all daily indicators are on the floor. So i find them a little bit worthless in this condition.
This is the first time in 8 months (!!) that weeekly MACD could make a bullish crossover on the short term. HIstogram is almost completely exhausted since the start of the correction in last December. Righ now the price sitting near a very strong support and might have completed a ABCDE.
My first hypothesis is that price may reach 7.5k mid term which i will developp on the days to come. Right now, my idea is not completely exposed here but anyway seeing all this oversold phenomenom and as well as my indicators . Im fully in and watching.
Take care, Simon
Comment
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next week data soon. gonna be interesting.
Trade active
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Adopting what i call the bunny ears bullish confirmation.
Trade closed: target reached
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formation is about to be completed. POst was made at BTC 61à.1k. Now 7.1k.
Yes, I saw that too, it's a great sign. The Stoch RSI on the W is going to drop, but after it gets to oversold regions, the end of the year is looking good for BTC. Just have to be patient.
damdamm
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Hello Simon I keep my thumbs up for this idea.. ;) I hope you are right and we will not need to dive in price deep to assure additional cooling of market indica.
On the other hand I see some room to go down on my weekly indicator and it is hard to move it down significantly without move in price. Also your trend line (dotted) gives us space for 3k.. On my chart it is 4400 or sth like that and I suppose that's the place where my 1W indica would be totally cold.
I observed that on this indica we have been oversold like this and much more (to oversold area = green line) in 2015 last time ! So market corrected almost whole 2-3 years in 7-8 months.
But almost makes difference as I still see this indica is not cold as bulls like. Long bulls like clean reversal situations. At least I do. And indica is not in total oversold yet.
So do you think we should expect reversal from this point (not oversold as much as it could be on 1W) or should we wait for indisputable oversold area like this one in 2015 ?
damdamm
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@damdamm, And what is important I know it doesn't have to cool down to yellow box. It really do not. It can go up from now if market is mature to do that but being in yellow box would give us indisputable set up.
Good luck.
damdamm
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@damdamm, And I really do not like this possibility of going down to yellow. I DO NOT. it opens price gates I would not like to touch at all. But I have to see things from different perspective.
UnknownUnicorn1540828
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@damdamm, you are a very smart person. You always catch my hidden idea. You saw why i under lined a sub support and give very good argument for it. You got me almost every time. I will prefer to wait more to have more data to answer you correctly. Under the respect you deserve.
damdamm
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@simonmercier, Thank you for your nice approach. I am trying my best. After many hours spent with charts eye just know where to look for danger.
I am always very curious what is your market pulse test just to compare with my thoughts.
mdillonaire
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COULD crossover? i wouldnt trade off possibilities of signals occurring. trade when the signals actually happen. weekly has a lot of room to fall if this support isnt held. no trade zone here, no reversal signals yet
@simonmercier, I would usually be with you on this, but @mdillonaire has a good point. Screw the TA arguments: Bitcoin is being manipulated big time. Ever since the CBOE futures came into play Bitcoin prices have been out of control. In my heart I still think BTC can get to 32k by eoy, but the field changed. Not even a MACD crossover might be enough to be a buy signal. At this point were just gambling on the mood of market makers.