Good morning Crypto community!
More than two weeks ago I wrote about the possibility for Bitcoin to reach the 55 weekly EMA.
So far we're as planned, we bounced several times at this exact level, which seems to provide a strong support level.Bullish scenario: we can have candle wicks as low as 7780$ - where the 55 EMA and the 100 MA are to be found
Bitcoin Weekly
For now we continue to swing between the 55 weekly EMA (blue) and the 200 day MA - vaguely represented by the dotted yellow line. If we break this 8600$ resistance, we might indeed revisit our 12000$ local high again.
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Bitcoin Daily
A closer look at the daily chart shows us exactly how the 200 day MA (grey) and 21 day EMA (yellow) are holding us to get higher. A bullish RSI divergence has indeed formed, which resulted in that 10% price spike. The MACD also shows a bullish cross, but the plateauing Histogram indicates that the bulls ran out of momentum lately, which is confirmed by the low trading volume.
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Bitcoin 4H
An even closer look for the swing traders out there: the second price spike is exactly a 1-1 Fibonacci extension from our first one. If this current movement turns out to be indeed a 5-wave Elliot count, our next possible spike could get us in the 9000$ area, to the 200 MA. Keep in mind that this is just a possibility. Both the RSI and MACD show signs of rather going down than up.
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Are you trading these volatile movements?
Thanks for reading and safe trading!✌
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Better stay off the market right now as I can assume. This is a no-trade zone for me. I will wait for some uptrend movement.
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I do not invest in any coins besides what I get here from blogging on steem. If I did have money for this, I would try to buy when the news is bad and the coin drops, and then sell off some of that each time it rises. I do not have the temperament to look daily and trade in and out. I wonder if the fees would cut into the profit (if any) too.
But I am glad to see your charts. I'm trying to learn more about crypto as I can since starting here. I did not know anything about it until STEEM.
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Thank you for stopping by.
I'm also glad that you came across steemit and are trying to learn something new.
Steem on!
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There is so much to learn here, and it is hard to keep up. Thanks again for the help, @aezakmi :)
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Likely going downward, still some potential to move upwards.
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And what's your take on it?
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Short-term maybe some minor ups and bear traps, mid-term yourbred line going down to the 200 line and afterwards I think there will be a next run in 2020 like this just bigger. What do you think? ;)
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You might be right, although I was hoping not to see the 200w MA again - if this happens in this next period, it will bring a lot of sadness and hate towards the market bcs it does not align with the general happiness in the Christmas period.
Just some minor market psychology thoughts..
Thanks for stopping by.
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I feel you, but fortunately I lost all my feelings in the 2018 bubble 😂 had to become emotionless with regard to trading.
Now I got some more buy positions around the 200 line and will closely monitor. Am enjoying the steady movement upwards while buying and the whole world is still not watching BTC again 😁😉
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I'm not trading, but I think it will start numbing high soon
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Condolences to those who tried to buy the breakout of that bull flag. Hope you sold it quick.
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I had no position at the moment.
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@aezakmi, If Bitcoin will reach to $12000 then that will be a great boost for the Altcoins too. Let's hope for the best.
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Still some potential to move upwards.Short-term maybe some minor ups cross fingers and hope for the best
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