XBT 1D - Showing signs of life, but can we break through?
Looking at the current Fibonacci levels and Exponential Moving Averages.
Firstly, the current red 0.618 Fib. $7500 range.
Secondly, the 300 EMA, the Fib confluence of red 0.5 and the blue 0.786. $7600 - $7800.
What supports the possibility of hitting those levels, RSI, MACD and $7300 price/Fib support.
Reaching the 300 EMA and confirming $7500 - $7800 support on lower time-frames would be a big win for the bulls.
If I am honest, I am leaning to the bearish bias currently due to the VPVR values that I will post as an update.
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Inversely to the bullish scenario, should we fail $7300 support and head back into channel we can expect to see $6600 again, and it is then that we can start considering a lower low around $6200, the 1.414 Fib Extension, also the diagonal support clearly seen if you zoom out. We must conclude, if these levels are seen again, that we will see the 1.618 extension. Coincidentally, or not... The double bottom and 400 EMA.
Note my earlier posts that in general, if we fail one EMA, we usually see a test one next in the sequence. Of course, that cannot go on forever, we must find support at some point in the sequence.
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There is far too much bravado around who is right about the bearish scenario, it is almost as if these analysts want bitcoin to fail, just to be right. It is a shame.
While I will continue to trade the trend and that means I will short btc, I am a bull and if we do break through these levels and we do reverse and get confirmation on the 55 EMA. I still see $25-28k in 2018.
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I have made a few jokes surrounding the colour of my charts due to my eyes, in actual fact it has become a bit problem but I believe I have found a combination that finally suits my need for less strain.
Firstly, the current red 0.618 Fib. $7500 range.
Secondly, the 300 EMA, the Fib confluence of red 0.5 and the blue 0.786. $7600 - $7800.
What supports the possibility of hitting those levels, RSI, MACD and $7300 price/Fib support.
Reaching the 300 EMA and confirming $7500 - $7800 support on lower time-frames would be a big win for the bulls.
If I am honest, I am leaning to the bearish bias currently due to the VPVR values that I will post as an update.
___
Inversely to the bullish scenario, should we fail $7300 support and head back into channel we can expect to see $6600 again, and it is then that we can start considering a lower low around $6200, the 1.414 Fib Extension, also the diagonal support clearly seen if you zoom out. We must conclude, if these levels are seen again, that we will see the 1.618 extension. Coincidentally, or not... The double bottom and 400 EMA.
Note my earlier posts that in general, if we fail one EMA, we usually see a test one next in the sequence. Of course, that cannot go on forever, we must find support at some point in the sequence.
__
There is far too much bravado around who is right about the bearish scenario, it is almost as if these analysts want bitcoin to fail, just to be right. It is a shame.
While I will continue to trade the trend and that means I will short btc, I am a bull and if we do break through these levels and we do reverse and get confirmation on the 55 EMA. I still see $25-28k in 2018.
__
I have made a few jokes surrounding the colour of my charts due to my eyes, in actual fact it has become a bit problem but I believe I have found a combination that finally suits my need for less strain.
VPVR values causing my bearish bias.
The hidden resistance noted where volume turns against us.
Note:
This can change and if you have Pro feautres you can even watch volume come and go.
Good fortune to you all.