fawaz1982

fawaz1982 Updated 

BTC rsi has broken out of a side ways triangle and retested its top surface, i beleive the trip upwards is about to start and we are done dropping.

fawaz1982

I was looking at 38600 as a key area of support at 100 & 200 EMA currently moving together and BTC is holding up above, as the next key support is @ 36600 (i would really hate to see this range again). So maybe its my optimism or my denial but am seeing a descending wedge pattern which usually breaks upward hopefully to test resistance at 200 SMA @ 44700 Let me...

fawaz1982

get ready for a strong move upwards by ALTS as BTC moves towards next resistance of 44700

fawaz1982

we need to cross first green resistance of 42k to start feeling safe again

fawaz1982

Although charts are full of bearish divergence during the last price action above 32k, bulls are doing their best to reclaim the 50 EMA as support. I made a mistake thinking they will easily give up this area to the 100 EMA weekly support (around 24k), obviously NOT ! if they are able to flip the Weekly 50 EMA into support, I still think we will still see a drop...

fawaz1982

Target @ 31500

fawaz1982

expect breakdown

fawaz1982

I expect BTC to drop back to 29k if broken can drop to the bottom of descending triangle to 27k before going back up the the top of the triangle and possibly breaking out. There is always the scenario of breaking down from 27k to the bottom of the red channel at 24k but I don't see that BTC has enough momentum to break the top of the red channel yet.