Hi guys! After a nice surge above the 50 EMA, Bitcoin lost a bit of steam and the support of the 50EMA. As a result, BTC fell back down to the trendline at $3729. Currently, the RSI is out of really the low point of 32. As we look at the MACD it is still trying to find a bottom, still pointing bearish however. But hopefully...just hopefully, we can get enough volume coming in that can stop further down movement. Volume here could continue a movement back to the upside targets (labeled as resistance), but still too early to tell.
Looking at the 4hr timeframe it shows that BTC fell right at the .68 fib level, the candle wicked exactly on it respecting it. The candle bar is currently sitting right at the old support resistance line, so we can see where these fib levels really come in handy when we're looking at a retracements for entering and exiting positions.
Where do you guys think we are headed? Share your thoughts and ideas here. I'm interested to hear what the community thinks.
Cheers!
*This analysis is for educational purposes only*
Feel free to reference my previous btc chart in the related ideas below.
Looking at the 4hr timeframe it shows that BTC fell right at the .68 fib level, the candle wicked exactly on it respecting it. The candle bar is currently sitting right at the old support resistance line, so we can see where these fib levels really come in handy when we're looking at a retracements for entering and exiting positions.
Where do you guys think we are headed? Share your thoughts and ideas here. I'm interested to hear what the community thinks.
Cheers!
*This analysis is for educational purposes only*
Feel free to reference my previous btc chart in the related ideas below.
Comment:
Now looking at 1 day time frame you can see a better picture, the big picture, on how we have lost support of the 9 and 30 EMA's. Since we had this move to the upside on December 20th we just been going sideways for days. Bitcoin has been ranging in price and the range is narrowing. Meaning we'll have some big price moves to come. But only the charts will tell.
