Details are in the daily chart above. The weekly chart is also showing bearish divergence on both RSI and Stochastic RSI.
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Great dump, well done bears : ) Heres what to watch for short term...will the 50 MA hold on the daily?
...if yes expect profit taking to bring us back up to the 4xxx's to make former support resistance before we go down further.
...if no expect this dump to just continue straight to 34xx and maybe lower.
Good luck.
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Just hit the pitchfork and the 100 MA...Stochastic has been screaming for a bounce, RSI now entering oversold from being overbought not long ago, and if we get back above the 50 fib level it should hold…time for the bounce?
Could still go lower but don't be too greedy : ) Can always buy more.
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5 minute chart confirms lol no volume on this last leg:
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Moon incoming...
Barely went lower ($30?) told yall not to get too greedy : )
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LOL wtf did u guys do to my btc and ltc! Such panic much wow. I love it. Going to buy more today, since we went lower this might actually be healthier for btc, was thinking up to 4k then back down lower to 27xx-3k...but since we are going lower today its probably going to be the true bottom as opposed to a local one. Good luck!
Looking great, what a bounce! What now? Plan was to expect a pull back in this range, but do we know its coming? No. What is to say this isn't going straight up to test ATHs? Now we wait and watch carefully for signs of weakness i.e reversal candle, breaking back below the 50 ma, breaking below $4000. But i'm not so sure its coming, bitcoin looks strong, i'll believe it when I see it.
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Despite the small drop yesterday, price still remains bullish to me. Would have to drop below this pink bull bear line for me to turn bearish again:
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I remain bullish, but would keep an eye on which way this triangle on the 1h breaks, it will decide the next big move:
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Triangle broke down and we broke below the pink bull bear line, there was a great trade all the way down to 3600 from there.
Personally when we started to break down there was not much volume and the market looked choppy so i did not take advantage, got busy, and next check on the markets we were already mid dump. And I don't like to chase the price. What now?
If you sold some coin probably a good time to take your profits as we are support from the pitch fork: Overall, i'm pretty neutral right now. I think most likely the market makes its decision next week, but we shall see. good luck.
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Pitchfork is holding up, good entry to go long here if you want to be a bit risky. From a technical picture, much more confirmation when the price breaks back above the bull bear line, the 50 MA, and the local high. But if I had to guess I would say the low is in, ltc price action seems to confirm.
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These patterns are less reliable on lower time frames but I am seeing a nice bullish falling wedge on the 2h chart. The market is definitely at a pivotal point, if we start closing candles below 35xx this weekly candle could get destroyed and it can look pretty ominous for bitcoin. But I think more likely we break up. Again if you want to be risky there is a good long in this area, if you want to wait for real confirmation you could wait until we break above the 50 day moving average/$4000. good luck
i think it will just keep going down to under 3k in the next day or two, like if you agree!!
CovidScamIsAnIQTest
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Still holding my small amount of coins...thank you for the update. Nice to see the falling wedge.
ltc-joe
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@sifeij, yw : ) Always do my best, sometimes I get busy.
CovidScamIsAnIQTest
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Thank you for the post...I actually went long right below 3600 hoping a bounce.
ltc-joe
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@sifeij, contemplating doing the same, its a bit risky here but thats the cost of getting a better entry : )
CovidScamIsAnIQTest
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@btc_joe, well, didn't buy many coins, if not, they will be my long term :) I am expecting the next ATH will be around 7k, so 3600 is not a bad entry at all.