BTC has interacted with the support line non-stop for over a week now. The one thing worth noting is that it has refused to close under the line, today's candle will give us strong clues. What BTC is doing now looks a lot like what was happening from November to January before we started moving up (example 1.a). With support and resistance, you will test and retest support, the fundamentals behind that are that you are simply fulfilling more orders every time you hit support which prevents price from falling, simple supply and demand flow. We do need to start moving up because spending too much time testing this line or dipping below it simply means all buy orders will eventually get exhausted. Let's kee an eye on the $9200 and 8700 area.
THE AREA OF CONCERN
BTC is itching to go down here to the circled area (Example 1.b) in the chart below, that area has very strong support; It has the 50MA, the 20MA, and the secondary trend line waiting. We do have one last set of buy orders there. Since we are jumping in for the long term it will be beneficial to go there before moving up. The caveat is that we have to do it quickly since we are burning time just hanging around, what does that mean? That means that momentum is pointing up right now, and if we take too long to make it to $8500 we'll eventually move important moving averages down and force some death crosses making it harder to move up and over the red line.
SOMETHING TO WATCH
If today's candle just goes to the $9200 or $8700 area and then quickly moves back up above the white line, you can take that as more stop-loss hunting. If we close below the white line, we are looking to go to the $8500 - $8000 area.
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THE AREA OF CONCERN
BTC is itching to go down here to the circled area (Example 1.b) in the chart below, that area has very strong support; It has the 50MA, the 20MA, and the secondary trend line waiting. We do have one last set of buy orders there. Since we are jumping in for the long term it will be beneficial to go there before moving up. The caveat is that we have to do it quickly since we are burning time just hanging around, what does that mean? That means that momentum is pointing up right now, and if we take too long to make it to $8500 we'll eventually move important moving averages down and force some death crosses making it harder to move up and over the red line.
SOMETHING TO WATCH
If today's candle just goes to the $9200 or $8700 area and then quickly moves back up above the white line, you can take that as more stop-loss hunting. If we close below the white line, we are looking to go to the $8500 - $8000 area.
VERY IMPORTANT: Hitting the "Like" button is like a tip, please don't forget to do so after reading, this is your way of thanking me for my time and so I thank you for yours.
Comentário:
We did make it to the $9200 area $9252 to be exact. It will be very interesting to see where this candle is going to close tonight.
Comentário:
We did hit $9200 Possibly headed to the $8700 area. If we drop from there the $8500 to $8000 has a lot of support.
Comentário:
Ultimately the area of concern is what we need to keep an eye on, $8500 - $8000 BTC seems eager to go there, but it is never that simple. We need to go there fast and to move up fast and steady as well.
Comentário:
It seems like inevitably we'll get to $8700, we still have cash on hand but we will not spend it there. That cash was designated a few weeks back for the $8500 - $8000 area. Please leave those buy orders just as instructed back then, which includes the one for ETH. Why did we leave these crazy low orders? The Fibo tool and MA's indicated a possible move to those areas even back then. PM me if you want to learn how to use them.
Comentário:
The coronavirus is having an effect on this asset class already. People will take their money out in order to have liquidity which will create lower prices, we shall then buy from them cheap in the next few days, and we'll sell to them at a much higher price ;-) at a date of your choosing. Welcome to making money! Please remember how much you kick your self for not buying low once prices go up. Have an alternate plan in case price goes really, low I did. I have quite a bit left to put in, and by the way yes that buy zone that was getting bashed all the time is still in play.
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KEEP HITTING THE LIKE BUTTON IT KEEPS THIS POST RELEVANT AND I CAN KEEP UPDATING.
Comentário:
It is hard to imagine BTC going much lower than the second recommended buy zone.
Comentário:
Buy order #4 was hit.
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It was extremely important that BTC made above the 200MA asap. I previously mentioned that the move down and up had to be fast, so far BTC is doing that.
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Plan a trade and stick with it. Our $9600, $8500 buy orders looked extremely unlikely 2 weeks ago but then here we are, both did hit, we were able to buy for cheap. If you chart properly you will be able to see these opportunities coming a few moves away.
