Descending triangle usually presents a clear resistance line. If it breaks below resistance, expect to see it fall as low as 2200. But the last two triangle patterns showed a break to the upside.
MACD appears to be rounding up, which makes me feel optimistic. But the look of the MACD can change in a trading day. So until I see that line approaching a cross more realistically, I don't get my hopes up.
Both Bollinger bands, and Keltner channel (displayed) show that BTC is behaving within its channel and that the bands are tightening. Therefore, BTC less volatile than before. Price has actually crossed above the 20 day moving average, rather than bouncing off it as it has the last two times. I am not expecting a dramatic break below resistance, but it COULD happen.
Williams %R shows overbought conditions on a shorter 7-day time frame, but comfortable within a 14 day time frame. Mixed results. Historically I have used the 7 day time frame (and even 4 days, to confirm the 7, but I feel like it's more useful during times of high volatility). So should I use the 14-day? Maybe wishful thinking.
A sell off to punctuate three days of upside? Or a breakout tomorrow out of the triangle???
A lot of nervousness over BTC community politics. BTC fundamentals are still what they are and haven't changed. Litecoin is already way better as a payment system. BTC is where to store wealth. Frankly, I prefer to hold one of the limited 21,000,000 coins. Period.
Appreciate your analysis and write up. saving it up for reference, thank you for sharing
food for thought, if BTC splits (hopefully not) will we possibly have 42,000,000 coins over 2 chains?
nakov
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@RicardoA17, bitcoin will not split, not in the next 6 months. End of this month Segwit will be activated.
demogirl06
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@RicardoA17, Unfortunately I'm not qualified I comment on that. I honestly don't know. I am opposed to the idea of the fork because it takes a lifetime to build trust and a moment to lose it. Bitcoin was an alternative to fiat currency. It shouldn't be tamperable. The fact that a fork IS possible already undermines the coins "value" in the minds of people who believed in it. On the other hand, it has existed long enough that the base pool of people supporting it is still there. And new people learning about it may not even "notice" this hiccup in BTC's politics.
At any rate, most exchanges want or require bitcoin to trade. Bitcoin is still king.
food for thought, if BTC splits (hopefully not) will we possibly have 42,000,000 coins over 2 chains?