As you all know BTC mama went for a bungee jump again and right now hanging in there below 7k. Good news is the RSI and Stochastic are already pretty low. We expect a reversal soon.
1D chart analysis:
Stochastic oscillator: K is at 17 and D is at 24. When both of them go below 20 we can expect a bullish crossover and that would be a very good sign. At least we can ride back up to 9k or 11k.
RSI : The RSI is at 30. We might see to go around 25 and bounce back.
I don't think it will go any lower than 5400. But after the bounce if we ride back to 9k and form an inverse cup and handle we may go below 5k in future.
Bulls Should Fly and Bears Should Eat Donuts Trade Safe!
***This is not a financial advice
Komen
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Bulls have started doing their job. On the left, we have the 1D chart and on the right 4H chart. On the daily chart, we are on the 8th candle of the TD sequence and on the 4H chart we have already finished the TD sequence and bulls are trying to get back in the Keltner channel (blue channel). I am expecting a strong reversal soon probably after we finish the 9th Candle on the daily chart. Let's hope for the best.
Komen
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Bear Flag! We may go back to 6500 or 6000 before the bounce.
Komen
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We are nearing a possible reversal, probably around 6K. RSI 28 Stochastic k: 7 , D: 11 TD sequence: 9th Candle Mamma Mia!! Stay alert for good buying opportunity. Trade safe. **This is not a financial advice
Komen
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Both of the daily chart (left) and 4H chart (right) looks bullish. We finished the TD sequence on the daily chart with a hammer and a bullish crossover on the stochastics at the same time. One could enter a trade with a stop-loss around 6400 or 6550 depending on how tight you want it. You could also wait for the price to go below 6900 but I don't know if it would pull back before having a bearish crossover on 4H which you don't want. At this worst case scenario, if you buy now you may have to sell when we have a bearish crossover at 4H time frame before it reaches the oversold area (if you want to get out of the trade). This is not a financial advice.
Komen
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1H chart update: I would expect a bounce within few hours if we hang around the same price for the last few hours in the bull pennant as soon as the stochastic go to the oversold region. If we don't then we go down again... bears go home....
@venturetrade, LOL. If it does, it will be temporary. Bulls will rip it's belly and get out of it :P
The biggest benefit bulls have is it's oversold on the daily chart. We should see it's grace on smaller time frame time to time. :D We'll see!
venturetrade
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@mushfiq, you been oversold since yesterday. mama is pregnant, needs to eat more
TheLongBear
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@venturetrade, Daily chart moves slow. But it's moving. Let's see.
venturetrade
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@mushfiq, read my lips - mama telling you ha ha ha!