BitcoinUpdated BTC - Possible incoming early Black Friday sale
The 9 Day candle shows the MA50/150 and the MA20/200 are going to cross as was mentioned earlier on the chart below.
When this occurred last time there was a sharp move downwards.
As this is a 9 day candle the impact of this bearish cross would be felt towards the last week of November which is also around the "Black Friday " sale date.
In addition on the 20day the MA20/MA50 are set to cross bearishly on the 20day candle which can result in movement down .
This cross will occur in 5 days time. These crosses have in the past resulted in moves lower........and whats up with that volume on the bottom ?
Also A look at the chart below shows that if BTC moves up its going to hit strong resistance at the 18600 area (The red line)
If BTC moves down its going to hit weak support at 14k and then possibly move towards 12k
I would be patient and wait to see if BTC is able to close above 18600 resistance before entering longs and also wait at least 5 days for the MA cross mentioned earlier to to play out .
One more thing is this current setup resembles the wyckoff distribution below which is a bit too coincidental for my liking ;
Hence its best to be patient and proceeded with caution as this has a drop to the 12k area.
When this occurred last time there was a sharp move downwards.
As this is a 9 day candle the impact of this bearish cross would be felt towards the last week of November which is also around the "Black Friday " sale date.
In addition on the 20day the MA20/MA50 are set to cross bearishly on the 20day candle which can result in movement down .
This cross will occur in 5 days time. These crosses have in the past resulted in moves lower........and whats up with that volume on the bottom ?
Also A look at the chart below shows that if BTC moves up its going to hit strong resistance at the 18600 area (The red line)
If BTC moves down its going to hit weak support at 14k and then possibly move towards 12k
I would be patient and wait to see if BTC is able to close above 18600 resistance before entering longs and also wait at least 5 days for the MA cross mentioned earlier to to play out .
One more thing is this current setup resembles the wyckoff distribution below which is a bit too coincidental for my liking ;
Hence its best to be patient and proceeded with caution as this has a drop to the 12k area.
Note
This setup also suspiciously resembles a "Bump and Run" with Bull-Trap thrown in.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.