If there is a lower open followed by a lower low tomorrow the price would probably drop down to the long term moving averages that is currently above the bottom of the channel. ![]() The daily has started downward momentum after barely hitting the top of its channel. The weekly S&P500 started off with some downside but the price is still on a 4th week of upward momentum, trading above all moving averages. The shorter time frames are busy breaking down as I am typing this and the ‘dead cat bounce’ seems to be imminent but cannot be confirmed before the candles close on the larger time frames. On the 12 hour chart we have kicked of a count to the downside as a red 3 has appeared and now trading below its prior candle. The price has been consolidating in a narrow channel around $8200 that has just broken to the downside. The daily hit a peak on a 9th day of upside as the price ran in to the 200-day moving average resistance almost a week ago. It looks like we are currently in a third dead cat bounce and more downside is expected. On the weekly chart Bitcoin’s price has collided with the 30 and 50 week moving averages that are busy crossing, and has took a turn to the downside as a red 2 candle started trading below a red 1 candle. ~Based on the sequential trading system (TD Sequential). Follow him for regular updates in topics relating to price, law, and fundamentals of bitcoin and the block chain. This summary is based on the technical analysis Tone does at the end of his video linked below. ![]() Tone advises bitcoin traders but does not trade it himself, he considers himself an investor that accumulates bitcoin over the long run.All credit to Tone and his crew that has played a significant role in my understanding of what bitcoin and the block chain is. If gold continues to fall, and close below $1210 on a weekly level, there is a very high chance of it going below $1000. The one hour chart has a green two above a green one also going above all previous highs of the channel that showed safety in the probability of our current hourly bull run. We’re in the 5th candle of the sequence that is working towards a 9. The 4-hour chart is consolidating between a channel where a red 9 bounced into a green 1 that led to a green 2, and have been above the channel for the last 20 hours. We are breaking out of a ‘bullish pennant’ with a green 2 trading above a green 1 that indicate more upside, traditionally for another 7 12-hour-candles. There is still no certain high volume, low drop, -final bottom. The 12-hour chart showed a better opportunity to enter into the current short term bull run. There is even more resistance at the $8400 200-day moving average, correlating with the ‘death cross’ on the weekly chart. We are breaking through the 120 moving average, and currently working through resistance at $7680 that started forming since October of last year. The daily chart is coming up on a 9th day of upside that might slow down bullish momentum. The last time this happened was in August 25th 2017 that ended with more downside before taking off. We are approaching the 8400$ resistance levels as we rise towards the 30- and 40- day moving averages which signals a 'death cross' where they meet. As the 9th week of downside didn’t quite dip as low with enough volume as one would expect for a big-scale reversal, the probability of more downside after the 1-4 candle correction is expected. ![]() On the weekly chart we’ve just had a green 2 trade above a green 1, following a slight 9 to the down side that indicate a 1-4 candle reversal move. ![]() `Based on the sequential trading system (TD Sequential). All credit to Tone and his crew that has played a significant role in my understanding of what bitcoin and the block chain is. “Short term bullish, medium term bearish and long term bullish.”Ī summary of a series by Tone Vays, on bitcoin price.
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