UPDATE to "Did BTC Crash or Bullish Move"
On the longer Term timelines, Bitcoin is still strong and recovering from its push higher but sadly for us, It lost that support line mentioned in the previous post witht he title above
The Chart Below shows this clearly
https://www.tradingview.com/x/4fW2WufI/
This is the 4 hour chart
We can see how PA kept testing and retesting that line of support but eventualy fell through but what is still Bullish is how PA broke through that descending line of resistance.
That takes away one problem but we have at least 2 strong lines of resistance above now AND RSI is overbought and so, I think we can expect further Dips and at the very least, a Longer Term range, as we did from March to September this year.
The Weekly MACD is in a very simialr position as it was back then, OVERBOUGHT but lower timeframes are neutral or below and so some strength is found.
We are , on average, still in ACCUMULATION with small pockets of Distribution as we have seen over the last couple of days. But Accumulation is certainly the trend that continues
I am beginning to doubt a New December ATH and I am expecting January to be RED and so, now I am looking to that MARCH ATH as more realistic possibility
But, this is BITCOIN.........Anything can happen
The Chart Below shows this clearly
https://www.tradingview.com/x/4fW2WufI/
This is the 4 hour chart
We can see how PA kept testing and retesting that line of support but eventualy fell through but what is still Bullish is how PA broke through that descending line of resistance.
That takes away one problem but we have at least 2 strong lines of resistance above now AND RSI is overbought and so, I think we can expect further Dips and at the very least, a Longer Term range, as we did from March to September this year.
The Weekly MACD is in a very simialr position as it was back then, OVERBOUGHT but lower timeframes are neutral or below and so some strength is found.
We are , on average, still in ACCUMULATION with small pockets of Distribution as we have seen over the last couple of days. But Accumulation is certainly the trend that continues
I am beginning to doubt a New December ATH and I am expecting January to be RED and so, now I am looking to that MARCH ATH as more realistic possibility
But, this is BITCOIN.........Anything can happen
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