Bitcoin - Shift HappensA few weeks back I made a post about how BTC appears to have made a shift from running downhill to starting a slow uphill jog. Is this slow walk uphill going to hold? So far it has (for two weeks now) but we're about to find out since we are coming up to a decision point very quickly. There is one area of concern that can answer the question, but we'll circle back to that in a bit.
In the smaller time frames, BTC has been on a sideways range. On the 4H chart, BTC has managed to stay around the 61.8% pull-back.
On the 6H chart, BTC is showing weakness since it has lost the 50MA for now and yet to conquer the 20MA, Also, it is about to close candle #3 under the 50MA -- which is not good at all. Price needs to be above $7600, keep this number in mind it is a key number.
Let's bring it in together. The area of concern is the 1W chart, BTC has got to close a few candles above the 50MA very soon or we are going down. Simply put BTC has to close at $7600 this week's candle which is a key number now. Out of all of these things, what do you need to keep an eye on? Keep looking at the 1W chart if BTC closes under the blue line we go down, if BTC closes above the yellow line we'll go up. Need it simpler? BTC needs to close above $7600 by Sunday night.
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NOW, THE LEGEND;
Support trend lines are green
Resistance trend lines 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 but finding stability
THE OUTLOOK: Beginning to see the end of the downtrend a rally may be coming soon.
