The T Line + the 200 EMA creating a strong resistance line

7 Feb 2018

Today we can see that BTC continued to rise as the confirmed bullish hammer reversal pattern suggested it would. early today at around 8600 you can see how the price action bounced off of the tline making the t line the current line of resistance...just barely above the t line we have are 200 EMA(in orange) those 2 will likely reinforce the resistance for today at least temporarily. For today's line of support I would think either the blue fibonacci extension line or the 200 simple moving average will serve as our current floor (around 7800-7900) so ladder in buy accordingly and if I chose to do intraday trading today bouncing back and forth from usd to btc I'd sell small portions of my position around 8500 and buy those amounts back around 7900-8000. Wash, Rinse, Repeat. This is just what Im doing as I'm ot giving financial advice by any means ;)

7 Feb 2018

Catatan

and as always look for confirmation from the macd, rsi, and awesome oscillator levels to reinforce your buy and sell signals before diving in to deep.

7 Feb 2018

Catatan

What I was hoping would create todays support line has dipped under that, this may just be the wick dipping under and it will close at the original support line or it could be that yesterdays high is today's support as well. I would love to see us close today above the support line in a way that has more body to the candle than a doji would, but we only have an hour and a half left in todays session. So we'll see but it looks as though perhaps yesterdays high will be our support zone now unless this is just the wick. Currently price is at 7725.

8 Feb 2018

Catatan

We closed as a red doji, if you look at the volume candle coupled with yesterdays candle you will also see that the biggest volume day candle of 2017 (september 2015) was also immediately followed by a similar red candle as the one we c losed with today...not surprised....I'm thinking that this doji is not so much a bearish reversal doji as it is just a continuation of the reversal started by the bullish hammer. We shall see when this upcoming day candle closes whether or not I'm right.

8 Feb 2018

Catatan

the red doji we had last night was indeed just working in concert with the previous days bullish hammer and today we have so far seen prices shoot back up into the 8000-8600 range. so far we have shot a bull wick above the T line (Yellow line) but it once again is proving to be a resistance line. Once we get solidly on top of the t line and can use it as support once again it will be all systems go! I have a feeling we will see the t line switch to a support line in the next few days. Possibly even today but as for now its acting as resistance.