I have two trend lines drawn on my chart, seems that BTC has respected these two infallibly.
Great volume has support it at the 5,9k level and at that point MACD was crossing! So up it was. It seemed to have formed a flag at one point I called this in a previous post but the breakout seems to have failed. We were stuck firstly on the fib level which coincides with the 200 EMA on the daily chart. This is not negligible. After that it seems bitcoin was struck down by my trend line! Whats going to happen now? I think we'll form a double top then go down. Will the second top pass the 8,8k level? I don't know but in my eyes even if it doesn't it still counts as a double top.
I think we'll go down after that to the 6,1k level. Which is held up by 0,236 fib level and honestly not much else.
Now draw your attention to the MACD and RSI. What's going on? Well RSI is pointing up, and the MACD seems it wants to go up! Ha one more piece of evidence for this upwards swing. You can also see that in the past the MACD has been going up to a certain level then bouncing downwards on the previous red trend-line I drew in. I think this behaviour might repeat itself on the new trend-line.
What am I doing? I'm watching for a strong breakout with good volume above that 9k point. That would confirm either a bull run or a new floor. I would then place tight stops below those buys just in case. I have not bought anything and would only do so in one of two cases - the aforementioned breakout, or the bounce down to 5,9k. Again if bought at 5,9k or around 6k I will then place tight stops.
I am going to state this one last time clearly, this double top is purely hypothetical. We did have previous volume which pushed us up, is this enough to get above resistance? I don't think so. I think that there is enough evidence to point to a downwards turn, and resistance seems to be pretty substantial around 9k.
I would much rather buy a breakout or a bottom, than somewhere in between. I will wait!
This is of course not financial advice, I am not a financial advisor please do your own research.
Please leave a comment, let's discuss challenge me let's talk it out!
Best of luck,
X
Great volume has support it at the 5,9k level and at that point MACD was crossing! So up it was. It seemed to have formed a flag at one point I called this in a previous post but the breakout seems to have failed. We were stuck firstly on the fib level which coincides with the 200 EMA on the daily chart. This is not negligible. After that it seems bitcoin was struck down by my trend line! Whats going to happen now? I think we'll form a double top then go down. Will the second top pass the 8,8k level? I don't know but in my eyes even if it doesn't it still counts as a double top.
I think we'll go down after that to the 6,1k level. Which is held up by 0,236 fib level and honestly not much else.
Now draw your attention to the MACD and RSI. What's going on? Well RSI is pointing up, and the MACD seems it wants to go up! Ha one more piece of evidence for this upwards swing. You can also see that in the past the MACD has been going up to a certain level then bouncing downwards on the previous red trend-line I drew in. I think this behaviour might repeat itself on the new trend-line.
What am I doing? I'm watching for a strong breakout with good volume above that 9k point. That would confirm either a bull run or a new floor. I would then place tight stops below those buys just in case. I have not bought anything and would only do so in one of two cases - the aforementioned breakout, or the bounce down to 5,9k. Again if bought at 5,9k or around 6k I will then place tight stops.
I am going to state this one last time clearly, this double top is purely hypothetical. We did have previous volume which pushed us up, is this enough to get above resistance? I don't think so. I think that there is enough evidence to point to a downwards turn, and resistance seems to be pretty substantial around 9k.
I would much rather buy a breakout or a bottom, than somewhere in between. I will wait!
This is of course not financial advice, I am not a financial advisor please do your own research.
Please leave a comment, let's discuss challenge me let's talk it out!
Best of luck,
X
Kommentar:
No double top, looks like we're still going down. Stay on target!
Kommentar:
By the way looks as if MACD is going bounce right along trend line I drew, I'll post a new version later in order to updates indicators.
My target is still the 6k mark, not sure how long it will take but looks like we ran out of steam going up!
Let me know what you all think!