BitcoinLong
Simple TA for BTC Turnaround
BTC is boiling down to very simple TA, showing confluence with 2 main trends:
Trend 1) The orange curve that has been pushing BTC down over the last few months.
Trend 2) The green trend line that has acted as support since the middle of 2017.
We're very soon reaching a point where these 2 main forces are about to collide, where we'll see BTC head back to roughly $13,500. There are obviously a few main points of resistance along the way, but I think $13,500 (the 0.382 fib level) is where we'll stall out before the beginning of the next correction, and then back toward $20,000+ around the end of 2018, beginning of 2019.
As for now, seems like the range between $7,500-$8,500 is a comfortable buy/accumulation zone.
HOWEVER – any break below $7,500 may signal a more bearish trend to much lower levels, so as always, be very careful and use your stops diligently.
Trend 1) The orange curve that has been pushing BTC down over the last few months.
Trend 2) The green trend line that has acted as support since the middle of 2017.
We're very soon reaching a point where these 2 main forces are about to collide, where we'll see BTC head back to roughly $13,500. There are obviously a few main points of resistance along the way, but I think $13,500 (the 0.382 fib level) is where we'll stall out before the beginning of the next correction, and then back toward $20,000+ around the end of 2018, beginning of 2019.
As for now, seems like the range between $7,500-$8,500 is a comfortable buy/accumulation zone.
HOWEVER – any break below $7,500 may signal a more bearish trend to much lower levels, so as always, be very careful and use your stops diligently.
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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.
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.