Bitcoin rebounded quite convincingly from the slow moving average on the weekly chart (about $ 6,000) and was now able to climb above the slow average of the daily chart. Having already reached the resistance levels at $ 10,000- $ 12,000. If the rate remains above $ 9,500 for a couple of days, we will receive a buy signal from the Moving Average of the daily chart. Most likely it will happen because it already happened on the graphs of many other coins. Should we follow this signal and buy? Now it seems reasonable to wait another week and that's why: - The first reversal signal from the trend indicators is often false and the real reverse happens after the rate bounces back and then a re-signal comes in. - If the signal is false, the price will not stay above the weekly average, based on my experience. If it does, the probability of the signal being true will increase significantly. - Bitcoin went into the resistance zone and now a correction down is very likely. - the volume of trading on the rise to $ 10,000 is much lower than on the decline to $ 6,000. This means that the fall was a trend movement, and growth was the corrective. So, signs of a reversal trend appeared, but we recommend waiting another week before making decisions.
Asian region holidays is an imprtant factor for low volume. When downtrend they were in the game. So volume argument may be not very strong one. Then again volume was miserable often. One tenth for many altcoins compared to past weeks. So volume argument can also be valid. I am very confused nowadays. And tired of being cautious and missing oportunities as well as can not stand the comstant pressure feeling when i do any trade. Just wasted
JoyaJoya
⋅
whats your thoughts now? are we heading up or need to recheck the bottom first?
icexch
⋅
@bneta1980, I think we need to rechek the bottom, but from $13000-$14000 area
Yes we still need more time to interpret the data.Only the confirmation of BTC will indicate a buy signal for other currencies regardless if the other coins are signaling keep us updated on BTC other coins will follow.Thanks