The information I provide you below will give you the answers that you are looking for, not everything can be told until we see certain movements and thats what you will find out below.
Many people have been asking.... yesterday we closed on a dragonfly ..... No we did not close on a dragonfly, is the answer.
A dragonfly is a candle that closes at the same price as the day before, you will see the candle with the long shadow below above the red arrow on the screen. This is not a textbook dragonfly doji and does not display a trend reversal. If you close on a dragonfly it is one of the strongest signals for trend reversals but this is not what we have here.
However what the candle does show is some very aggressive buying and we also closed above the 200EMA this is a signal and is now providing us some support.
If we are going to see an upward movement for tomorrow we must close above the black line on the chart which is currently causing us some strong resistance but if we close above it this becomes our support and money will pour back into the market.
Please see the with red arrow, isn't supporting an upward motion, its showing us we have been at a loss of for quite some time.
This is correct as the overall strength of crypto is dropping crytpo market is in a downward trend. This has to break for the market to return.
BTC Dropping to 6K will bring money back to the market and improve conditions for the rest of the year this is the result I am hoping for.
We must close over the .618fib (black line) on the chart to give us a signal for the coming days, if not we may bounce off the 200EMA for a few days but if indicator and don't increase then we will break the 200EMA and end up heading back down.
My thoughts are further downward motion as doesn't support an upward movement, we have no momentum.
I hope this brings some clarity to the current position of BTC , join me for further updates once the daily candle closes.
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