Bitcoin - The bottom is in or is 4k it?
Well... BTC wants us to believe that the bottom is in. We have touched the $7800 area plenty of times and it has refused to go lower -- which makes it look like a bottom. If this is it then the bottom is being built in the middle of nowhere which is out of the norm. There are a couple of places where it would make more sense to bottom out so I recommend we wait till we get there ($6500 - $7000). Also, there is no massive green candle avoiding the impending death cross so far, and the downtrend looks like it has too much momentum to be stoped. Your best bet is to wait and see how the 50/200MA crossover is going to affect price(but we know the answer to this already.) Once we see clarity we'll put our capital to work again.
Don't forget to follow me to stay one step ahead of the chaos.
Let's read what BTC is trying to tell us in this chart. The 200MA has rejected price many times in the last 3 weeks, this tells us that there is no strength to go up. Also, support is getting heavy, every rejection sends BTC down back to support and those candles are piling up quickly, support may not hold any longer. Every time you lose the 200MA on the 12H timeframe you take that as a hint that things have gone south for the corresponding asset, that happened to BTC a few weeks back and now we are seeing it on the 1D timeframe. Once the 50MA crosses down the 200MA it will seal the deal and we will see the price drop for a while. In the days after, BTC will range and spike up and range again while on its way down. Right now let's be out with cash in hand waiting for BTC to hit the $6500 - $7000 area so we can get some more cheap alts. As of today, 4k is not in play but it could be depending on how aggressive the death cross is.
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: Still going down but near the bottom
THE OUTLOOK: Almost safe to buy BTC but let's wait just a little more.
Don't forget to follow me to stay one step ahead of the chaos.
Let's read what BTC is trying to tell us in this chart. The 200MA has rejected price many times in the last 3 weeks, this tells us that there is no strength to go up. Also, support is getting heavy, every rejection sends BTC down back to support and those candles are piling up quickly, support may not hold any longer. Every time you lose the 200MA on the 12H timeframe you take that as a hint that things have gone south for the corresponding asset, that happened to BTC a few weeks back and now we are seeing it on the 1D timeframe. Once the 50MA crosses down the 200MA it will seal the deal and we will see the price drop for a while. In the days after, BTC will range and spike up and range again while on its way down. Right now let's be out with cash in hand waiting for BTC to hit the $6500 - $7000 area so we can get some more cheap alts. As of today, 4k is not in play but it could be depending on how aggressive the death cross is.
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: Still going down but near the bottom
THE OUTLOOK: Almost safe to buy BTC but let's wait just a little more.
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