BTC Update
Today was a day of a lot of calculations. If we look at the Hash Ribbon, it still hasn’t fire a Buy signal yet. What I said earlier we think its going to be around the 30th of June. Why? About 2 reasons: on average a buy signal is has been given by around 6 day after the recovery signal. The recovery signal was given at the 24th of June. The second reason is that the 30th of June is the 110 day after the low in March. 110= 89+21, both are Fibonacci numbers and often plays an important role. BUT is the 110th day of the 12 of March till the 30th of June or do we pick the 13th of March where BTC has it lowest price by a long wig to $3850. In this case the 110th day is the 1st of July.
The 21EMA crossed the 55EMA downwards and that is a SELL signal. If BTC wants to avoid this SELL signal it has to close above the $9409. Currently when I’m writing this BTC is trading at $9114. Also the volume is still declining. So for the short term I’m still bearish….And if we really break the support of $8900 than we go see $8200 to $7300. And these prices will than be the last time you will ever see them….Because there is something in the “air”, some indicators triggered like the MVPR. We also know from the past that if this flashes it will not be tomorrow but shortly, within a week or 2 that we go up!
For now, stay focused the next couple of days. I will up date daily from now on till we see the indicators to buy.
Happy Trading
Today was a day of a lot of calculations. If we look at the Hash Ribbon, it still hasn’t fire a Buy signal yet. What I said earlier we think its going to be around the 30th of June. Why? About 2 reasons: on average a buy signal is has been given by around 6 day after the recovery signal. The recovery signal was given at the 24th of June. The second reason is that the 30th of June is the 110 day after the low in March. 110= 89+21, both are Fibonacci numbers and often plays an important role. BUT is the 110th day of the 12 of March till the 30th of June or do we pick the 13th of March where BTC has it lowest price by a long wig to $3850. In this case the 110th day is the 1st of July.
The 21EMA crossed the 55EMA downwards and that is a SELL signal. If BTC wants to avoid this SELL signal it has to close above the $9409. Currently when I’m writing this BTC is trading at $9114. Also the volume is still declining. So for the short term I’m still bearish….And if we really break the support of $8900 than we go see $8200 to $7300. And these prices will than be the last time you will ever see them….Because there is something in the “air”, some indicators triggered like the MVPR. We also know from the past that if this flashes it will not be tomorrow but shortly, within a week or 2 that we go up!
For now, stay focused the next couple of days. I will up date daily from now on till we see the indicators to buy.
Happy Trading