BTC to test 7800 USD

2 Apr 2018

We are seeing a bullish diversion between the price level and the RSI as we seem to have found a local bottom.
If we break through the 7200 USD resistance level (lower dotted yellow line) we're likely to see BTC test the 7800 USD level (upper dotted yellow line) where it will likely get rejected on the first try. The red line is the upper bearish channel boundary
If the price breaks through the red line, that would be a very strong mid-term bullish signal.
However I think it's early to be thinking of a trend reversal as we'll likely see more chop (up-and-down action) on the short term.

3 Apr 2018

Dagangan aktif

The first "If" was validated, we've breached through 7200 USD (lower dashed yellow line) which will now act as support. After a bit of consolidation BTC will probably continue up on its way to test 7800 USD.

4 Apr 2018

Dagangan aktif

A more severe retracement than expected, but there have been quite a few out there that cashed in their profits from this mini-reversal. Not looking as bullish as before but I still think it will test 7800 USD.
On the 4 hour chart I can see a hidden bullish divergence (On-Balance Volume decreasing while Price is going up).
One thing to note is that even though this idea is a result of my own TA, I did see similar conclusions on twitter, discord or TV, which makes me think that there's a critical mass of people expecting an 8K BTC. The market always does the opposite of what the majority expects as it generally takes money from the many and gives it to the few...so keep that in mind if you are actively trading this scenario.

6 Apr 2018

Pesanan dibatalkan

Back to bearish trend. No longer think we will hit the target unless we get a very strong bullish signal soon (which doesn't look likely).