. From here it is a roll of dice. I suggest meeting in the golden middle, one foot in one foot out, lock some profits in but keep some stowed away. That way you are not bull or bear but you are indeed MAN, meaning HUMAN.
I will update this at the close of the day...please follow me, comment and like this idea if you found it helpful.
As for bearish sentiment the presence is there however it is starting to decrease. Many traders and investors were hoping for a double bottom so that they could get in at the closing floor we saw on the February panic lows.
The only thing left to do is to read the indicators. Here on this chart we are using the RSI, the STOCH, the 20 Day MA, Fib Retracement from the previous run up, and of course parabola trend lines from the ATH to the down trend and the base of the triangle.
Both the Stoch and RSI are showing a flatline in place which is a neutral signal. These two indicators are telling us it could go either way. NEUTRAL
The 20 Day MA is telling us something different. The 20 day MA is a clear indication when there is strength in the market. If the price action can get above the 20 day MA we may be looking at a completely new cycle for a BTC bullrun. Until that happens this indicator is showing BTC is bearish still and suggests a further drop perhaps to the lower lows of the February panic lows 5800$.
BEARISH
On the Fib retracement we see a clear bullish movement, again a bounce off of the 100% retracement line and that is what confirms the double bottom. We are right now in a double bottomed market that is hanging in the balance but this tool is showing that we are indeed bullish and after a small flatline period we will work are ways towards higher levels of resistance.
BULLISH.
In regards to the trend lines we have two bullish signs and a remaining bearish sign. The two bullish signs come from the double bottom again. As the price action tapped support at 100% retracement we saw a strong buy orders coming through and this suggested buyers sentiment towards the previous lows and is later hint that whales don't want the prices lowers. The two indications that are bullish are that we are again back inside the triangle and that we double bottomed. The bearish tone is that the large downtrend line suggests downward pressure continues. If BTC cannot crack through the top of the triangle it will go lower, for a last chance at 5800$ before completely collapsing. That is why the 20 Day is such a significant indicator here because it is this MA that will be the ultimate resistance outside of the 78.6% fib retracement level.
BITCOIN is neutral by use of these indicators. That is why no body else knows where it is going. Speculate all you want. We don't know what will happen until we see either indicators being broken. No fundamentals no technical analysis or what you think other people are thinking will lead you to the answer. From here it is a roll of dice. I suggest meeting in the golden middle, one foot in one foot out, lock some profits in but keep some stowed away. That way you are not bull or bear but you are indeed MAN, meaning HUMAN.
I will update this at the close of the day...please follow me, comment and like this idea if you found it helpful.
Note
The international economic conflict has the markets in the entire ecosystem in shambles. Wake up! Weak markets = Weak economy.
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