BTC better get on board or it will find itself on the bad side. As you can see the 50MA is dropping towards the trend line, once those two combine forces, it will become strong resistance, but if BTC goes over the 50MA the two become strong support.
I will breakdown for you the two options in detail. Keep in mind we are focusing on the big moves, not the little moves. If once the 50MA hits the trend line BTC goes over the 50MA we will try to reach the 200MA which is now around $9300. If once the 50MA hits the trend line BTC goes under, we will hit 5K, That simple.
The fact remains that BTC has been respecting the green trend line now for almost two weeks, which will make other buyers grow confident which can start that domino effect that will lead to a big green candle. I drew this line a few months back and I was questioned, it is now obvious that this was the line BTC was going to use. Once you have enough experience these things just jump at you. What else is obvious right now? That BTC wants to run-up to the 200MA on the daily chart.
TA is extremely simple, the more complicated you make it, the more guessing is involved. Keep it simple and you can see the next move a few weeks or a few days back. In the coming days, I will post an explosive sure shot of a trade I've found, stay tuned.
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NOW, THE LEGEND; Support trend lines are green Resistance trend lines are Red Horizontal support lines are white, the thicker the stronger the support 50 Moving Average is yellow 200 Moving Average is white
THE TREND: Going Down but finding stability THE OUTLOOK: Beginning to see the end of the downtrend a rally may be coming soon.
Kommentera
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Quite a bit going on here: We got zapped by the 200MA on the 6Hour chart and have managed to stay well above the 50MA for now - which is good. There is also a potential trend line I drew which has a confluence with the 50% Fibo retracement. This is the best place for BTC to bounce up and continue the slow up run it has been on. What this means is that it is ok for BTC to drop to as much as the 61.8% and a bit below which around $7220 and that will constitute a healthy pull back, but any more than that and BTC may fall under the trend line on the 1D chart.
Kommentera
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As I called it last night we hit $7220 and stopped, now we are moving back up but is there enough energy to keep moving up?
Kommentera
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Once again price is not going up but it is respecting the hell out of that trend line. For 13 days now it has walked along this line and at the same time it has avoided to close under, this is manipulation not coincidence.
Kommentera
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This is where the real drama is. The 100MA on the weekly is holding BTC up and it simply has to hold or we go to the next moving average which is the 200MA way down there in white.
From my perspective, it looks like a move down towards 4.4k - 4.7k is looking more and more likely. The support line created from MAR2017 and the bottom of DEC2018 lines up nicely with another retest of that line in FEB2019. Extending that line to the right, and we can see the current track of BTC as it moves closer and closer to that line, meeting it no later than FEB2020. Earlier tests of that line may be possible, I'm thinking around 16JAN2020 or 05FEB2020. That said, 5k is also looking like a great point to bounce off of, though it may be leaving leverage traders exposed to a sudden drop to the MAR2017 - DEC2018 support line. A drop like that was used back in NOV/DEC2018 after BTC held 6k from JUN2018 through NOV2018.