btc daily chart showing pre longed ranging from 6250-6800 . TA doesn't work efficiently in such ranging/sideway market , so u can find many TA expert confused on BULL or BEAR stand .
but some basic facts can't deny that BTC is going to be dumped . closure of FIAT gateways all over the world (india,china,vietnam ,malaysia) leading to lesser actual money (FIAT) ...
hidden bear divergence on weekly + triangle top+BB squeeze on downtrend , all in one, is a good mixture for a massive dump , option of jump is less as fiat gateways r closing by day all over the world . financial authorities r getting more stringent & manipulation is far more exceeding then other markets .
Regular bullish divergence on 1H, 4H hovering on support, 1 day RSI is testing long term support, probablity - btc must bounce from 6350 zone to 6700-6800 zone .
or if broken then 6400 will act as resistance afterwards short every bounce to 6400-6450
btc going thru a healthy correction (stable dominance) , this correction can go deep as 7670-7750 . many confluences in that zone , SMA (simple moving average) 22 can create a strong support here also the long term declining trendline retest is almost here .
7700 zone is perfect longing opportunity IMHO .
if this support holds & btc takes bounce from this zone ...
with BTC dominance increasing , alts bleeding , bear divergences occuring again & again ..nullified each time .. RSI remaining in overbought zone all TFs , for a week (not claiming it can't remain more ) .. it's all deja vu december 2017 .
but whenever btc gets down this time it will be a sharp fall & alts will take a bounce to correct more afterwards .
upper trendline consist of support from beginning & resistance further on ..
while lower trendline consist of resistance from beginning & support further on .
by look of it next week would be decisive .
inverse H&S (which almost every trader now knows ) neckline is in this zone .. RSI trendline showing some gap for further move up...risk reward is not much favourable . going for short above 6640 till 6750 .
just for exploiting cool off in btc ... retest 6510 & if it doesn't hold 6400 is possible .
yep, after checking out all the leading indicators Vs price action , on almost every time frame . 6170-6210 is construing as big support on smaller time frames 1H,4H .
on daily chart a retest of this zone is going on, supported by STOCHRSI bottoming out . RSI is also retesting the supportive trendline which created the bullish divergence . if 6100-6130 not ...
as happens in most divergences in a strong trending markets , sometimes for a trend change on larger time frames like daily or weekly, it takes 2 divergence confirmation to capture the inflection (trend change) .
here in that case one bear divergence had been proven, second is in the making - if nifty makes a new high & retrace, leading indicator RSI in case may ...
on hourly frame if 6110-6130 is not broken ...we may see a small rally leading to 6250-6300 . if this leads to closing of daily candle(today's candle) above 6285 . that will lead to rally in prices upto 7200-7300 in next 4-6 days .
Major alts are at support levels .
xrp , eth , ada . its a buy on these . IMHO .