sachu_blessyou

sachu_blessyou

I've simplified the chart to four large impulsive moves. The green arrow shows the last complete move we've had, which I used to find the 0.6 Fibonacci retracement line. I want to see how price reacts if we hit this level (10070). There is also an overall trend line that we've rejected off each time we've touched it. If we can break through these two points and...

sachu_blessyou

With all this bullish sentiment, it's important to remember the overall market structure, and the fact that we're currently right at the golden ratio. Starting off with market structure, we would have liked to see higher highs being made, alongside higher lows to be bullish. But we have received a mix of lower lows and higher highs. Giving an overall mixed signal...

sachu_blessyou Updated 

Ignore the noise, when we look at the monthly chart we can see a clear picture of where Bitcoin is at the moment. Looking at the previous run it served as multiple support and resistance flips, highlighted in the green and red boxes. It's no coincidence that the price has stopped at this point. This level is especially important as for a bullish structure we want...

sachu_blessyou

The purple regions represent times the price has acted as support and resistance in the 7.7 - 8.5k region. This region is now serving as support, and did so on the previous bounce as well. This is a bullish sign as this area once served as resistance, in addition to this if we go to a higher time frame we're still in a bullish structure in terms of highs / lows....

sachu_blessyou

I would be careful longing at this level because if we use Fibonacci to find the important levels based on the last run up, we can see there is strong resistance we still need to surpass. The 0.5 level (0.00003070) is especially important, as it used to serve as support and has now turned into strong resistance (a bearish sign). I'd feel more comfortable longing...

sachu_blessyou

We are at a very important level, everything we need is to the left of the chart. This price has served as support and resistance multiple times. The question now is whether it will serve as support or resistance. One thing to consider is that recently there has been a bullish MACD crossover, causing me to lean bullish. The weekly MACD tends to give an accurate...

sachu_blessyou

Although long term I see potential for this stock the current chart is still bearish. The region that previously provided support has now turned into strong resistance, indicated by the strong rejection. Price previously consolidated in this region, but is now instantly rejected showing bears are now in control. I'd like to see price break this region and hold it...