Will Reversal Happen Soon? Potential Reversal Area to Consider.
The chart speaks for itself.
I think we will reverse soon, the indicators just give us tons of good signs:
1. falling wedge
2. somewhat bullish bat pattern (not perfect though)
3. bullish divergence on MACD and RSI
4. 0.786 fib retracement
5. major longterm support trendlines that started from July 2016
The last hope :
1. double bottom @$5855
Below that is open air, i think btc is doomed for long long long term before can pick up some momentum again. I think it takes fundamental flaws and major panic selling (FUD) to bring down btc below 5855.
Some thing to consider:
1. its 4h chart not daily
2. i think RSI on oversold area on daily also good sign of reversal
3. death cross incoming on daily (50 sma crossover below 200 sma)
4. tons of resistences on the upside
*the plays on number 2 what i mean is to ladder buy at support prices, not resistences.
I think we will reverse soon, the indicators just give us tons of good signs:
1. falling wedge
2. somewhat bullish bat pattern (not perfect though)
3. bullish divergence on MACD and RSI
4. 0.786 fib retracement
5. major longterm support trendlines that started from July 2016
The last hope :
1. double bottom @$5855
Below that is open air, i think btc is doomed for long long long term before can pick up some momentum again. I think it takes fundamental flaws and major panic selling (FUD) to bring down btc below 5855.
Some thing to consider:
1. its 4h chart not daily
2. i think RSI on oversold area on daily also good sign of reversal
3. death cross incoming on daily (50 sma crossover below 200 sma)
4. tons of resistences on the upside
*the plays on number 2 what i mean is to ladder buy at support prices, not resistences.
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