Just a thought more then directional analysis:
Using the Weekly to find support levels as below $6000 being untested for the short-mid term,
The Weekly 200MA seems to be the strongest Moving Average support, as attempts to break have resulted in "short term" reversal with intended volume, this a positive sign showing traders are anticipating double bottom or slightly above as the trend line rises away from the downward channel, this does not mean Bull capitulation wont result in a lower low, e.g $6000 but we will see increased price action one way or another as this cross-over forces a direction.
So where is BTC going to end up?
Within the next 24hrs will go along way to determining the direction BTC will delicately tread over next few months (layers of resistance above, break in clouds at $11500)
Black dotted line in above graph shows a path which leads to potential breakout from the downward channel hence the giant leap to confirming a reversal..............Yes I put it out there.
24HR volume > 7 Billion is needed to for the Green arrow to initiate however the longer BTC price maintains above Weekly 50MA and the Trend Line, the more prominent the gap becomes instilling this position.
4HR 50MA will become variable in this scenario later within the week (rise above or added pressure to force price lower, market conditions would most likely determine this)
Convergence support of the Weekly 50MA and Trend Line will help but without volume increasing (would like to see 24Hr 8-9 Billion) and being that BTC has fallen below these supports previously, we are likely to see capitulation to lower support (W50MA/Trend Line/$6000)
BTC 24HR Volume seems to be problem as lately its been limited at 7 Billion in moments of trend reversals, its possible $$$ have been waiting for trend reversal to mature before entering, this scenario would dramatically raise volume and add pressure for price reversal although I believe BTC may have to fend for itself to $11500.
P.S Recent trading on Bitfenix show large bot action limiting price action while holding off tsunami of Sell Orders, would be interesting to know why? Is it, short BTC, which is risky as indicators have evolved yet, although low volume means price manipulation with least resistance downwards or a sign of net-longs appearing.
Futures CBOE (14th April/CME 27th April) Looking for decrease in open Interest/Positions (previous post "Bitcoin - Analysed From Future's Traders View") in which CFTC statistics released tomorrow, could indicate short sellers are reluctant to enter market and net-longs have liquidated positions from $10000 - $12000 (margin requirement of 30 percent CME) which will slow/stop the downtrend.
CerealTrader
BTC is seeing some tough times , so I should write this:
***Education Purposes only***
Using the Weekly to find support levels as below $6000 being untested for the short-mid term,
The Weekly 200MA seems to be the strongest Moving Average support, as attempts to break have resulted in "short term" reversal with intended volume, this a positive sign showing traders are anticipating double bottom or slightly above as the trend line rises away from the downward channel, this does not mean Bull capitulation wont result in a lower low, e.g $6000 but we will see increased price action one way or another as this cross-over forces a direction.
So where is BTC going to end up?
Within the next 24hrs will go along way to determining the direction BTC will delicately tread over next few months (layers of resistance above, break in clouds at $11500)
Black dotted line in above graph shows a path which leads to potential breakout from the downward channel hence the giant leap to confirming a reversal..............Yes I put it out there.
24HR volume > 7 Billion is needed to for the Green arrow to initiate however the longer BTC price maintains above Weekly 50MA and the Trend Line, the more prominent the gap becomes instilling this position.
4HR 50MA will become variable in this scenario later within the week (rise above or added pressure to force price lower, market conditions would most likely determine this)
Convergence support of the Weekly 50MA and Trend Line will help but without volume increasing (would like to see 24Hr 8-9 Billion) and being that BTC has fallen below these supports previously, we are likely to see capitulation to lower support (W50MA/Trend Line/$6000)
BTC 24HR Volume seems to be problem as lately its been limited at 7 Billion in moments of trend reversals, its possible $$$ have been waiting for trend reversal to mature before entering, this scenario would dramatically raise volume and add pressure for price reversal although I believe BTC may have to fend for itself to $11500.
P.S Recent trading on Bitfenix show large bot action limiting price action while holding off tsunami of Sell Orders, would be interesting to know why? Is it, short BTC, which is risky as indicators have evolved yet, although low volume means price manipulation with least resistance downwards or a sign of net-longs appearing.
Futures CBOE (14th April/CME 27th April) Looking for decrease in open Interest/Positions (previous post "Bitcoin - Analysed From Future's Traders View") in which CFTC statistics released tomorrow, could indicate short sellers are reluctant to enter market and net-longs have liquidated positions from $10000 - $12000 (margin requirement of 30 percent CME) which will slow/stop the downtrend.
CerealTrader
BTC is seeing some tough times , so I should write this:
***Education Purposes only***