Current situation really doesn't looks good as we are at a cliff hanger standing at this support of 7500-7700 which is creating a large descending triangle larger than the one which we already broke. This isn't good because if we break this then next possible target downwards would be 5800-6000 levels which will create a parallel descending channel for btc signifying another long bear run once again. So I think I would stay away from the market as of now. Even the MACD Crossover on 4h chart wasn't helpful. Red bells are ringing.
I have been posting the 4h chart for a day or two. So here is my daily chart analysis regarding the direction.
Tonight's close is really crucial if you see the RSI. we sort of just edged out of the oversold zone but couldn't hold it and went right down into it again. If until the close of the candle we can get back into 20-80 RSI range then definitely there is a change in trend. Also you can see the MACD histogram going down which means MACD crossover can take place in a day or two but for that RSI needs to close above the 20 mark. We currently aren't exactly bearish but not even bullish. If the close is below 20 & we break the 8000 support then get ready for a shakedown until the edge of this parallel downward channel. which may be somewhere around 6k. All on All currently you can stay out of the market even the 4h chart is somewhat not giving anything the double bottom miserably failed as we break below the neckline. Here is that analysis:
https://bitcointalk.org/index.php?topic=5188889.msg52607399#msg52607399It's good that BTC didn't break below last week's lows, the tight channel held, now it's coiled for a potential explosive move upwards if price
can close above 8500 within 1-2 days, the likelihood of a bullish breakout now is considerably greater than the opposite scenario.
Daily chart looks awesome now. We are done with all downward movement. The MACD is about to crossover from below the zero point which shows clear sign of bullishness. We can see a pump till 9k in a day or two if today's close is above the yesterday's open. We are creating a sort of tweezers bottom which too is considered quite bullish. Not to forget RSI took looks divergent and has entered the normal zone from the oversold zone. Hopes are high that we can see a bullish candle soon.
A quick Scalp Opportunity for today
On 5 minute chart we are in a sideways channel. Breaking it on either side could cause a lot of movement. So here is a great opportunity for short term traders. If btc breaks below 8200 we are getting a death crossover and also MACD Crossover and we are then going down towards 8050-8100. So you can short somewhere around 8195 and target towards 8100. It can be a good profit with some leverage on. Instead if BTC tries to move upwards in such scenario the 50MA would give a curvature upwards then buy above 8250 and target 8360 and 8400. The Stop loss should be on the other edge of this sideways channel. If you shorting SL would be 8250 and if longing SL would be 8200.
A quick Scalp Opportunity for today
On 5 minute chart we are in a sideways channel. Breaking it on either side could cause a lot of movement. So here is a great opportunity for short term traders. If btc breaks below 8200 we are getting a death crossover and also MACD Crossover and we are then going down towards 8050-8100. So you can short somewhere around 8195 and target towards 8100. It can be a good profit with some leverage on. Instead if BTC tries to move upwards in such scenario the 50MA would give a curvature upwards then buy above 8250 and target 8360 and 8400. The Stop loss should be on the other edge of this sideways channel. If you shorting SL would be 8250 and if longing SL would be 8200.
FYI, most people in WO are not interested in 5 minute charts. Daily and weekly charts only.
Ask JayJuanGee for more infos.
I understand this pretty well. But the thread is bitcoin price tracking and it's definitely no HARM in providing certain people an opportunity to look over the 5 minute chart and find some opportunity to trade upon that. Moreover OP clearly states that any type of TA is welcome until it's neatly done. So I am just trying to help the folks with my TA. If JayJuannGee Specifically says that short term speculations are not welcome I will surely ponder over his advice and try posting only long term analysis
TROGDOR!!!! THE BURNINATORRR!!!
Okay so can we have a anniversary art contest for Wall Observer thread too? because here is my Entry :
What can you call this one? Maybe ChartaConda??
PS: not been that good at art classes in school.
Poll reset
Don't know about the rest of the forum but 9 people surely look BTC in a very optimistic way thinking that it would reach 20k until 5 oct. They might be either the ones who bought at 19k
and still waiting for that price or the Mcafee supporters.
Instead of getting margin called.
As much as bitcoin may look like a buy, upside momentum is still zero.
Worse than zero.
Negative zero.
Momentum is bearish.
Actually just saw the daily chart this might just be whiteboy420's opinion but the charts say a similar picture. We are having a pretty bad situation on the charts. The 50MA is intersecting the 200MA from above which actually shows a negative momentum. We are atleast going around to 6800 ranges which is support from 50MA on weekly charts. Here you can see. It's called the death cross.
Read more about the death cross here
https://www.investopedia.com/terms/d/deathcross.asp