Bitcoin has held above the top of support zone 1 for 2 closed daily candlesticks now, and it currently above for the 3rd candlestick. It is getting support from the prior support zone, 200-day moving average and also a 1.618 extension of the final upward leg of the triangle. This is a strong supoprt which, if held, could trigger a large push to the upside.
Notice that volume spiked when price came down to support. It reached nearly 6x 20-day volume average. This is suggestive of a selling climax, which could mean buyers are left to take back control in the market.
This is a very important support level. Holding above here will likely lead to a strong rally. Falling below it will probably see the market retrace to support zone 2, perhaps further. Watch how the market behaves over the next day or so.
Ma200 daily broke just 2 hours ago ! Totally a bearish setup !
Compeleting a lower high in monthly time frame
Yas78687
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@Thegentelman, so many people seem to be trapped in the bitcoin currencies with buys, and have so many bull-biased charts :(
its almost comical how they draw a random upward arrow and that means cryptos are going to suddenly turn into a long-term bull-run...
Quantium_Research
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@Yas78687, there is no confirmation of a reversal here yet. We are watching with interest (and no positions)
@Captain_Walker, love it, rules are there to be broken right? ☺️
Quantium_Research
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@Captain_Walker, Bitcoin, and all crypto currencies, can certainly be erratic. The underlying human psychology seldom changes over time though. That fact that gives all markets some degree of predictability. Somebody once described Technical Analysis as being 'based on the assumption that people continue to make the same mistakes they made in the past'.
Thegentelman
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@Captain_Walker, nor bitcoin or any other asset obey the rules unless it confirms ...
Many have forgotten a few months ago when 'everybody' said Bitcoin is dead. Popular media headlines stated it was going to ZERO etc. Then many a guru out there was chuntering that it was 'thin air' etc - as if fiat currency is not thin air too.
Where are all these people now? Ahhhh.. they're coming out again in their numbers. But when BTC was charging north recently they remained very very quiet. 😂
BTC is the new kid on the block - relative to gold. BTC is only about 10 years young. It's very volatile as many an 'adolescent' is. One thing for sure is that it will be unpredictable and surprise a whole loadah people.
If it gets to $50,000 is the next two years (not a prediction), everybody will forget all that I said - as if I never said it.
There is blood on the streets - all now with BTC - never a better time to get involved (with controlled acceptable losses). No loss no gain. Those who crave security and no-losses, find a 9 to 5 job and give up on trading. LOL. 🤐😉
Compeleting a lower high in monthly time frame