Is BTC gearing up for a reversal? Support going back to July 2017 appears to be holding

in #cryptocurrency • 6 years ago

Good morning Steemians! This is my first post ever! Wahoo. I wake up every morning thinking about crypto and go to bed each night thinking about crypto so I decided to start sharing my thoughts and musings. Take it or leave it, this is more of a journal for me but maybe some of you will find my crypto thoughts to be worth a read.

The above chart is usually what I check every morning for a while now. It shows the daily volume on the bottom with a 20 day moving average overlay. The pink curvy line in the chart is a 50 day moving average using the daily closing price and the bright green slightly curvy line is the 200 day moving average using the daily closing price. You can also see the price of btc has a light blue envelope around it called Bollinger bands which give you an idea of the magnitude of a price move relative to its recent volatility. Then there are a bunch or red/purple horizontal lines and some dark green diagonal lines that I mark for possible support or resistance lines.

What I am looking at this morning is one of the diagonal green lines (shown thicker in the pic above) that stretches back all the way to July 2017. We are coming up on almost a year since this line started holding the bottoms whenever bitcoin dips hard (shown by some blue arrows). The current price level is riding this upward sloped line tightly while the Bollinger bands are squeezing tighter. This implies reduced volatility currently and is usually followed by a relatively larger movement.

Hopefully this line is indicative of (finally) a somewhat stable support level with a moderate and steady level of increase. Bitcoin is deflationary by default and there is growing acceptance globally, but it hasn't been clear what the proper level of steady state increase should be (clearly the level of growth in December was a bit hasty).

Anyways, I plan to keep publishing my thoughts on btc and crypto in general. Let me know if you have any thoughts below! Talk to you later.

-zetaplex

#bitcoin #introduceyourself #crypto #money
6 years ago in #cryptocurrency by
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     6 years ago 

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     6 years ago 

    Source
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     6 years ago 

    Hi @zetaplex! Welcome to Steemit and good luck!!!

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     6 years ago 

    BTC W.png
    Potential double bottom forming on the weekly :)

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     6 years ago 

    That's a good sign! Plus the second bottom is higher than the first. It's staring down the end of that triangle pretty hard right now haha. Come on btc you can do it!

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       6 years ago 

      Welcome to Steemit! Wish you a very fulfilling experience here on this amazing platform. You'll surely have a nice time here.

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       6 years ago 

      Thanks! I like it already! Seems like a nice community.

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        Welcome to Steemit zetaplex. Let me know if you got any questions about Steem or anything related to it! The official FAQ can be found here and has A LOT of information https://steemit.com/faq.html - Also remember, Steemit is just ONE of the sites built that uses Steem the blockchain. We also have DTube - our very own Youtube, DSound for Soundcloud and Steepshot if you prefer Instagram like experience. I'd also like to mention ChainBB - forums, Busy - Steemit with more modern look basically, DMania for memes and Dlive for streaming just like in Twitch! You can also earn Steem by gaming now! Search for Steemgar if that's more your thing. Welcome to the blockchain! :)

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         6 years ago 

        Thanks! Wow I had no idea those even existed! Also pretty excited about the gaming option. :)

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           6 years ago (edited)

          Nice post!! We have similar contents in diferent languajes, but TA is TA!! i think u will post interant things!

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           6 years ago 

          That's awesome! Thanks. I've always liked analyzing data and trends.

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           6 years ago 

          Welcome to Steem, @zetaplex!

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             6 years ago 

            Hello Mr. Bot.

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