Btc price just dipped below the buy sell signal :(
Normally you want to look for at least 3 closes below the buy sell signal (50MA in orange) before you consider it to be a sell signal but we have currently just dipped below the 50MA we hav en't closed below it yet but it started when we reached overbought conditions again on the RSI then macd gave it's sell signal then we went under the t line also a sell signal and finally we are just now under the 50 MA. I still have great hope in this head and shoulder pattern but have pulled my position until I see a turn around. I plan on jumping right back in when I see he moment shift back to bullish unless I see more than 3 closes on the 4 hour chart below the 50 MA...at 10800 we have a solid buy wall that should allow us to rebound back up significant if the pruice action can reach that low before turning around. If it looks like the rebound is about to happen then now is a great time to buy the dip on that.If it looks like it's going to break under the 10800 mark that's your sign that we're probably gonna be getting a few closes under the buy sell signal which is a clear sign to go short...However I feel this is just the price getting a chanc e to reset from its oversold 4hr chart conditions and that once it does we will then see a rebound that will finally takre us up out of the inverted head and shoulders...Be very careful here in the next day or 3 we should know whether its best to go short for long term...or if we only need to go short until this rebound.
Komen:
The grey 0.0% fib extension line is trying with all it's might to act as current support...let's see if it holds (right around the 10891 mark)
Komen:
Important to note that although the price dipped below the %) MA on the 4 hour...it's till well above the 50 MA on the 1 day chart. Yet anpother reason I expect this short to only be brief before we continue the bullish pattern...still being cautious and waiting for a bounce before I buy back in though.
Komen:
BTC appears to have found support at the 50MA(buy sell signal) after wicking below it and with an hour left to close this 4hr candle it optimistically at least for now appears as if it will form a green bullish reversal hammer. That is a good sign but even if it does we need to see the followup candle to that also have bullish momentum to be sure we are rebounding upward.The RSI levels have dipped low enough to allow for a lot more growth which is a great sign and has now reversed directions headed back upward...keep an eye out for bullish volume and once this current 4 hour candle closes in the next hour its important to see what the followup candle starts to do...if it starts green it may be safe to enter in if you are a more aggressive trader while putting a stop loss maybe right where the current 4hour candles bottom wick begins.
Komen:
if within the enxt hour it finds a way to finish as anything lower than a red bullish reversal hammer then you should definitely hold off trading as that will likely signal 1 4 hor candle closing below the buy sell line...once 4-5 4hr candles close below the buy sell line I pull out of the market until we are back above...with the 1 day chart still well above the buy sell line though I would also tend to wait until at least 3 1 day candles closed below the buy sell line to pull my position.
Komen:
The fact that the buy sell line (50 MA) Is pointed sharply upwards is definitly a good sign for the bulls and allows it to have much more momentum as a line of support as well
Komen:
the further away we get from the T line the more the price wants to go back towards it and we are extremely far under it to a point that I think we will soon see it start to gravitate back up towards the t line within the next couple 4 hr candles