Hello bitcoiners it's been a rough year and these last few weeks have been especially bad. I'm surprised that btc fell from the 4000's to the 3000's. Now we are in this range of $3600-$4100. I think we should get a short term pop upward due to the rsi being at ridiculously low levels of 17.5. This a very very oversold sign. That's the good news. The bad news is...
Usually I don't keep re-examining a chart but here we have the 15K+ drop in volume I was talking about in my last chart. I drew a new support line at 5500. It's no where as strong as the previous 6150, which is now resistance.
So at this point we will probably bounce around our new reality range of 5500 - 6200. I think there will be one more drop I doubt the...
I'm not liking what i'm seeing. We are now hitting what the chart shows as the floor (support). I use 6150 as my floor. It's not totally clean since some bottom points are bouncing between 6120 and 6170.
Nonetheless, we are now at 6040 and have had 3 red candles in a row. The positive is that the red candles have been under 6k and we have not been hit by a 15k...
This is why I don't share the optimism some BTC chartists.
1. Downward sloping curve since Dec 18 (11 months)
2. 4 failed breakouts
3. Support at around 6150
4. Decreasing volume for those same 11 months.
5. Failed to stay about 61.8 fib line
6. Broke through the triangle wedge but is only going sideways.
Just pretend for a minute that you didn't know what...
The last candle (oct 15) had 21000 volume i'm hoping this candle can have at least 8000 to help it break past the multi month wedge. We are not out of the woods. There still is the 61.8 Fib which is a dark cloud above and above that the 200 day at 7200. I think we will need multiple day rallies like we had yesterday to get us past those challenges. However, that...
I see a descending triangle formed from June until now. There has been a steady stream of lower highs since December 2017. Even the volume has steadily decreased from December. I hate to say it but putting emotions aside (btc bull at heart) I would have to say that we should be hit with a downturn probably somewhere in the middle to end of Oct.
I hope i'm wrong...
I added another resistance level compared to my previous two charts at around the 6700 mark. I think BTC should easily break through this point if it heads in an upward direction.
There is a slightly increasing bottom forming. Now that the chart was unable to break the 8500 resistance level the 7400 resistance level is the first priority. I think we will break this 7400 mark probably by the end of the month. Even with certain letdowns (etf delays) BTC is still remained firmly above 6000.
I'm just trying to show where I see resistance each time as BTC moves upward. The major breaking point for the long term trend is 8500 while there is a few other lower resistance lines it has to cross first.
