Bitcoin BTC History Repeats Itself...Discount Time?
Bitcoin BTC has seen significant sell pressure & based on past patterns, without buy volume in equal amounts it will be hard to keep price action moving up. We are now oversold on the daily RSI for the first time since we saw a massive discount to 3K & it seems like we may have that opportunity once again around 6K as the economy stays in turbulence and BAKKT futures repeat the sell-off CME brought to us during the last bull run.
In recent price action, Bitcoin has rejected on the 200D MA & also isn’t bullish on the 4hr EMA (being below 40). I’d like to see price action above these levels before going long as we have now confirmed the 200D MA as a resistance level rather than a support.
If BTC can just go above the 200D MA then things may change to the upside however it doesn't seem like that's what it wants to do with a huge rejection today and no buyers in sight.
We are also in the weekend where manipulation is high so it’s going to be a matter of going above these levels until I see a good opportunity for a long position.
Looking at the overall market structure we are sitting in an empty zone where the price can very well head lower but there isn’t enough reward for a short in my opinion.
If we see any break down I think we may find some great discounts on BTC around the 7-7.5k level & possibly the 6-6.5k level depending on how much sell-off we see. Gold XAU is also not looking so good and has room for a correction so this may be time for BTC to also see it's healthy correction before continued upside.
With investors knowing the 3K level was an enormous discount, I believe we will see massive buy pressure around 6K especially with more institutions in the market than before. 2020 looks to be a great year and we will continue to update our TPC family as always, LIKE this idea to support my work, thank you!
BTCUSD
Naeem Al-Obaidi
In recent price action, Bitcoin has rejected on the 200D MA & also isn’t bullish on the 4hr EMA (being below 40). I’d like to see price action above these levels before going long as we have now confirmed the 200D MA as a resistance level rather than a support.
If BTC can just go above the 200D MA then things may change to the upside however it doesn't seem like that's what it wants to do with a huge rejection today and no buyers in sight.
We are also in the weekend where manipulation is high so it’s going to be a matter of going above these levels until I see a good opportunity for a long position.
Looking at the overall market structure we are sitting in an empty zone where the price can very well head lower but there isn’t enough reward for a short in my opinion.
If we see any break down I think we may find some great discounts on BTC around the 7-7.5k level & possibly the 6-6.5k level depending on how much sell-off we see. Gold XAU is also not looking so good and has room for a correction so this may be time for BTC to also see it's healthy correction before continued upside.
With investors knowing the 3K level was an enormous discount, I believe we will see massive buy pressure around 6K especially with more institutions in the market than before. 2020 looks to be a great year and we will continue to update our TPC family as always, LIKE this idea to support my work, thank you!
BTCUSDNaeem Al-Obaidi
Note
Until we are above the 200 day moving average I will be short, I’d love to hear your thoughts in the comments below!Note
We really need to get above the 200D MA soon to confirm this level as a temporary bottom. 4hr MACD is already exhausted and ready to swing back down so let’s see if traditional markets open this week will allow BTC to see the volume needed for the 200D MA to become support, rather than overhead resistance.Note
BTC Update:When it comes to risk/reward, there’s a lot of upside potential and little downside for Bitcoin BTC. With Gold XAU opening & staying above support along with the weekend manipulation beginning to transition into market opening, I believe BTC holding above 8k shows strength for a potential breakout to the upside.
Our first target is below the 200D MA where we know there is resistance however let’s hope to move above this level and head back over 9k to confirm these levels as our temporary bottom.
Note
Bitcoin BTC Over 200D MA Update:We are now above a major level that can hold us as support and possibly indicate a temporary bottom for this new consolidation period we may enter.
Now let’s let price action mature by seeing a 4hr close above the 200D MA & preferably a daily candle close to confirm this as support.
The 200D MA can be a great support for this corrective wave allowing BTC to gain momentum over the next few months.
We caught some great entries with our signals and will continue to post more for our TPC family.
Note
BTC Short Term Update:We haven’t been able to close above the 200D MA, seems like we may stay in the zone for a bit.
We should be able to catch some good shorts / longs until we break above the 200D for good.
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