Bitcoin has a long way to go and a lot of confirmations to give before we can call bull.
Yes, this may be the bottom, give or take a few hundred dollars. But what is happening right now?
Daily - Hidden Bearish Divergence as the RSI makes higher highs but price falls against the oscillator, this means that price must either break the $6816.6 high or it will continue to fall until the Price/Oscillator are no long diverging from one another.
The daily hidden bearish may play out over a few days, it does not concern me as I am personally Dollar Cost Averaging into the market on a time basis not price.
Weekly - Possible support at the lower side of the early Nov '17 "Order Block"
(This area essentially shows us a huge accumulative period before the expansion to $20k and is currently acting as support.)
Maintaining support on the weekly 90 EMA is crucial. I would expect a full 78.6% retrace to $4250 if we fail this incredibly important level.
I have no need to "catch the bottom" (Other than for fun) when I can be in position ready for more solid confirmations and breakout.
The 13 EMA, after 5 attempts, this could finally act as support at $6300
I am net long and have no intention of selling that position any time soon, my short position can play out and earn me a few bucks in the meantime, if it must...
Yes, this may be the bottom, give or take a few hundred dollars. But what is happening right now?
Daily - Hidden Bearish Divergence as the RSI makes higher highs but price falls against the oscillator, this means that price must either break the $6816.6 high or it will continue to fall until the Price/Oscillator are no long diverging from one another.
The daily hidden bearish may play out over a few days, it does not concern me as I am personally Dollar Cost Averaging into the market on a time basis not price.
Weekly - Possible support at the lower side of the early Nov '17 "Order Block"
(This area essentially shows us a huge accumulative period before the expansion to $20k and is currently acting as support.)
Maintaining support on the weekly 90 EMA is crucial. I would expect a full 78.6% retrace to $4250 if we fail this incredibly important level.
I have no need to "catch the bottom" (Other than for fun) when I can be in position ready for more solid confirmations and breakout.
The 13 EMA, after 5 attempts, this could finally act as support at $6300
I am net long and have no intention of selling that position any time soon, my short position can play out and earn me a few bucks in the meantime, if it must...