Summary of today for BTC:
BTC might be nearing the end of this "Bullmove" very soon.
Here is my short term outlook:
Today's BTC chart is looking like a reversal might happen soon.
Bearish Signs:
We can see that both the RSI and MACD are losing momentum, the 4 hour RSI is starting to get into oversold territory again (see the yellow ellipse) with serious bearish divergences on lower timeframes. The MACD is also about to crossover on the 4 hour where on lower timesframes it already crossed.
BTC is currently channeling reaching it's top of the channel as of now, combined being in the top of the channel this is also a .5 FIb level of the prior move up and we are also currently trading in heavy resistance area's ( the middle blue box ).
Volume is decreasing rapidly as shown with the white line.
Possible bullish signs to look out for:
- There is still some room left for the RSI to go higher.
- The MACD might try to bounce from its 4 hour support and has some more upside potential.
- Previous BTC moves usually reversed at the .618 retracement of the prior wave up so we might be able to push a little higher ( small blue box )
- Volume has to increase!!!
Conclusion:
If BTC were to push a little higher I give it a maximum of around 7450 at wich RSI will hit extreme levels on the 4 hour, the MACD will start hitting resistence area's and we will be trading at the .618 Fib level of the prior move up. If volume does not increase over the next few hours or so I would give this scenario only about 10-20% chance.
For BTC to reverse at current trading levels or slithly higher ( 7.1-7.2k ) is the most likely scenario as for the reasons stated above. I would give it a 75-85% chance. If we start reversing at these levels, first support would be around the 6800 level (the horizontal white dotted line) next support will be around 6400-6550 ( the lowest blue box ).
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BTC: 1AQ7peEoJPyJxBt8WdyXkHTXTuvYoe4JBZ
ETH: 0x6ed269940d41e5cfb78727b07b74daf08d98b518
LTC: LgumGwWzQ38vE7M6b1BVa3T8tPqSGBPGJL
NEO: AQc8QqhFpVH89ypdGyiXrTQxZqYzujqa4d
BNB: 0x6ed269940d41e5cfb78727b07b74daf08d98b518
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You have a minor misspelling in the following sentence:
It should be resistance instead of resistence.Coins mentioned in post: