BTC in dangerous Spot UPDATE
Updated
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DISCLAIMER: This is NOT FINANCIAL ADVICE.. THIS IS FOR EDUCATIONAL PURPOSES ONLY
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sorry busy to explain much but here's my brief view of the market now
Bullish Indicators:
On monthly:
Price reacted to the Fibonacci 50% level and along side EMA 20 and we are showing strong rejection and its trying to climb back the ema 10
downside volume is declining as we go down further
On Weekly
possible wave 4 is finishing and wave 5 is incoming
macd bearish momentum is weakening
possible hammer/ bullish engulfing closing of the weekly candle that is residing exactly at the 50MA, if it close like this I believe next week will be the confirmation
we are back temporarily above the weekly 50MA
On daily
we have broken both the EMA 10 and 20 and we are approaching the MA 50
we have clearly have a spring that happened there
possible bullish crossover of the ema 10 and 20 if we can stay above this level
macd bullish crossover with price above ema 10 and 20
clearly we are not able to continue the downtrend and thus we are breaking out of the channel
On 4H:
we are bouncing back and price is now above the MA 200, which at the same time we are also along the 0.618 retracement of the downside wave if we can go above the 786 I think it will be strong indication, that the bulls are stepping in
We have temporarily broken the down trend channel a successful retest will be a good sign and also and indication of lower low and higher high
We have a temporary break of structure
we are approaching overbought condition but OB is not always a bad thing something is an indication bulls are coming back and might have a consolidation on tops
Bearish Indicator
Daily:
price is now below the 50MA and along side the horizontal resistance
possible rejection on 34 and 35 level and if support dont hold we will go down and if we touch 29 again and dont bounce but consolidate.. it will become scary for btc
IN General we are still in downtrend, Until we have confirmation of trend reversal
we have a supply level ranged form by the ma 20 and 50 until we break the 35k level with full conviction we are still in in scary position
4h
we have an OB condition on while we are approaching resistance levels we might get out of steam before we even break
Neutral:
We are still in the consolidation range
FOR ALTS
if this rising wedge plays out.. it will be very good news for the alts
DISCLAIMER: This is NOT FINANCIAL ADVICE.. THIS IS FOR EDUCATIONAL PURPOSES ONLY
##########################################################################################
sorry busy to explain much but here's my brief view of the market now
Bullish Indicators:
On monthly:
Price reacted to the Fibonacci 50% level and along side EMA 20 and we are showing strong rejection and its trying to climb back the ema 10
downside volume is declining as we go down further
On Weekly
possible wave 4 is finishing and wave 5 is incoming
macd bearish momentum is weakening
possible hammer/ bullish engulfing closing of the weekly candle that is residing exactly at the 50MA, if it close like this I believe next week will be the confirmation
we are back temporarily above the weekly 50MA
On daily
we have broken both the EMA 10 and 20 and we are approaching the MA 50
we have clearly have a spring that happened there
possible bullish crossover of the ema 10 and 20 if we can stay above this level
macd bullish crossover with price above ema 10 and 20
clearly we are not able to continue the downtrend and thus we are breaking out of the channel
On 4H:
we are bouncing back and price is now above the MA 200, which at the same time we are also along the 0.618 retracement of the downside wave if we can go above the 786 I think it will be strong indication, that the bulls are stepping in
We have temporarily broken the down trend channel a successful retest will be a good sign and also and indication of lower low and higher high
We have a temporary break of structure
we are approaching overbought condition but OB is not always a bad thing something is an indication bulls are coming back and might have a consolidation on tops
Bearish Indicator
Daily:
price is now below the 50MA and along side the horizontal resistance
possible rejection on 34 and 35 level and if support dont hold we will go down and if we touch 29 again and dont bounce but consolidate.. it will become scary for btc
IN General we are still in downtrend, Until we have confirmation of trend reversal
we have a supply level ranged form by the ma 20 and 50 until we break the 35k level with full conviction we are still in in scary position
4h
we have an OB condition on while we are approaching resistance levels we might get out of steam before we even break
Neutral:
We are still in the consolidation range
FOR ALTS
if this rising wedge plays out.. it will be very good news for the alts
Note
FOR ALTSif this rising wedge plays out.. (ON THE BTC DOMINANCE CHART UPPER LEFT FIRST QUADRANT) it will be very good news for the alts
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