New thread now that 6.7K was hit. In the buy zone where people should be averaging in imo. Will it go lower than 6.7K? May well do, but I wouldn't be betting on it. Next few posts will look at the various elements of support I'm seeing
Previous thread:
Previous thread:
1/ Probably the simplest and most straightforward one - long term moving averages.
Price comes down hard finding support at the 4 year moving average [48 MMA], bounces and then finds support at the 3 year MA [36 MMA].
Price comes down hard finding support at the 4 year moving average [48 MMA], bounces and then finds support at the 3 year MA [36 MMA].
2/ The momentum indicator of the weekly Gaussian channel is interesting - turned green, moving up, and looking bullish. Much of my TA is momentum based, which I see as having both leading and lagging indicators to it - useful if it works.
3/ The buy zone, a buffer off the log growth curve.
Could price go lower than the 6.7K I targeted? Sure, but not by much and within the buy zone, where you'd want to be averaging in imo given the potential to the upside. You'll never get the exact bottom.
Could price go lower than the 6.7K I targeted? Sure, but not by much and within the buy zone, where you'd want to be averaging in imo given the potential to the upside. You'll never get the exact bottom.
Looking forward - consolidation within the symmetrical triangle and eventual breakout next year. Building of a solid base/ recovery period for breakout to new highs and the eventual manic phase following that....
BTC oversold and at the bottom of its medium term channel. Due a bounce.
On the weekly RSI, I doubt BTC can make the oversold level again.
And on the monthly RSI. Charts, as per usual, have an extended cycle in mind....
