BTC mama took a vacation and went for Bungee Jump. BTC hit the support around 7500 and trying to recover now. I just want you to look at the Slow Stochastic indicator on the daily chart. It is oversold. If you pay attention to the two green boxes, the second one might end up forming a similar pattern like the first one. The box on the left corresponds to the drop at 6000 on 6th February 2018 where the %K and %D value were 13 and 15 respectively. Today the values are 8 and 15 respectively. It looks like we are nearing the bottom. Of course, we could go down to 6K, you never know. I think it's a good idea to start buying at the support levels using a portion of the portfolio and increase the position if it starts showing more promise. So, maybe BTC mama is done with the bungee jump or not? Wake up bulls. Leave your bed. Show up in the market. LOL. Trade safe!
P.S. This is not a financial advice.
Komen
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4H chart: Bullish RSI crossover RSI bounce from 29
I hope you had a nice trade if you got in early. Party might be over soon and mama might go for a bungee jump again. Bearish crossover in 4H chart might be upon us soon. It does not seem like we will much higher. Buckle up!
Komen
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Mama is getting exhausted in the triangle. Might need a break again. To me, it seems like a good idea to wait for the 4H stochastics go down to oversold and then buy.
**This is not a financial advice
Komen
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Now, it's looking more like a bull flag on the 4H chart. Stochastic is still overbought. So if we want to trade it we should look at the smaller time frame (1H) for a quick trade. I would wait for the bullish crossover in the Stochastics which we don't have yet.
Komen
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***This is not a financial advice. Alright! We had fun til 9k. It seems like the time to head down to test supports. Trade safe! 4H chart
There is one significant difference between 6th of Feb bottom vs What we see now. The 6th down movement was very sharp and fast and it ended with big bounce without significant retrace for week.
Now we have more methodical - slow downtrend. This is usually an indicator that we cannot expect a strong bounce. More probably we will have again methodical up-move.
@venturetrade, But if I look at 4H Stochastic it's still possible to go 9500 or beyond. You never know.
venturetrade
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@mushfiq, will the bull mama escape this time and not be eaten up? while she is doing her lil dance she is trying to get closer to the door. but behind that door another mama is arriving the mama of all mamas - mama bear
Now we have more methodical - slow downtrend. This is usually an indicator that we cannot expect a strong bounce. More probably we will have again methodical up-move.