Hi All,
I'm just going to point out key indicators as of now and how I see the chart in terms of key levels.
This is not about forecasting what's going to happen but point out what will be considered bearish or bullish trend.
Note: People have bearish and bullish views and there is nothing I can say that will change this, usually people have made up their mind and I'm not here to change it.
I have in the past, gave my thoughts as to why I'm bullish biased and you can read those points in the posts.
Now the observations >
2 DAY chart
a) 2 Days are not complete however we would like to see the red candlestick go back up above the previous green Candlestick.
This will allow the trend to continue for the short term.
DAILY Chart
a) We got a rejection at the Daily 200 SMA, which is normal in the first attempt. Historically this has proven the case.
If we have a open and close solid daily candle above this, then its a bullish sign;
b) We broke the upward wedge formation, and are waiting for the likely bounce of the current 20 EMA\SMA (12H chart);
c) RSI is high but acceptable range in a bull trend
12 H Chart
a) We have just had a price drop to the 8400's region and a bounce on the 20 EMA\SMA on the 12H chart;
b) RSI dropping towards bottom trend line (red)
Thoughts:
a) Price staying above 12H 20 EMA\SAM = Medium bullish. That is 8550 to 8650
b) Price dropping further to 8200 range = Weak bullish bias, still have a chance but hard to make a decision to be bullish or bearish bias.
If we get here, then its likely we will test the bottom trend line, 7500 range.
c) Price dropping below 8200 = Bearish trend
2 Day Chart
Daily chart
b) 12 HRLY Chart, with 20 EMA\SMA as support for now. Note the bearish divergence on the price vs RSI. Hence the price drop. Also seen on the 4 HRLY chart.
4 HRLY Chart
50 EMA\SMA acting as support which equate to 12 Hrly chart's 20 EMA\SMA. Uptrend still intact for now.
I'm just going to point out key indicators as of now and how I see the chart in terms of key levels.
This is not about forecasting what's going to happen but point out what will be considered bearish or bullish trend.
Note: People have bearish and bullish views and there is nothing I can say that will change this, usually people have made up their mind and I'm not here to change it.
I have in the past, gave my thoughts as to why I'm bullish biased and you can read those points in the posts.
Now the observations >
2 DAY chart
a) 2 Days are not complete however we would like to see the red candlestick go back up above the previous green Candlestick.
This will allow the trend to continue for the short term.
DAILY Chart
a) We got a rejection at the Daily 200 SMA, which is normal in the first attempt. Historically this has proven the case.
If we have a open and close solid daily candle above this, then its a bullish sign;
b) We broke the upward wedge formation, and are waiting for the likely bounce of the current 20 EMA\SMA (12H chart);
c) RSI is high but acceptable range in a bull trend
12 H Chart
a) We have just had a price drop to the 8400's region and a bounce on the 20 EMA\SMA on the 12H chart;
b) RSI dropping towards bottom trend line (red)
Thoughts:
a) Price staying above 12H 20 EMA\SAM = Medium bullish. That is 8550 to 8650
b) Price dropping further to 8200 range = Weak bullish bias, still have a chance but hard to make a decision to be bullish or bearish bias.
If we get here, then its likely we will test the bottom trend line, 7500 range.
c) Price dropping below 8200 = Bearish trend
2 Day Chart
Daily chart
b) 12 HRLY Chart, with 20 EMA\SMA as support for now. Note the bearish divergence on the price vs RSI. Hence the price drop. Also seen on the 4 HRLY chart.
4 HRLY Chart
50 EMA\SMA acting as support which equate to 12 Hrly chart's 20 EMA\SMA. Uptrend still intact for now.
Komentar:
Notice the difference between the 2 exchanges (5 min chart)
Komentar:
As per my post, we are now in the weak bullish area and my bias is now turned to retesting the bottom of the trend line which is approx. 7500.
Note: Below $8,470, bitcoin is likely to extend its losses towards $8,200 or $8,000. The main support is near $8,000, where the bulls are likely to take a stand.
Note: Below $8,470, bitcoin is likely to extend its losses towards $8,200 or $8,000. The main support is near $8,000, where the bulls are likely to take a stand.
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This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
