Support analysis of both, the previous parabolic move as well as the current slow decline, show areas of support aligning along with impending doom. Currently holding 0.382 Fibonacci, the area below is vulnerable up until the Trend line . At this point an expected rise from the Golden cross approaching within hours (200MA crossing below the 50MA, indicating short term trend upwards) on the 1hr chart along with the longer Weekly chart indicating doom with both the 50(MA) as well as the 100(MA) impending Death Cross (50MA crossing below the 200MA, indicating large waterfall drop, or couple days of trending downwards)
The necessity that these cross-overs must occur before uptrend can be established is nothing new although the alignment/strength of both the 50(MA) and the 100(MA) cross-over within close proximity, along the 1hr Golden Cross reversing within this time period to another Death cross, could be a triple threat add pressure to trend downwards.
Ichimoku cloud squeezing price range under $10,000 and seems it would take rally similar to last to enable support from this indicator, with volume stagnate, only rising in bursts, realistically 2 times lower then needed, this is currently not possible.
RSI currently holding 40, small room with the golden cross approaching before being oversold. Would expect large rise in RSI and price to rebound after/during cross leading along trend line .
MACD would need to see some price action to cross-over into positive rise, this could be possible if the Golden Cross plays out, could push price higher during this short few day period although the divergence appears to be slowing.
Taking a monetary view of the market, USDT trading was very slowly being replaced with real USD, volume non-existent, FUD, the only "support" channel seems to be along the trend line . this would increase pressure on this support in such a weak and reactive market and only a sharp incline in price would allow Investors back in (Investors don't buy dips, they buy on the rise).
Underlining the whole situation is trader's don't believe in the underlying technology (if anything only bitcoin -2.58% ), announcements are being held back until dust settles and constant FUD right at critical support levels. Although the technology hasn't changed from last year, the market has. It seems all indicators are at lowish levels in which a market with "legs" would jump on, but carnivorous nature of this risk built market would ensure lows are low and highs are high.
Short term trade, wait for the indicators to mature and align with others, a rise should be expected within the Golden Cross up until the Death Cross comes into play (50MA expected 23rd March), Alt coin funds will be indicator of reversal, flowing heavily into tether (USDT) and BTC at this stage. One indicator that I don't have access to is if large enough funds have a Fake-out planned...and can pull it off...and hit stop losses. A correction would still occur, long term hold your ground, the market will survive.
BTC -2.62% is seeing some tough times , so I should write this:
***Education Purposes only***
The necessity that these cross-overs must occur before uptrend can be established is nothing new although the alignment/strength of both the 50(MA) and the 100(MA) cross-over within close proximity, along the 1hr Golden Cross reversing within this time period to another Death cross, could be a triple threat add pressure to trend downwards.
Ichimoku cloud squeezing price range under $10,000 and seems it would take rally similar to last to enable support from this indicator, with volume stagnate, only rising in bursts, realistically 2 times lower then needed, this is currently not possible.
RSI currently holding 40, small room with the golden cross approaching before being oversold. Would expect large rise in RSI and price to rebound after/during cross leading along trend line .
MACD would need to see some price action to cross-over into positive rise, this could be possible if the Golden Cross plays out, could push price higher during this short few day period although the divergence appears to be slowing.
Taking a monetary view of the market, USDT trading was very slowly being replaced with real USD, volume non-existent, FUD, the only "support" channel seems to be along the trend line . this would increase pressure on this support in such a weak and reactive market and only a sharp incline in price would allow Investors back in (Investors don't buy dips, they buy on the rise).
Underlining the whole situation is trader's don't believe in the underlying technology (if anything only bitcoin -2.58% ), announcements are being held back until dust settles and constant FUD right at critical support levels. Although the technology hasn't changed from last year, the market has. It seems all indicators are at lowish levels in which a market with "legs" would jump on, but carnivorous nature of this risk built market would ensure lows are low and highs are high.
Short term trade, wait for the indicators to mature and align with others, a rise should be expected within the Golden Cross up until the Death Cross comes into play (50MA expected 23rd March), Alt coin funds will be indicator of reversal, flowing heavily into tether (USDT) and BTC at this stage. One indicator that I don't have access to is if large enough funds have a Fake-out planned...and can pull it off...and hit stop losses. A correction would still occur, long term hold your ground, the market will survive.
BTC -2.62% is seeing some tough times , so I should write this:
***Education Purposes only***