As you can see if you draw the correct support and resistance lines it will make sense in times like this why price is not moving. Bitcoin is stuck between strong support and resistance, but it has tried to make it out of resistance more so than tested support. Imagine yourself trapped in a small space and trying to get out by punching above your head but it does not break, you kick below but it does not break either, however one of the two areas is showing weakness what would you do? You continue to work on the area that seems like it may break. BTC is doing the same, the most logical area of scape, for now, is the floor, why? Because of the death cross, you can only do so much before the weight of the death cross also breaks the floor/support. It is atypical for us to be where we are now. Price is being kept up artificially so that other buyers bite and lose more money. The point of this game is to get you to put money in so you create liquidity so that the exchanges/whales that drove the price up can exit with some profit. What is the best move here? To wait, if you have not entered yet wait for the price to drop and if you are in, set a good Stop Loss and don't mess with it.
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NOW, THE LEGEND; Support trendlines are green Resistance trendlines are Red Horizontal support lines are white, the thicker the stronger the support 50 Moving Average is yellow 200 Moving Average is white
THE TREND: Going Down, we have not made a new higher high THE OUTLOOK: Expected to go down, surprising if it goes up.
I was looking for you chart this morning and was disappointed when I did not see one , now I am happy.thanks for the 2 cents
cryptoGats
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@alex3838, ha! Good to hear, your comment is the type of stuff that keeps me posting, thanks.
cryptoGats
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Check out tomorrow’s post. It will be a red vs blue pill scenario, highly recommend it.
sfigus
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I was wondering if you trade on the daily only or other timeframes such as 4H as well, thanks!
cryptoGats
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@sfigus, I trade long term, so I use the daily more than other time frames, but a keep an eye on timeframes that offer clues to BTC going up or down. The 4h and 6h are very useful.
sfigus
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@cryptoGats, I really appreciate it, and do you use the same indicators (MA50/200) and trendlines on those as well or something different?
cryptoGats
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@sfigus, I use a few more but yes the 50 and 200 are my strongest and most reliable indicators.
tabjones
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Hi, thanks for the analysis, as always. What if the price keeps going sideways without breaking up, nor down, eventually it will break the green line on the right. Does that count as a break of support? Or in that case, we can expect even more sideways?
cryptoGats
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@tabjones, Yes, it will be a break of support. Right now we are on very shaky ground. If BTC decides to range sideways it will be a violation of the trendline, that would prompt the death cross to pull rank and it will send price down.
xaznxstyl3x
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hello, u said almost time but when to be exact, like few more days?