At the moment the price is below the descending triangle that was formed before. The TD sequential shows that the countdown has reached to the point where reversal is likely to happen. RSI also shows that SCBTC is oversold at the moment at 20. The long wick below the candle indicates that support came in as soon as the sell off took place. SCBTC will challenge the 50 EMA blue line first then 200 EMA line pink line afterwards. A failure to close above one of the lines on 4H chart could result in SCBTC falling again to support at 61.8 fibonacchi to test again. If the support is not strong enough then it will likely to fall to the stronger support line below. The big dotted red line is where you should put your stop loss in case you decide to buy in now (aggresive). I cannot see any figure so far than the previous one. On the other hand, bullish divergence is starting to form on the MACD, but there are still room for price downwards. The price is currently in the middle of the trend channel so it could be either way. Anyways, after some time we will be able to see a new figure forming to determine which direction to go.
Personally, I think a drop to 78.6 fibonacchi would be more likely but it is too early to tell. A retest to resistance line will probably happen.
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Price rejected at green line (Bittrex). Retest may occur. I should have done the chart drawing on Bittrex but nevermind (Volume). Keep an eye on the close price on 4h and other indicators for best signal.
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A close beneath 0.618 could make the price fall down to a price between dotted red line to 0.786 fibonacchi. The first arrow was already reached on Bittrex (Bigger volume, totally forgot about that). Anyways, I won't be updating this again. Good luck.
seriously, all this technical analysis does that even work in crypto when all alts coins is so depended on bitcoin?
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UnknownUnicorn2350177
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@Monolith85, Well, it does work. Basically what you are looking at is data that shows the markets behaviour. There are probabilities also so you would have to look for signs of reversal. But you are not wrong. Altcoins also depends on BTC
JuanLuisMendezC
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what about behavior last 3 hours? do you think right now at 216 Sats could have support and go higher?
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@JuanLuisMendezC, I have same question. If someone can clarify will be better.
UnknownUnicorn2350177
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@JuanLuisMendezC, Well, I did say that the price will need to test the resistance level green (50 EMA) and pink (200 EMA). if the price can close above the pink line then there is a chance for bullish move from there. A sign would be if the price is hovering above the pink line 200 EMA then there is a possibility that support is under beneath.
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