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In this analysis we will focus on technical analysis solely.
For deeper understanding why we won't go below 5800$ look at our previous (11.04.18) BTC analysis. It is linked down below.
Trading view limit number of signs in the analysis and there was no place for tech. analysis any more. LOL
So here are some tech analysis details:
- Triple bottom shape - bullish
- SMA6 crosses SMA20 - bullish cross
- MACD positive convergence
- RSI positivie convergence trend
- Fib trend based extention - we are almost at the very bottom.
Fibonacci levels (long term):
Target 0: 6000$
Target 1: 9399$
Target 2: 11468$ (above this we can say we have a stable trend reversal)
Target 3: 13241$
Target 4: 14940$
Target 5: 17340$
Target 6: 20369$
We would set stop-loss at around 6500$ (look at the triangle) if you are conservative or as previously mentioned and described in our previous analysis 5800$.
If price drops down and stays between 5800$-6800$ this is actually strong buy zone.
Stay tuned! Don't forget to comment, follow and like if you agree.
You are more than welcome to share your thoughts!
HUGS!
Your WBM Team
