Will BTC fend off the bears and see the bullish reversal soon?
Ichimoku Kinko Hyo
- Chikou Span (Green) - Our lagging line down crossed price on 3/3/18 at the 11.5k price level. It's found psychological support with the price at the 9.2k mark. It has began to fluctuate up very slightly. Watch for a bullish upcross if this current trend continues at the ~9.8k price point.
- Tenkan Sen (Red) - The turning line has been trending down, confirming our price movement through the bearish channel.
- Kijun Sen (Blue) - Our standard line crossed a bearish candle at the 9,595 price may rise, this indecision in confirmed by the current doji forming.
- Senkou Span A & B - Span A is resting close to psych resistance levels at ~9,750, and Span be has moved on top of Span at, it also aligns with psych resistance at 10,350. Span A and B created a Kumo twist on 3/8/18 at the 11.2 mark. The expansion of the Kumo shows us that volatility is increasing.
MACD - We had a bearish reversal on the MACD on 3/6 and have since been in oversold territory.
Stochastic RSI - If you scroll out far enough it is clear there are 3 significant levels of importance. 5-10 range is a severe low, 90-95 is very high, where we currently reside at ~40 has historically been a good potential reversal point.
Chart Pattern
Overall the price is still forming an ascending triangle, and the current price action indicates the end formation of a double top.
Psychological Support + Resistance (Purple)
We can see from the past psych levels forming strong support at 9,200, and 3 resistance levels at 9725, 10,350, and 11,200.
Volume
Volume does not currently support a bullish reversal yet.
Conclusion
The bulls have a lot of resistance to buy through coming up, and if the bulls aren't able to establish support here the bears could carry us back down to 8,400 where we see our last level of psychological support.
- Chikou Span (Green) - Our lagging line down crossed price on 3/3/18 at the 11.5k price level. It's found psychological support with the price at the 9.2k mark. It has began to fluctuate up very slightly. Watch for a bullish upcross if this current trend continues at the ~9.8k price point.
- Tenkan Sen (Red) - The turning line has been trending down, confirming our price movement through the bearish channel.
- Kijun Sen (Blue) - Our standard line crossed a bearish candle at the 9,595 price may rise, this indecision in confirmed by the current doji forming.
- Senkou Span A & B - Span A is resting close to psych resistance levels at ~9,750, and Span be has moved on top of Span at, it also aligns with psych resistance at 10,350. Span A and B created a Kumo twist on 3/8/18 at the 11.2 mark. The expansion of the Kumo shows us that volatility is increasing.
MACD - We had a bearish reversal on the MACD on 3/6 and have since been in oversold territory.
Stochastic RSI - If you scroll out far enough it is clear there are 3 significant levels of importance. 5-10 range is a severe low, 90-95 is very high, where we currently reside at ~40 has historically been a good potential reversal point.
Chart Pattern
Overall the price is still forming an ascending triangle, and the current price action indicates the end formation of a double top.
Psychological Support + Resistance (Purple)
We can see from the past psych levels forming strong support at 9,200, and 3 resistance levels at 9725, 10,350, and 11,200.
Volume
Volume does not currently support a bullish reversal yet.
Conclusion
The bulls have a lot of resistance to buy through coming up, and if the bulls aren't able to establish support here the bears could carry us back down to 8,400 where we see our last level of psychological support.
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