BTC/USD - Which Way?
It's good to be back. I have been away due to my fund management commitments, and the realigning of my equities portfolio as the year end approaches which is a very strenuous task. With commodities improving, equities recovering from their plunge, and Dollar looking better, the outlook for the stock market is good and thus, I can commit some time here once again!
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BTC has had a rough time lately, falling mercy to a technical downtrend which was basically never ending. As it stands, price has found resistance at the side-wards resistance line, and also at the 20 moving average which is BAD news. It shows we could be going into another down wave, bringing prices even lower.
Price however does need to correct. So this is the happy side of things, but WHEN it corrects is subjective and this is just my best guess/educated guess. If price holds at the horizontal support zone and bounces to the upside this is a good start, better more if it manages to break the side-wards resistance and use it as a new support level.
The probabilities in REALTIME, are that price will go lower. I'd really like to see that down move to the support zone and a bounce, as that would bring confidence back into the marketplace.
Bear in mind, it's not logical to enter a long if price breaks above side-wards resistance UNTIL price has retested the resistance as a new support already.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
I will continue to update this analysis in realtime if this idea receives sufficient attention :-)
Please hit the 'LIKE' button to receive my daily analysis updates :)
BTC has had a rough time lately, falling mercy to a technical downtrend which was basically never ending. As it stands, price has found resistance at the side-wards resistance line, and also at the 20 moving average which is BAD news. It shows we could be going into another down wave, bringing prices even lower.
Price however does need to correct. So this is the happy side of things, but WHEN it corrects is subjective and this is just my best guess/educated guess. If price holds at the horizontal support zone and bounces to the upside this is a good start, better more if it manages to break the side-wards resistance and use it as a new support level.
The probabilities in REALTIME, are that price will go lower. I'd really like to see that down move to the support zone and a bounce, as that would bring confidence back into the marketplace.
Bear in mind, it's not logical to enter a long if price breaks above side-wards resistance UNTIL price has retested the resistance as a new support already.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
I will continue to update this analysis in realtime if this idea receives sufficient attention :-)
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