BTC on the Daily: Why no one ever views my BTC Analysis!
Cuz I am too good to be true!
Pressure builds on the 100-day moving average!
This is a nice squeeze play and gives a little hope to the hopeless. Color me skeptical but isn’t this how BTC has been trading for the past 6 months; blow it up, draw in new blood, and then suck their investments dry. But enough about my petty feelings. We shall leave those for a country music song.
I don’t usually place the moving averages on my charts because they have been irrelevant as of late, but now that we are making some moves it’s critical to analyze BTC from a longer-term perspective. As I stated in my last TA on BTC, I felt we were in a Bullish pattern and needed to see new highs to suggest a trend change. Here we are at the 100-day moving average holding firm. There was a struggle to get by the 50-day moving average, but we crossed it. Okay, so enough of the obvious let’s get down to business!
Technicals:
-We are trading well below the 200-day moving average.
-Pressure is building at the 100-day moving average.
-The 50-day moving average is a volatility reference.
-The price action is just above the POC.
-We have a green overhead resistance trendline with 2-data points. This trendline is tracking key price resistance level.
-Price is moving in an upward price trend channel.
-The last 21-days have demonstrated nice price distribution with a Bullish stair-step formation.
Outlook:
The green trend channel is Bullish on the Daily with 3-data points on top and 2-data points on the bottom.
The Orange Primary Dotted Trendline is intact and just a support reference at this point.
There is a bullish sentiment in volume which is easily seen in the green volume bars with the exception that volume is not as heavy as we have seen in the past making me think this move is temporary.
The 3-red down arrows demonstrate higher lows and a target for Bulls to get past.
Conclusion:
The short-term outlook is still bullish as long the price action stays within the green channel. We need the price to stall and distribute to see a bullish pattern (like a stair-step pattern). It feels like another explosive move is waiting to take shape and if it does the key resistance points will be the green overhead trendline (set alert), or the $41xx.00 price level. There is SIGNIFICANT resistance at the $4400 price level. The overall price distribution long-term is still BEARISH (I know, I know, I had you until now), as you can see the price action is trading in the Bearish downward channel as seen between the longer-term lower and upper orange trendlines. A person would need a huge bank account and large balls to consider entering here, even with bullish volatility building at the 100-day moving average. There is NO suggested change in the LONG-TERM trend as the past performance indicates we have seen this move before. A breach of the upper solid Orange trendline and we may see the making of a trend change to long-term bullish. Until then we are range trading in the 70 percent volume profile area. Just a box from $3300 to $4400 area.
Trading ideas:
If you wish to go long you should wait until this candle completes its cycle. Look for a small retracement as close to the lower green channel for an entry point and then PRAY to the crypto gods!
If you want to play the Short Game ( I do not recommend this) consider $4100 price level with a stop of $4400.
What’s Biff doing? Biff is watching the show – enjoying the life BTC is giving my alt-coins and taking a little off the table for spare cash in the event we break down some.
If you like my MESSY charts, long-winded analysis, consider following me for more fun and ambiguous crypto-analysis. I can be found on my Twitter account throughout the day and enjoy talking with friends who share the same goal as myself; making money!
Hit that thumbs up to give Biff some street cred!
Pressure builds on the 100-day moving average!
This is a nice squeeze play and gives a little hope to the hopeless. Color me skeptical but isn’t this how BTC has been trading for the past 6 months; blow it up, draw in new blood, and then suck their investments dry. But enough about my petty feelings. We shall leave those for a country music song.
I don’t usually place the moving averages on my charts because they have been irrelevant as of late, but now that we are making some moves it’s critical to analyze BTC from a longer-term perspective. As I stated in my last TA on BTC, I felt we were in a Bullish pattern and needed to see new highs to suggest a trend change. Here we are at the 100-day moving average holding firm. There was a struggle to get by the 50-day moving average, but we crossed it. Okay, so enough of the obvious let’s get down to business!
Technicals:
-We are trading well below the 200-day moving average.
-Pressure is building at the 100-day moving average.
-The 50-day moving average is a volatility reference.
-The price action is just above the POC.
-We have a green overhead resistance trendline with 2-data points. This trendline is tracking key price resistance level.
-Price is moving in an upward price trend channel.
-The last 21-days have demonstrated nice price distribution with a Bullish stair-step formation.
Outlook:
The green trend channel is Bullish on the Daily with 3-data points on top and 2-data points on the bottom.
The Orange Primary Dotted Trendline is intact and just a support reference at this point.
There is a bullish sentiment in volume which is easily seen in the green volume bars with the exception that volume is not as heavy as we have seen in the past making me think this move is temporary.
The 3-red down arrows demonstrate higher lows and a target for Bulls to get past.
Conclusion:
The short-term outlook is still bullish as long the price action stays within the green channel. We need the price to stall and distribute to see a bullish pattern (like a stair-step pattern). It feels like another explosive move is waiting to take shape and if it does the key resistance points will be the green overhead trendline (set alert), or the $41xx.00 price level. There is SIGNIFICANT resistance at the $4400 price level. The overall price distribution long-term is still BEARISH (I know, I know, I had you until now), as you can see the price action is trading in the Bearish downward channel as seen between the longer-term lower and upper orange trendlines. A person would need a huge bank account and large balls to consider entering here, even with bullish volatility building at the 100-day moving average. There is NO suggested change in the LONG-TERM trend as the past performance indicates we have seen this move before. A breach of the upper solid Orange trendline and we may see the making of a trend change to long-term bullish. Until then we are range trading in the 70 percent volume profile area. Just a box from $3300 to $4400 area.
Trading ideas:
If you wish to go long you should wait until this candle completes its cycle. Look for a small retracement as close to the lower green channel for an entry point and then PRAY to the crypto gods!
If you want to play the Short Game ( I do not recommend this) consider $4100 price level with a stop of $4400.
What’s Biff doing? Biff is watching the show – enjoying the life BTC is giving my alt-coins and taking a little off the table for spare cash in the event we break down some.
If you like my MESSY charts, long-winded analysis, consider following me for more fun and ambiguous crypto-analysis. I can be found on my Twitter account throughout the day and enjoy talking with friends who share the same goal as myself; making money!
Hit that thumbs up to give Biff some street cred!
