My personal analysis of the BTC price trend.
The two parallel red lines appears to be the downward channel that BTC is going into. I was hoping that today(Feb 20) was when a candle will penetrate the top part of the downward channel, giving us
a sign that a possible reversal of trend. Instead, we see an evening star right at resistance line. I am expecting a downtrend from here. With respect to the fib tool, we might go beyond 0.786 and hit 1.... at 3.5k USD per 1 BTC, which would test and act as the 3 support line.
The resistance line has been tested 3 times and the support line has been tested twice.
On that note, I am planning on a counter-trend investment strategy. I would enter 3.5k given that a bullish candle will show itself on the support line, with SAR, and the MACD giving the bullish signal also.
It would then become a long term investment if it penetrates the resistance level, have the 20 over 40 EMA, and the 50MA on an upward motion.
The two parallel red lines appears to be the downward channel that BTC is going into. I was hoping that today(Feb 20) was when a candle will penetrate the top part of the downward channel, giving us
a sign that a possible reversal of trend. Instead, we see an evening star right at resistance line. I am expecting a downtrend from here. With respect to the fib tool, we might go beyond 0.786 and hit 1.... at 3.5k USD per 1 BTC, which would test and act as the 3 support line.
The resistance line has been tested 3 times and the support line has been tested twice.
On that note, I am planning on a counter-trend investment strategy. I would enter 3.5k given that a bullish candle will show itself on the support line, with SAR, and the MACD giving the bullish signal also.
It would then become a long term investment if it penetrates the resistance level, have the 20 over 40 EMA, and the 50MA on an upward motion.