First time posting on tradingview and I'm always open for suggestions and to talk about it.
Looking at the 1 day MACD and RSI the MACD is looking to cross the signal line and continue its move down below the centre line, with an obvious bearish divergence formed looking at the histogram we see a Higher high on the MACD and a lower low on the Histogram. If we also look at the 1 day RSI BTC hit resistance at 59 and hasn't confirmed a Bullish trend upwards as of yet. We saw a Bullish break on the RSI(below 30) when BTC moved down into the 6k territory and are currently below 50 moving into the bearish territory. The RSI has support around the 42 level and should see a bump in price around that area. Looking at trends there was an obvious inverse H&S formed on the 1 day chart but a failure to move past the neck line has seen us push back down to the base of the right shoulder. Where the base of the right shoulder formed and our current price dropped to was also the top of the downward trend channel forming an Apex where both Base of the Inverse H&S and the downward trend line met. If BTC moves bellow that support in the 9.3-9.2K area there are some lower supports at 8.8k and 8.1k also meaning a possible push back down to the 0.618Fib retrace of the run up to 19.8k from 127 USD which would set the price between 7.7 and 6K I would expect to find some support and initially se a reverse in price action and a run up on wave B back into the 10k price range once again trapping people into thinking the correction is over. Price action that would follow that would see wave C of Y moving down to find support at major support zones of the past which are 1.) 4.8 - 4.3k and 2.) extreme worst case 2.9 - 2.5k.
I would like to note I am only thinking outside the box and not wanting to create FUD and am not calling for this to happen. But with some major changes coming to the crypto market which we expected to happen there could be a shake up of things before we actually gain some more momentum in a positive light. The SEC are targeting a market worth pennies compared to Wall Street and are looking to "protect" the average Joe investor however I fear if they eventually get their way with ICO's and turn it into an IPO based system where it restricts the little guy's and girls to invest into such things then we might have a larger problem on our hands. If you click the links provided you will see SEC's approach/view for people like myself on "how to invest in an IPO" look at the second page first column last paragraph and you will understand my concerns for the average investor. That being said regulations were always coming and some governments are taking the right approach and some aren't (sorry America).
Finally I must add that this is just my opinion and you should always DOYR and trade to your own trading plans make your own decisions.
Franko
www.sec.gov/fast-ans...s/answersipohtm.html
www.sec.gov/investor...investorbulletin.pdf
Looking at the 1 day MACD and RSI the MACD is looking to cross the signal line and continue its move down below the centre line, with an obvious bearish divergence formed looking at the histogram we see a Higher high on the MACD and a lower low on the Histogram. If we also look at the 1 day RSI BTC hit resistance at 59 and hasn't confirmed a Bullish trend upwards as of yet. We saw a Bullish break on the RSI(below 30) when BTC moved down into the 6k territory and are currently below 50 moving into the bearish territory. The RSI has support around the 42 level and should see a bump in price around that area. Looking at trends there was an obvious inverse H&S formed on the 1 day chart but a failure to move past the neck line has seen us push back down to the base of the right shoulder. Where the base of the right shoulder formed and our current price dropped to was also the top of the downward trend channel forming an Apex where both Base of the Inverse H&S and the downward trend line met. If BTC moves bellow that support in the 9.3-9.2K area there are some lower supports at 8.8k and 8.1k also meaning a possible push back down to the 0.618Fib retrace of the run up to 19.8k from 127 USD which would set the price between 7.7 and 6K I would expect to find some support and initially se a reverse in price action and a run up on wave B back into the 10k price range once again trapping people into thinking the correction is over. Price action that would follow that would see wave C of Y moving down to find support at major support zones of the past which are 1.) 4.8 - 4.3k and 2.) extreme worst case 2.9 - 2.5k.
I would like to note I am only thinking outside the box and not wanting to create FUD and am not calling for this to happen. But with some major changes coming to the crypto market which we expected to happen there could be a shake up of things before we actually gain some more momentum in a positive light. The SEC are targeting a market worth pennies compared to Wall Street and are looking to "protect" the average Joe investor however I fear if they eventually get their way with ICO's and turn it into an IPO based system where it restricts the little guy's and girls to invest into such things then we might have a larger problem on our hands. If you click the links provided you will see SEC's approach/view for people like myself on "how to invest in an IPO" look at the second page first column last paragraph and you will understand my concerns for the average investor. That being said regulations were always coming and some governments are taking the right approach and some aren't (sorry America).
Finally I must add that this is just my opinion and you should always DOYR and trade to your own trading plans make your own decisions.
Franko
www.sec.gov/fast-ans...s/answersipohtm.html
www.sec.gov/investor...investorbulletin.pdf
Comment:
Where I said Bullish break on the RSI below 30 I meant Bearish sorry for the typo