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Yesterday I found the immediate battle zone, and we left BTC fighting to go over the red trend line. Right after my post BTC got rejected back to the support line which is growing in strength with every time BTC rests there. Where do we stand right now? BTC clearly keeps getting rejected at a very strong place, the struggle is at the $7420 area (depending on your exchange), this is where the 50MA the 100MA and a very influential resistance line meet, however, BTC is not backing down it keeps getting up and at this time it is actively fighting to go over these 3 points of resistance. It is in times like this that you just step aside and wait, either BTC will get rejected so strongly that it will melt below support, or it will be triumphant either way you don't have to be part of the battle, you can just come in and clean up after confirmation. If we go over the red line BTC is making a point that we have the strength to keep conquering obstacles. If we melt, we may do so to the $6800 area to retest support.
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NOW, THE LEGEND;
Support trend-lines are green
Resistance trend-lines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Going Down but finding stability
THE OUTLOOK: Beginning to see the end of the downtrend a rally may be coming soon.
Hitting the "Like" button is like a tip, please don't forget to do so after reading this is your way of paying me for my time.
Follow me and you'll know exactly which coins to buy and when to buy to maximize your profits.
NOW, THE LEGEND;
Support trend-lines are green
Resistance trend-lines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Going Down but finding stability
THE OUTLOOK: Beginning to see the end of the downtrend a rally may be coming soon.
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WHAT AN EPIC FRIGGING STRUGGLE! This is a look at the long term view and you can see that BTC is holding onto the 50 MA with one hand, it is touch and go for now.
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BTC is not going up but it's not for lack of trying.
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Once we begin to close candles above all of this resistance you can fell good about BTC having the strength to keep pushing up.
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We'll find out in the next 20 minutes if we get to close the first one.
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So this is noteworthy: Technically since October that red line has been acting as resistance, and for the first time since then we have gone above it. We need to close 2 more candles above to feel good about BTC getting stronger.
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Looking good gents. The goal is the 200MA on the Daily time frame.
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