Hey guys, yet another quick update on BTC. As you can see we have tried to break support twice, once being rejected, and secondly we broke through, but quickly dropped pretty hard after that.
We're at a critical stage here, with the previous candle closing right at the resistance, so if we want to turn this into support we need to see that 4hr candle close above the resistance! Looking likely as we're near the end of the 4hr close, but that does not confirm anything.
It's a similar story on the 1hr chart (below)
We saw a breakout of the channel, which to me was a fakeout. My definition of this is simple, there are enough sell orders set so the bears just pushed it straight back down to lower support after we breached resistance. Then the buyers filled their orders when it hit support.
You gotta remember that everyone is looking at the same chart, which is why it's so powerful, but that means that others see opportunity when you don't.
In terms of going forward, if we can close the 1H and 4H candles above this line, we could be changing the momentum to a more bullish trend. However, I still am not convinced we are out of our down trend.
I want to see more indicators showing a change in momentum, buying pressure etc. and I'm just not seeing it. It looks like we may start and try and form another wedge or triangle pattern as we squeeze the price into a tighter range, meaning that we may come to a head in the upcoming days, or maybe Monday when the weekend is over.
Monday is also my birthday, I'll be 30! So what a way to celebrate my own downtrend by seeing a big bullish breakout for Bitcoin! :D (haha I just realised the alliteration, BBBB. It'll be trending on twitter in no time!)
I look forward to a more in depth post on Monday where we can talk about future projections in price actions, and I'll maybe disclose my BTC projection for January 1st 2019 :)
Peace.
- B
hola! I like your post! Thanks for it! I went to jail because of cryptos... lets make steemit together to a better place with our content! I would like to read a bit more about you and maybe do you have some more pictures? I also just wrote a introduce yourself. Maybe you upvote me and follow me swell as I do? https://busy.org/introduceyourself/@mykarma/1-jail-review-bitcoins-3-years-ago
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Hey, thanks for the kind words on the post.
For me, this community is all about taking control of social media, and giving the power to the people. One of then ways we do this is by upvoting good content, so we filter out the shit.
I am a huge advocate of Steemit, but I use my upvotes only when I feel I have read something that I think has value.
I'm of the opinion that you are looking for personal monetary gains by commenting on posts and asking for upvotes, regardless of your content. This isn't what Steemit is about for me, so apologies if I offended you with my comments.
I will continue to support and upvote content that is worthy, but I will not blindly upvote and follow people because they commented on my post.
If you did actually enjoy the post, then I would appreciate an upvote, but only because you have found it valuable. I don't care about the monetary incentive to post, I want my content to reach lots of people that it could benefit.
Peace.
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