Hi all,
In my last analysis I warned you all that BTC could drop down to the 6k mark and hopfully find support. Well, the time where that could happen is now upon us. As you can see BTC has arrived at the crux on my chart being pushed between the short term up trend and my long term bear trend line. What breaks first will signal the next week or so's trend until the next major resistance line which is around 10k
If i was held a gun point and was asked where BTC was heading in this next week, contrary to my last post, I would have to say up. this rsi is looking nice, volume is still up, ao is up, price is still above the cloud and we have the positive tk cross.
Obviously these things can change at a moments notice and some have already called the down trend on BTC, but i'm not so sure. This point is even more pertinent as we are in an overall bear channel and the down rend line has been tested times from rising bear flags, like the one we are in currently. If the bulls fail to break through this line then i'm afraid the bears will wreak havoc again and the bulls will have to form a line of defense on the previous line of support at the 6k mark.
Post your thoughts and question below guys, ill answer any points you have and am always open to debate if you disagree with anything i have written here.
Remember though folks, this is not financial advice and any trades you take are at your own risk.
I, like all traders will be watching BTC and will take positions accordingly.
Stay frosty,
Moglli, out.
p.s I post updates and alt coin ideas on my twitter here: twitter.com/Mougllii
In my last analysis I warned you all that BTC could drop down to the 6k mark and hopfully find support. Well, the time where that could happen is now upon us. As you can see BTC has arrived at the crux on my chart being pushed between the short term up trend and my long term bear trend line. What breaks first will signal the next week or so's trend until the next major resistance line which is around 10k
If i was held a gun point and was asked where BTC was heading in this next week, contrary to my last post, I would have to say up. this rsi is looking nice, volume is still up, ao is up, price is still above the cloud and we have the positive tk cross.
Obviously these things can change at a moments notice and some have already called the down trend on BTC, but i'm not so sure. This point is even more pertinent as we are in an overall bear channel and the down rend line has been tested times from rising bear flags, like the one we are in currently. If the bulls fail to break through this line then i'm afraid the bears will wreak havoc again and the bulls will have to form a line of defense on the previous line of support at the 6k mark.
Post your thoughts and question below guys, ill answer any points you have and am always open to debate if you disagree with anything i have written here.
Remember though folks, this is not financial advice and any trades you take are at your own risk.
I, like all traders will be watching BTC and will take positions accordingly.
Stay frosty,
Moglli, out.
p.s I post updates and alt coin ideas on my twitter here: twitter.com/Mougllii
