BTC Forced Bear Attack? 3/12/18 4:07 PM Central
Weekend
1. BTC had a Bullish rally over the weekend forming a few bull flags. At one point BTC went into a state of consolidation and then it shot up about 3.84%.
2. THE RSI peaked yesterday at about $9,300.00 and then whent he price hit $9,890.00 the RSI was not as strong as it was when the price hit $9,300. This is a sign of uncertainty and profit taking.
Today
1. The price tested the downward trend line today ($8870.00) and it crossed it for a moment. The lowest price of $8770.00.
2. The MACD had a Bearish crossover. It still has a bearish slope
3. If the price settles below the downward trend line then expect some more bearish behavior.
4. The golden ratio (.618) is still at the $8680.00. I would not be surprised if the price hits this point before Wednesday.
5. The next Futures contract expires on 3/14/18 (Wednesday).
6. Obviously there is a big bear flag.
7. If BTC price goes below the golden ratio then there will be a BEAR ATTACK, so be ready. Always limit losses and hope for gains.
The BTC market has been very manipulated and controlled by various factors. The market is very speculative so make sure to keep up with the news and try to make moves while having the perspective of big time institutional investors in mind.
On the brighter side, the Tokyo Whale (Mt. Gox trustee) is apparently going to suspend BTC liquidation until September. The market should be better late March and we will hopefully run with the bulls.
As always I will be consistently updating my post through out the day based on my observations and any market action.
1. BTC had a Bullish rally over the weekend forming a few bull flags. At one point BTC went into a state of consolidation and then it shot up about 3.84%.
2. THE RSI peaked yesterday at about $9,300.00 and then whent he price hit $9,890.00 the RSI was not as strong as it was when the price hit $9,300. This is a sign of uncertainty and profit taking.
Today
1. The price tested the downward trend line today ($8870.00) and it crossed it for a moment. The lowest price of $8770.00.
2. The MACD had a Bearish crossover. It still has a bearish slope
3. If the price settles below the downward trend line then expect some more bearish behavior.
4. The golden ratio (.618) is still at the $8680.00. I would not be surprised if the price hits this point before Wednesday.
5. The next Futures contract expires on 3/14/18 (Wednesday).
6. Obviously there is a big bear flag.
7. If BTC price goes below the golden ratio then there will be a BEAR ATTACK, so be ready. Always limit losses and hope for gains.
The BTC market has been very manipulated and controlled by various factors. The market is very speculative so make sure to keep up with the news and try to make moves while having the perspective of big time institutional investors in mind.
On the brighter side, the Tokyo Whale (Mt. Gox trustee) is apparently going to suspend BTC liquidation until September. The market should be better late March and we will hopefully run with the bulls.
As always I will be consistently updating my post through out the day based on my observations and any market action.
Komen:
The price is currently over the bull flags trend line, however, keep in mind the Australian and Asian market is now starting to be active. Even though the price is over the trend line the confirmation is not strong. Keep an eye on the RSI in relation to the price.
