Long
BTS/BTC - Technical Analysis - Ascending Triangle
Technical indicators:
1. MACD -> Currently, MACD indicates downward movement. However, I assume that in ~3-4 hours, this might be reversed. This is because we can see the starting of a curve and since we are currently oversold according to the StochRSI, a reversal should be most likely.
2. StochRSI -> Indicates that market is currently oversold. As we can see the line curving again, this might hint at a reversal.
3. Pitchfork -> The pitchfork indicates that we have just touched the support, and we seem to have bounced upwards properly.
4. Boilingers bands -> Space between the boilinger bands is decreasing, which means the volatility is decreasing as well. Which is logical,
considering that we see volume increasing and the price stablized around 160 sats. A good indicator for upward movement as well.
5. Ascending triangle -> The ascending triangle pattern implies that we might see an upwards breakout. This is a very good sign, and the
triangle should be completed in ~6.5 hours from now on.
Overall, I think we will see a reversal soon. Binance volume has increased, especially in the futures market. All technical indicators
allow for a possible reversal, and I have proper faith that it will happen again. First target will be the latest peak (~172 sats), after
that we are headed for 185 sats. I think the resistance @ 185 sats is not very strong, which means why might even hit 200+ sats if we gain
enough momentum.
Lets see how this turns out. I'll update the idea tomrrow morning.
1. MACD -> Currently, MACD indicates downward movement. However, I assume that in ~3-4 hours, this might be reversed. This is because we can see the starting of a curve and since we are currently oversold according to the StochRSI, a reversal should be most likely.
2. StochRSI -> Indicates that market is currently oversold. As we can see the line curving again, this might hint at a reversal.
3. Pitchfork -> The pitchfork indicates that we have just touched the support, and we seem to have bounced upwards properly.
4. Boilingers bands -> Space between the boilinger bands is decreasing, which means the volatility is decreasing as well. Which is logical,
considering that we see volume increasing and the price stablized around 160 sats. A good indicator for upward movement as well.
5. Ascending triangle -> The ascending triangle pattern implies that we might see an upwards breakout. This is a very good sign, and the
triangle should be completed in ~6.5 hours from now on.
Overall, I think we will see a reversal soon. Binance volume has increased, especially in the futures market. All technical indicators
allow for a possible reversal, and I have proper faith that it will happen again. First target will be the latest peak (~172 sats), after
that we are headed for 185 sats. I think the resistance @ 185 sats is not very strong, which means why might even hit 200+ sats if we gain
enough momentum.
Lets see how this turns out. I'll update the idea tomrrow morning.
Nota
Update: We indeed saw it breaking out upward for a moment. However, Bitcoin decided to boom and I believe has hit a new ATH. Because of this, the breakout was cancelled and we moved downwards.We are currently chilling at the 150 sat support, however, if BTC continues its rally today, it is safe to assume we might drop another support. This isn't a problem, because in the end, this will also be good for BTS.
I would suggest holding, since a price bounce back up is also very possible considering the StochRSI of ~6 tells us we are heavily oversold at the moment. Once BTC stabilizes, I expect we will see auick bounce upwards again,
just like we did the last couple of days after BTC moved.
I still think we will hit atleast 10 cents soon, it may only have been delayed for a bit.
Good luck.
Nota
We dropped all the way down to 138 sats; if you bought some around there: good job.I think we will see a trend reversal in the coming hours if BTC decides to stop fucking around.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.