Keeping this short and simple as I'll be using this short term chart to help support any longer term trendiness. It's looking more and more bearish people!
It looks like what is wave 7 of my analysis that BTC price just fell below the bottom ascending line. momentum is not accelerating which can also be confirmed by the bearish divergence we see in the momentum indicators I have chosen. RSI, MACD and DMI all point to bearish feelings.
If the short term support lines continue to break as I've noted this will signal bearish tones and a retrace in prices. I'm sure we've all read every published report both Bull and Bear who are using fractals, Fib, EW and others to predict where the market is going and where the support and resistance levels are. I think we all know 6k is bottom support with huge buying power. The moving averages of 20, 50 and 200 are going to act as fierce resistance. In fact the 3200 days continues to hold down BTC. The next retracement will likely be a little higher, which should be a positive sign in the market (higher low). Look at RSI levels for for anything that comes into heavy oversold territory likely (6k-6.5k range) should be bought for long term holding. Add these coins to your core portfolio.
#bitcoinbobby
It looks like what is wave 7 of my analysis that BTC price just fell below the bottom ascending line. momentum is not accelerating which can also be confirmed by the bearish divergence we see in the momentum indicators I have chosen. RSI, MACD and DMI all point to bearish feelings.
If the short term support lines continue to break as I've noted this will signal bearish tones and a retrace in prices. I'm sure we've all read every published report both Bull and Bear who are using fractals, Fib, EW and others to predict where the market is going and where the support and resistance levels are. I think we all know 6k is bottom support with huge buying power. The moving averages of 20, 50 and 200 are going to act as fierce resistance. In fact the 3200 days continues to hold down BTC. The next retracement will likely be a little higher, which should be a positive sign in the market (higher low). Look at RSI levels for for anything that comes into heavy oversold territory likely (6k-6.5k range) should be bought for long term holding. Add these coins to your core portfolio.
#bitcoinbobby
Kommentar:
Negative: BTC price broke below my ascending channel. Postive: It bounced from the support line #2 that I drew. If BTC continues to trade sideways and falls below my support levels we could see the bears winning this fight and a retest in the lower 6k's again in the future...let's see who the market develops. No one knows where the price is really going, but the charts can give us some insight so this is why we must look at them.