If you follow my post you would remember that I suspected a fall till the black dotted trend line which has now occurred and I did not want to post altcoin analysis as well since a falling BTC affects all as one.
Now you can see BTC has reached the black dotted trendline which is originating at beginning of BTC rally, this level is critical to watch and after that the If BTC falls below both these levels then the possibility of inverse head and shoulders patter that I had drawn and expected to be formed will be very weak and there will be siren of control shifted to beers again and we will easily be aiming at a lower low than the last time.
But I needed to talk about some positive signal as well which is appearing on the chart predicting a bounce is near, you can see I have drawn a trend line on the MACD histogram which is a upward.
You will also notice that I have slowed my MACD from the common to eliminate some noise and better get a better gauge of the situation in this fall. This uptrend was formed when BTC achieved a lower low in last candle in charts but on the MACD it was not able to form a lower low and that is bullish sign predicting a green candle in making but that will be the recovery point or not that will be interesting to watch since the boundary is near where bulls can try for a last time or lose control big time to bears again.
If BTC bounces wait for the right shoulder to get formed before going long and enter long only at breakout of that pattern as I have warned many times, trade a pattern only when the breakout has occurred. Patience and deep breathing is the key to attaining everything you want, good or bad, in this lifetime. The Analysis posted here is personal view of author and it is not meant to be an investment advice. Technical Analysis is just a set of possibilities based on the info on chart, and it works because TA in itself is like a self fulfilling prophecy which cannot be underestimated.
Please follow, upvote and resteem if you liked this post. You got a 3. This post has been upvoted from the communal account, minnowsupportby ajaisingh from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy, neoxian, followbtcnews, and netuoso.
The goal is to help Steemit grow by supporting Minnows. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: Be sure to leave at least 50SP undelegated on your account. Hello Ajai, and I thank you for the suggestion you put on my page yesterday. I did not know I should wait 24 hours before "going to the bots".
Steemit is quite a mystery for me, not being mathematically minded BTC is trading near critical zone, Watch out for recovery here. Hi Friends, welcome to this TA update of bitcoin, If you follow my post you would remember that I suspected a fall till the black dotted trend line which has now occurred and I did not want to post altcoin analysis as well since a falling BTC affects all as one.
That will be all for now, I will keep you guys Posted in the as the chart develops further. Authors get paid when people like you upvote their post.
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