I see 10 Reasons to be long &
1 Reason to be short
Short Reasons - Potential that the full extension of the descending triangle will reach the .786 retracement level ( 5400ish ),
Long Reasons - (1) .618 Retracement of (16k to 3.2k) Touched ( Historically .618 Is Bottom For BTC ), (2) Miner Bottom hit (double Previous low of 3.2k = 6.4k), (3) .236 Support Level (Downward Retracement from 20k to 3.2k), (4) Horizontal support previously 6.4k was a strong support level, (5) Downward Channel Support Touched, (6) 50 & 100 Weekly Moving Average Days Within Crossing ( Previously in 2016 lead to heavy upward movement, (7) BTCUSD LONGS BITFINEX are at an all-time high ( Good Sign historically to be long ), (8) on 1 hour chart we have a leading diagonal first wave that implies motive waves continue ( (8.5) also a .618 retracement of the leading first wave diagonal, (9) On the daily chart for bitcoin we have bullish RSI divergence indicating we have likely bottomed out. (10) Daily bulllish macd crossover. Bonus: Ethusd chart has .786 retracement & ETC is forming a falling wedge leading. Bonus 2: Historically December has been a bullish month for cryptocurrencies, Bonus 3: XRPUSD weekly chart looking similar to that of 2016 which then saw huge upward momentum.
(Estimated Swing Long For 6 Months)
This was made for personal use and is not finacial advise
If you have more bullish or bearish scenarios feel free to comment below.
If you want me to elaborate on some of the reasons for being bullish feel free to ask below ( I may or may not reply )
P.S I am aware of more potential bearish scenarios however I feel they are just too weak to be considered (Please feel free to comment otherwise)
1 Reason to be short
Short Reasons - Potential that the full extension of the descending triangle will reach the .786 retracement level ( 5400ish ),
Long Reasons - (1) .618 Retracement of (16k to 3.2k) Touched ( Historically .618 Is Bottom For BTC ), (2) Miner Bottom hit (double Previous low of 3.2k = 6.4k), (3) .236 Support Level (Downward Retracement from 20k to 3.2k), (4) Horizontal support previously 6.4k was a strong support level, (5) Downward Channel Support Touched, (6) 50 & 100 Weekly Moving Average Days Within Crossing ( Previously in 2016 lead to heavy upward movement, (7) BTCUSD LONGS BITFINEX are at an all-time high ( Good Sign historically to be long ), (8) on 1 hour chart we have a leading diagonal first wave that implies motive waves continue ( (8.5) also a .618 retracement of the leading first wave diagonal, (9) On the daily chart for bitcoin we have bullish RSI divergence indicating we have likely bottomed out. (10) Daily bulllish macd crossover. Bonus: Ethusd chart has .786 retracement & ETC is forming a falling wedge leading. Bonus 2: Historically December has been a bullish month for cryptocurrencies, Bonus 3: XRPUSD weekly chart looking similar to that of 2016 which then saw huge upward momentum.
(Estimated Swing Long For 6 Months)
This was made for personal use and is not finacial advise
If you have more bullish or bearish scenarios feel free to comment below.
If you want me to elaborate on some of the reasons for being bullish feel free to ask below ( I may or may not reply )
P.S I am aware of more potential bearish scenarios however I feel they are just too weak to be considered (Please feel free to comment otherwise)
