BITCOIN has experimented another notable move a few hours ago...
During that move, BTC has touched and broken out for short time the Mid-term Resistance line but it came back down immediately after.
Many people is claiming for the arrival time of the reversal but, in my opinion, we are still far from that confirmation. Why?:
- The volume keeps being so small, no new money is entering...
- The manipulators still there, trying to drag the market with their strategies...
- BTC did not have the power to overpass the previous high (see the chart)
- On the daily chart the 200sMA is still too high. We need that 200dMA crosses the price line which is currently at the level of the previous high
For the time being I am keeping my bearish scenario. We need one more low, (C), touching the MID-Term Support and so, allowing the 200dMA approaching the breakage.
Be Patient.
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently.
Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
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by toofasteddie
I don't think these are mutually exclusive goals. I believe that the turnaround is already underway, but that we can still take that last dip you talk about: touching the mid-term support and allowing the 200 day MA to dip lower. It's all so close now that it's tangible...
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@toofasteddie, nice analysis. I specially checked Steemit, to check if you wrote another analysis, because of the interesting movement of BTCUSD today.
I completely agree with all the stuff you wrote above. So, what I want to say is that if we stick to all rules of the Technical Analysis (you mentioned above), BTCUSD is still in a weak downtrend. So, we have to stay aside from buying bitcion at the moment.
But, sometimes (it is very very rare) I have noticed for my more than 12+ years trading FX + commidities that if I stick to all rules I can miss the beginning of a reversal.
It could be that at the moment BTCUSD is nearing reversal... I am still confused should I stick to the TA rules or no... Because if I have a look at the fundamentals, the situations is not that bad. The Lightning Network capacity is slowly slowly growing...and it may solve the scalability issue of Bitcoin ecosystem and the price should go slowly slowly up.
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Well, I feel the same... I think is a good moment for buying BTC or any altcoin with sufficient entity. Actually I am increasing my stake of those coins I think they deserve.
Nonetheless my post is just giving some perspective to the current situation and the expected arrival of the reversal.
Bitcoin is the crypto leader, once bitcoin reversed all the others will follow it behind with much more power.
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@toofasteddie, I bought some LTC yesterday.
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Looks like the bears will linger till years end
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Hahaha! I don’t think so...keep calm
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I have been calling for this break for months, i was about to give up, so thank you for a word of reason :-)
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