1) Rising trend line from 6 Feb
2) 8340 was the price where the down trend line from the ATH and my long term rising trend line intersected. It has been a strong support price previously and now longer bottom candle wicks here show there are buyers at this price.
3) 7810 has been bounced off as support many times since early Feb. A rising trend line, parallel to the long term rising trend line, from 1 April intersects here as well.
4) Down trend line from ATH
5) Volume increasing. Buy orders on Bitfinex are currently double that of the sellers.
6) Small regular divergence showing on the oscillators, bullish none the less.
RSI showing oversold and plenty of room for movement up.
MACD is extremely low and has just crossed towards the upwards side.
Conclusion:
I think the price will rise from 8340 and move up to 9050. If it breaks through this line of support, then it will either bounce up from the rising trend line around 7860 or the 7810 support line. The increased public awareness of BTC and crypto currencies generally, which will happen during the week while the consensus meeting is being held, will probably help an upwards move.
2) 8340 was the price where the down trend line from the ATH and my long term rising trend line intersected. It has been a strong support price previously and now longer bottom candle wicks here show there are buyers at this price.
3) 7810 has been bounced off as support many times since early Feb. A rising trend line, parallel to the long term rising trend line, from 1 April intersects here as well.
4) Down trend line from ATH
5) Volume increasing. Buy orders on Bitfinex are currently double that of the sellers.
6) Small regular divergence showing on the oscillators, bullish none the less.
RSI showing oversold and plenty of room for movement up.
MACD is extremely low and has just crossed towards the upwards side.
Conclusion:
I think the price will rise from 8340 and move up to 9050. If it breaks through this line of support, then it will either bounce up from the rising trend line around 7860 or the 7810 support line. The increased public awareness of BTC and crypto currencies generally, which will happen during the week while the consensus meeting is being held, will probably help an upwards move.
Comment:
Comment:
Price dropped through the 8340 support line by 140$ and has turned around.
MACD is still showing a bullish divergence and is about to cross the signal line again.
Buyer volume has increased and dominated 5 out of the last 6 15min bars.
Price dropped through the 8340 support line by 140$ and has turned around.
MACD is still showing a bullish divergence and is about to cross the signal line again.
Buyer volume has increased and dominated 5 out of the last 6 15min bars.
Comment:
Comment:
After Seagull pushed a spring under at 8560, it bounced over 8700 and this should be a line of support on the way to 9050.
Comment:
Now I see I should have seen this ascending channel after the drop out of the rising wedge.
Maybe now, after retracing from the the top of the channel, 8700 will be the support .
Maybe now, after retracing from the the top of the channel, 8700 will be the support .
Comment:
Channel is now more of a wedge which suggests price will reverse the upwards trend.
Regular bearish divergence showing on the MACD as well.
Channel is now more of a wedge which suggests price will reverse the upwards trend.
Regular bearish divergence showing on the MACD as well.
Comment:
Napping on the job.
Comment:
That 280$ drop came out of the triangle with momentum and high volume.
8340 is likely to be a new support .
8340 is likely to be a new support .
Comment:
A possible larger H&S forming.
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Comment:
Comment: