BTC DOWNTREND AND BOTTOM
Please note that this is my first post on TradingView so don't go all in based on this. Always Mind Your Trades and make sure to make your own analysis before investing your hard earned money.
1. But here is what we can notice on
BTCUSD:
*Multiple rejection from the 50 MA 7 days in a row
*Multiple rejection from blue descending trendline
*RSI resistance at the 55 region since 20 September 2018
*Crossdown incoming on the StochRSI on the Daily
*Price break on 8 feb on top Bollinger band indicating potential reversal (add the Bollinger bands indicator if you to visualise that move)
2. Based on the above, the previous move from 6 to 10 jan 2018 and the "trend based fib extention tool" I expect the price to:
*Initially retrace to the 61.8 then 78.6 (previous bottom level in the $3200 region)
>>>Usually when using the "trend based fib extention tool" it retrace to 100% which will coincide with $2972. If you trade on Binance these price levels will be slightly lower as this is based on Bitfinex chart.
Again, make sure to Mind Your Trades and make sure to make your own analysis before investing your hard earned money. I am not a financial advisor and this is just my view on the current market.
Good luck to you all.
1. But here is what we can notice on
BTCUSD:*Multiple rejection from the 50 MA 7 days in a row
*Multiple rejection from blue descending trendline
*RSI resistance at the 55 region since 20 September 2018
*Crossdown incoming on the StochRSI on the Daily
*Price break on 8 feb on top Bollinger band indicating potential reversal (add the Bollinger bands indicator if you to visualise that move)
2. Based on the above, the previous move from 6 to 10 jan 2018 and the "trend based fib extention tool" I expect the price to:
*Initially retrace to the 61.8 then 78.6 (previous bottom level in the $3200 region)
>>>Usually when using the "trend based fib extention tool" it retrace to 100% which will coincide with $2972. If you trade on Binance these price levels will be slightly lower as this is based on Bitfinex chart.
Again, make sure to Mind Your Trades and make sure to make your own analysis before investing your hard earned money. I am not a financial advisor and this is just my view on the current market.
Good luck to you all.
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