Hey, I am back with another Idea, this time after a while looking again at chart.
What has happened?
has been falling from 6500 and on its way down, havent seen any buy power at all, the first impulse came when peeked 3600, sharp move was seen which was sustained for a while then another retest of 3600 and some hope was given to the people as has managed to increase over 20% in just two days, but this wasnt good enough as 4500 shown some ressistance and even EMAs said that this wont last, so a lower high has formed and another sharp downtrend has begin, wiping all of people hope for rally.
found some support at 3300 from where a slight uptrend has begin, but again, 3700 is a really strong ressistance and another downtrend has begun. In this downtrend has formed a in and from which he has managed to break out, tested 3700 failed BUT managed to find support just slightly below it and demand havent fallen at all, after has managed to find support below 3700 another sharp move retesting 3700 was seen and this time succesful.
was in ressistance zone, where I thought It would last just a bit longer but no, tested 3900 which is another strong level and just few hours later, has managed to broke through this level! Good demand is seen and some light of hope has been brought up to Crypto market.
How does the trend look like?
Two EMA´s (50,20) are signifying a trend change on 4h timeframe which is pretty trusted timeframe with closes, but has to manage remain uptrending or at least above 3700 to take this trend as verified.
A strong uptrend is seen, of course this trend cannot last forever but the best thing what can happen is accumulation or a , same as XRP is building these times.
How about Indicators?
As I said, EMAs are signifying a trend change.
has seen a long demand downtrend which has been finally broken, and performed a .
Currently find support above 60 on 4h timeframe, which is a sign.
Histogram signifies that buyers are still coming and its uptrending.
What do I expect from bitcoin?
If manages to break through 4000, which shouldnt be that hard of the deal, the next stop is 4300.
If this break of 4000 fails, uptrend retest is most likely to happen, or if even fails to break any other ressistance the uptrend retest is most likely to happen.
Some last words?
Dont be afraid of this Market and think about that is dead or something, has seen extremely unhealthy rise and this is just normal behaviour, dollar cost average.
Thats all from me, for now. If you agree with this , consider leaving that “Agree Button” blue, as it leads me to post more similiar .
Thanks for your time and good luck trading!
Published at Wed, 19 Dec 2018 13:44:41 +0000
