Hi Friends!
Poop is back! Its been a while, If you recall about four months ago, everything in the market was gloomy when poop made a bold statement that the reversal is coming and there are a lot of tell tale signs that we should start buying bitcoin again. I'm glad to report that despite receiving a lot of criticisms on the projection we made, we saw bitcoin do as we predicted. We have reached the important 6K level and as you can see in our previous chart we also predicted a failed test at this level.
Looking at our current chart, we see no reason to reverse our previous prediction. We see a bit of a reversal after a test at 6k and there are a lot of indications that supports this idea.
For one, 6k rally was a failure swing high, seeing a huge rally from 3k while momentum on RSI was decreasing which is a bearish divergence.
Another indication is that although the rally was a strong one (from 3K to 6K), the volume did not support this rally. We have seen consistent decline of volume as we attempted to breach 6K level.
We will be expecting a retest on 5k support before the next rally and should BTC respect the RSI divergence we are seeing, we will likely see it retest the 4K and 3k support levels as well.
That's it friend, hoping for your feedback on this trading idea.
This is just a guide, not a trading advise.
Hit like and follow for more chart updates!
Thanks
Happy Trading!
-Your Poop Trader
Poop is back! Its been a while, If you recall about four months ago, everything in the market was gloomy when poop made a bold statement that the reversal is coming and there are a lot of tell tale signs that we should start buying bitcoin again. I'm glad to report that despite receiving a lot of criticisms on the projection we made, we saw bitcoin do as we predicted. We have reached the important 6K level and as you can see in our previous chart we also predicted a failed test at this level.
Looking at our current chart, we see no reason to reverse our previous prediction. We see a bit of a reversal after a test at 6k and there are a lot of indications that supports this idea.
For one, 6k rally was a failure swing high, seeing a huge rally from 3k while momentum on RSI was decreasing which is a bearish divergence.
Another indication is that although the rally was a strong one (from 3K to 6K), the volume did not support this rally. We have seen consistent decline of volume as we attempted to breach 6K level.
We will be expecting a retest on 5k support before the next rally and should BTC respect the RSI divergence we are seeing, we will likely see it retest the 4K and 3k support levels as well.
That's it friend, hoping for your feedback on this trading idea.
This is just a guide, not a trading advise.
Hit like and follow for more chart updates!
Thanks
Happy Trading!
-Your Poop Trader
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For longer perspective, check Bitcoin and ENJ comparison.
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