BTC MAKE OR BREAK POINT - LEANING TOWARDS LONG
Atualizado
Heheheyy guys. Carlos Matos here. New chart - Tackling BTC.
I'm currently looking at 2 scenarios with BTC: Bearish or bullish.
BTC recently broke out of its downtrend and we're seeing some bullish moves now. It found some support at 11,700 and it's been hovering here for a bit. A good sign since it shows some strength in the move up. I suspect we might be chilling around the 11,700 - 12,800 range for a bit before an eventual move up. I don't quite like the volume on the breakout though so be careful of a possible dip back to 10,400.
Looking at the RSI we're seeing a key make or break point. The last two times the RSI got rejected here it dipped quite hard. To confirm that BTC really broke out of its downtrend we would want to hover around (or break) the RSI resistance for now and not break down. I'm fairly confident about BTC so I'm taking the bullish option here because the overall sentiment is quite bullish (bullish futures, more mainstream adoption, more media coverage, etc). I'm thinking consolidation between 11,700 and 12,800 before an eventual leg up to around 14,200. That would confirm a trend reversal in my eyes.
Volume on the previous breakout did not convince me enough to be very bullish though. It was way lower than most of the price action we've been seeing in the last few weeks. This is why I think we might need a fundamental catalyst for a volume boost. I'm not exactly sure what but positive news, a upcoming hyped hardfork, more institutional adoption, etc could be the catalyst that we need to begin a bull run.
To sum it up:
1) BTC is at a make or break point. breaks up = bullish but no trend reversal yet - breaks down = more pain and suffering for btc
2) I deduced the make or break point based on the RSI which has shown a rejection twice so far.
3) Volume needs to pick up to keep the bull trend up - I'm thinking a fundamental catalyst is needed.
Thanks for reading my analysis on BTC and I hope it's useful to you.
If you like my analysis, consider following me on twitter for more related stuff: twitter.com/cryptoniter
I'm currently looking at 2 scenarios with BTC: Bearish or bullish.
BTC recently broke out of its downtrend and we're seeing some bullish moves now. It found some support at 11,700 and it's been hovering here for a bit. A good sign since it shows some strength in the move up. I suspect we might be chilling around the 11,700 - 12,800 range for a bit before an eventual move up. I don't quite like the volume on the breakout though so be careful of a possible dip back to 10,400.
Looking at the RSI we're seeing a key make or break point. The last two times the RSI got rejected here it dipped quite hard. To confirm that BTC really broke out of its downtrend we would want to hover around (or break) the RSI resistance for now and not break down. I'm fairly confident about BTC so I'm taking the bullish option here because the overall sentiment is quite bullish (bullish futures, more mainstream adoption, more media coverage, etc). I'm thinking consolidation between 11,700 and 12,800 before an eventual leg up to around 14,200. That would confirm a trend reversal in my eyes.
Volume on the previous breakout did not convince me enough to be very bullish though. It was way lower than most of the price action we've been seeing in the last few weeks. This is why I think we might need a fundamental catalyst for a volume boost. I'm not exactly sure what but positive news, a upcoming hyped hardfork, more institutional adoption, etc could be the catalyst that we need to begin a bull run.
To sum it up:
1) BTC is at a make or break point. breaks up = bullish but no trend reversal yet - breaks down = more pain and suffering for btc
2) I deduced the make or break point based on the RSI which has shown a rejection twice so far.
3) Volume needs to pick up to keep the bull trend up - I'm thinking a fundamental catalyst is needed.
Thanks for reading my analysis on BTC and I hope it's useful to you.
If you like my analysis, consider following me on twitter for more related stuff: twitter.com/cryptoniter
Nota
My first thoughts are break right now. Still very early though.Nota
Most definitely got rejected. Can't chart right now but I wouldn't be surprised if it dipped a bit more.Nota
BTC found support at the 0.236 fib (11136.3) and continues to hover around that range. If anything drastically changes I'll make a new chart. For now I'm still feeling bearish.Nota
Broke fib support and looks to be heading down.Nota
Heading to 10,350 - 10,400 most likely. If that breaks I'll make a new post.Nota
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