Bitcoin Technical Analysis 3/13/18
There seems to be a huge amount of indecision and fear in the crypto community regarding the price/direction of bitcoin and the entire crypto market. This being said, the bitcoin chart does not help very much to relieve this fear.
Here is a chart that I created with trading view and I have highlighted (in yellow) the 3 major support and resistance levels I've seen play out; the ones that I have been trading based off of. The timeframe on this chart is 1D which is good to see the macro picture but doesn't show the smaller price movements such as the 4h or 1h. I like to use higher TFs with bitcoin especially for a few reasons.
- It gives longer, bigger price moves that benefit my busy schedule(I don't have to be at my computer all day).
- The higher the TF the more certain the move is based of candlestick patterns and trends.
As of right now, BTC has been moving sideways for quite a while and is looking to break out above or below the 50/200 EMA, which I have in the chart as the blue line moving average(50) and the red one(200). A breakout above or below these would probably lead to an aggressive move above or below the yellow highlighted zones, which in my opinion will set the sentiment for the market for the coming months. I see bitcoin breaking down, heading to the white trendline around 7k and bouncing hard there.
Thanks for reading and as always please comment, upvote, and follow!
Signed off,
BULLSVSBEARS