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Hello James, Appologise if not to many of your followers understand the below technicals.
Looking at the 5 year chart it would appear that we may have found a bottom with, price finding support on the 200 MA. The screenshot below shows it bouncing twice.
The 6 month chart below shows the bollinger bands tightening with price breaking through the 20 & 50 MA. The price looks to be rallying quite strongly on the short term towards the 100 MA with the 20 & 50 MA looking for a potential crossover soon. Depending on sentiment of BTC, the price will either find resistance around the $4,500 mark or breakthrough to peak around $5,600 before we get more resistance and a short to medium term sell off. I personally think the price will consolidate some more after that sell off, as the 5 year chart shows that the 50 MA has now crossed back underneath the 100 MA & the Bollinger bands are still quite separated.
PS: I know that you will make more sense of the above technical's than most, so sorry if no one else gets it. Technical analysis of charts takes a lot of study, but at the same time is a lot of fun predicting what may or may not happen. James the above charts are based on the 20, 50, 100 & 200 Simple moving averages with a standard 20 MA Bollinger band.
I personally believe that we have bottomed out on BTC, but still have quite some time before enough positive sentiment returns for the smaller moving averages & price to break back through the 100 MA on the 5 year chart. Afterwhich things will look far more bullish & we should then go on to challenge are previous $20K high.
Quick Disclaimer ;-) : These are only my personal opinions based on the technical analysis as i see it. They are not a recommendation to buy or sell BTC. Any trade you make is at your own risk. DYOR! :-)
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Incredible move ... Steem is next
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Thank you so much for participating in the Partiko Delegation Plan Round 1! We really appreciate your support! As part of the delegation benefits, we just gave you a 3.00% upvote! Together, let’s change the world!
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like it how you give your opinions on different timeframe on the chart. btw the 'ads' in between is creative ! =)
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Is this a gambling game?
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a new crash game on steem chain, giv it a try
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