Is the bottom in? Maybe, but we are not going to go straight up in any event, there will be good sized pullbacks here and there as we approach major moving averages in the larger time frames. We got a sizable bounce on the $6000 and may be entering a nice phase of recovery.
Look for sizable resistance at $8500; the two hour 77.. A likely pull back to test $7500 and if it holds we should have the momentum to move up past the 2 hour 77 at $8500+ where we will meet tremendous resistance at $9000 or the bottom of my descending wedge pattern. If we make it inside, things will be good, if not, well we will have to see what occurs from there. In the short term things look good for the moment.
Cautionary notes, price is going higher on the 12 while volume is not which is indicative of buyers not being sold on the new high or manipulation of price at key levels to float it upwards. The MACD histogram is green, so things are to the good so to speak but I advice caution and stops at 6 percent below purchase or better.
Likely to face a temporary rejection at the 2 hour 77 (orange)
My Previous Analysis: (incorrect losing format, but included below for comparison purposes.)
https://steemit.com/bitcoin/@pawsdog/1-27-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/1-26-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/1-25-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/1-24-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/1-23-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/1-22-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/1-21-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/1-20-2017-the-market-view-and-trading-outlook-evening
I think we are surviving another BBBR! cycle (Boooom! Bubble, Burst, Rebirth) I think it is a 8 or 9 cycle in Bitcoin and crypto era! Keep good work! tomorow I plan to post my analysis.
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Keeping it simple , I like it ! It was very interesting for me to see that the 8-day EMA is stronger than the 200 SMA. I also think that we are not going straight up. Thanks for sharing.
No thank you... I agree, it will be an interesting ride and I am not sure we are done yet.. BTC always has these bull traps..
"No thank you ?"
for commenting, not being a dick, being smart.. thanks for being an o.k. guy.. :)
Sure man, you are a very cool dude :) Also your analysis is pretty spot on. I think I win "buy the dip" challenge, though :D
which dip? 7500? I laddered in at 7569.. see what happens.. see what it does..
My call seems pretty good so far, but what do I know.. :)
I am seeing a lot of up and downs there. Thanks for keeping this cryptocurrency plain and simple terms for a newbie like me to understand.
No problem