Bitcoin - The path forward short and sweet
Updated
If BTC closes a daily candle under such strong support (which now becomes resistance) the odds of melting down to the next rest area go up, and the more candles we close under such resistance the pull/gravity of the $6500 - 7K area will force BTC to land there. Once there, the majority of the high performing Alts will be at good entry points. Signs are showing that a move down is more likely to happen than a recovery. Keep in mind that the exchanges reserve the power to manipulate the price and so you can easily see a strong move up to test the 200MA in the next few days or weeks. That is not a recovery, it's simply a normal way for price to test if BTC is ready to go up and at which point it will be rejected. Why? Because the first test never succeeds, under a death-cross price will test the 200MA a few times and it will succeed only after a long period of accumulation.
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NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Going Down, we have not made a new higher high
THE OUTLOOK: Expected to go down, unexpected if it goes up.
Follow me and you'll know exactly which coins to buy and when to buy to maximize your profits.
Hitting the "Like" button is like a tip, please don't forget to do so after reading.
NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Going Down, we have not made a new higher high
THE OUTLOOK: Expected to go down, unexpected if it goes up.
Comment
There are too many red candles in a row in the daily chart, we are due for a green candle before weeks end.
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