Well Hello There…
Here is the updated Technical Analysis for Bitcoin (BTC) - 29.01.18
Summary :
- BTC is forming a Ascending Triangle (Between 13000 - 9000)
- Both Moving Averages are around 13000 level too
- 13000 is very critical as both Moving Averages & Horizontal line of the Ascending triangle are here.
- If 13000 is passed upwards the price will target 14250 - 17000 - 20000 - 31000 respectively
- Stop Loss is 9000 (The bottom of the triangle)
- If 13000 is passed upwards sun will rise… If 9000 is passed downwards the above scenario will be aborted.
- MACD indicator just give a “buy” sign today. If the price could go above the Moving Averages, we might enter Upward trend again.
Detailed Overview:
- BTC is still moving in an “downward” trend.
It is below both short term Moving Average (EMA-20) and the Long term Moving Avarage (EMA-50). Both Moving Averages are at 12500 level. This is critical point. If the price could go above 12500 then It may aim the downward trend’s resistance level. (14200).
- In the Short term, It is noticed that BTC is forming a “ascending triangle”. I showed the triangle with blue. The triangle is formed between 13000 - 9000. If the price does not go below the last dip (10000). First It may try to move 13000 level. If 13000 is passed upward then It is expected the price move as triangle height (t) up. h is 4000 (13000 -9000=4000) Once 13000 is passed It is expected the price to reach minimum 13000 + 4000(t) = 17000 level.
17000 is the previous resistance point for BTC. Therefore some sales might occur at 17000 level. Once 17000 is passed upwards then the price will target to complete “bowl formation” which is at 20000.
BTC is forming a “Bowl Formation” between 20000 - 9000.
If the price could move above the short term and Long term Moving Averages, It may go up to 20000 to complete the “bowl formation”.
- I showed the height of the bowl with “h” symbol (20000 - 9000 =11000)
Once the bowl formation is completed then It may try to pass 20000 upward. This may lead price up to move minimum “h” height. That will lead to 31000 (20000 + 11000) in the long run. Stop Loss is 9000
Trend is your best friend :) As long as the price stays above the moving average It represents an “Upward” Trend. As long as the price stays below the moving avareges It represents an “Downward” Trend.
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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