Short
BTC to drop to possibly 1.5k.
Hi,
Newbie back again with my second chart.
This one showing $CEXIO:BTCUSD to drop to possible 1-1.5 K levels.
I had heard over the weekend that some of the big investment firms use a 100 day SMA as an indicator whether the market was healthy. Looking at the state of $CEXIO:BTCUSD, we almost reached the 100 day SMA but not quite.
News sites which publish their analysis use the 50 day SMA and 20 day EMA. I don't find the 20 day EMA personally useful but believe the 50 day SMA is a good indicator. As we can see from the chart, $CEXIO:BTCUSD did not break out from the downward trend channel or through the 50 day SMA which were almost intersecting.
I've decided to use both, a downward trend channel (which I've seen drawn incorrectly or too narrow by others who called a breakout), and a crude elliot wave with my trend prediction.
I'm no MagicPoopCannon, tomhall or @alanmasters. I think they are great technical experts even though they may be different in their approach.
Let me know your thoughts!
Newbie back again with my second chart.
This one showing $CEXIO:BTCUSD to drop to possible 1-1.5 K levels.
I had heard over the weekend that some of the big investment firms use a 100 day SMA as an indicator whether the market was healthy. Looking at the state of $CEXIO:BTCUSD, we almost reached the 100 day SMA but not quite.
News sites which publish their analysis use the 50 day SMA and 20 day EMA. I don't find the 20 day EMA personally useful but believe the 50 day SMA is a good indicator. As we can see from the chart, $CEXIO:BTCUSD did not break out from the downward trend channel or through the 50 day SMA which were almost intersecting.
I've decided to use both, a downward trend channel (which I've seen drawn incorrectly or too narrow by others who called a breakout), and a crude elliot wave with my trend prediction.
I'm no MagicPoopCannon, tomhall or @alanmasters. I think they are great technical experts even though they may be different in their approach.
Let me know your thoughts!
Note
Still new to this and screwed up the BTC Symbol.Note
You can see that there is resistance at the 0.5 resistance and an attempted breakout past the 20 day EMA.
There is a bear flag forming (in yellow) and if there is no significant closing past $1050 in the next few days, there will be a drop.
Note
Bitcoin did not break the downward trend even though there were great gains. I expect to see a sharp drop soon.Note
Hi All,I don't see the bullish move everyone else does. I based my trends with overlays from other exchanges to give a better view as to the trend line. I see everyone showing a breakout but not here. There is now two bearish lines to overcome.
Note
BTC is currently attempting to break past the 50 day SMA and the down trend line. I see very low volumes in trading which does not bode well as there needs to be a strong upward push to get past bear resistance.Note
Previous was Bitfinex, this is CEX which my original chart was based off of.Note
BTC has broken out of the downward trend but is not surpassing the bearish wall at $11,600. Not recommending any buy opportunity until it gets about 12KOrder cancelled
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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.