thomasfar6
Long

BITCOIN - BULLS VS THE BEARS! #PART2

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin is currently struggling to hold it's price from its recent rally above the $6,000 mark. We have seen a tremendous price increase since the last market drop with Bitcoin recovering the most compared to the other cryptocurrencies. As we know most of the when Bitcoin price goes up we see a drop in altcoins (Vise-a-versa). I am speculating we may see a short-term drop to phycological levels which can be seen on the graph. However, as time approaches closer to the Segwit2x hard fork people may jump onto Bitcoin in hopes to get some free forked coins, as well as use the network that is going to be more efficient due to quicker transaction times.

Personally, I am waiting to further indications of prices on the 25th (The next fork).

  • Orange - Resistance.
  • Purple - Support.

As always trade the lines accordingly.

Comments

Thanks for sharing. It's a privilege to see your chart.
+1 Reply
thomasfar6 Benjamix
@Benjamix, Thank you for the comment :)
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TA it's not everything. Ppl might panic that there will be a sell off after the fork. When panic kicks in, there is no place for speculation.
+1 Reply
thomasfar6 filipnr1
@filipnr1, "Further indications of prices on the 25th", I'm ready ;) I have money invested in altcoins that are guaranteed to go up when BTC drops, so I am not concerned, I bought my Bitcoins at $4,600 which was a good call anyway.
Reply
thomasfar6 filipnr1
@filipnr1, Thanks for the comment :)
+1 Reply
Hey Thomas, can you explain your reasoning for the MACD and how it is relevant here? Also is there a specific reason you used 14 hours on the RSI?

Thanks
Reply
filiwnydd goldbug1
@goldbug1, good questions
Reply
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