This week things are very simple and the stakes are very high. In every significant timeframe, you can see how BTC is at a pivotal point but none other than the 1-week time frame gives us a better view.
In this time frame alone you can see Bitcoin price having to overcome the 50MA (yellow wavy line), the 200MA (white wavy line), long-time support (thick straight white line), and midterm resistance (Thin straight white line). So what are we looking for? BTC has to jump up and close above all of these obstacles in a decisive way, anything less than that will signal weakness. Exactly what do I mean by decisive? BTC needs to have a very good week (long green candle) this or next at the very latest and close at 28k or 27k. As of right now 1 of the 4 obstacles has been conquered -- the midterm resistance, which is the weakest. Keep watching this timeframe. Hit and follow and I will post more.
There's so much to unpack in this timeframe alone:
The 200MA (white wavy line) has been for many years support to BTC but it was lost back in June 2022.
The 200MA (white wavy line) and 50MA (yellow line) are going to make a death cross unless BTC pulls up.
The thick white straight line was strong support and was lost back in September 2022, now it is strong resistance
This is as hard as it gets for BTC. If it goes over decisively and it starts to close above I will be convinced of a recovery.
This chart I call lines only, it has made me a lot of money due to its reliability. Candles can create a lot of noise and make a chart look too busy so I created a chart with simplicity and reliability. How does it work? When all color lines cross under the white line it's lights out and we are going down for a while and when all lines have crossed above the white line it's all good times. As you can see so far it looks like good times are ahead but I do not make a move on short-term trades unless all lines have crossed.
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VERY IMPORTANT: Hitting the "Like" button is like a tip, please don't forget to do so after reading, this is your way of thanking me for my time and so I thank you for yours.
In this time frame alone you can see Bitcoin price having to overcome the 50MA (yellow wavy line), the 200MA (white wavy line), long-time support (thick straight white line), and midterm resistance (Thin straight white line). So what are we looking for? BTC has to jump up and close above all of these obstacles in a decisive way, anything less than that will signal weakness. Exactly what do I mean by decisive? BTC needs to have a very good week (long green candle) this or next at the very latest and close at 28k or 27k. As of right now 1 of the 4 obstacles has been conquered -- the midterm resistance, which is the weakest. Keep watching this timeframe. Hit and follow and I will post more.
There's so much to unpack in this timeframe alone:
The 200MA (white wavy line) has been for many years support to BTC but it was lost back in June 2022.
The 200MA (white wavy line) and 50MA (yellow line) are going to make a death cross unless BTC pulls up.
The thick white straight line was strong support and was lost back in September 2022, now it is strong resistance
This is as hard as it gets for BTC. If it goes over decisively and it starts to close above I will be convinced of a recovery.
This chart I call lines only, it has made me a lot of money due to its reliability. Candles can create a lot of noise and make a chart look too busy so I created a chart with simplicity and reliability. How does it work? When all color lines cross under the white line it's lights out and we are going down for a while and when all lines have crossed above the white line it's all good times. As you can see so far it looks like good times are ahead but I do not make a move on short-term trades unless all lines have crossed.
[img]
VERY IMPORTANT: Hitting the "Like" button is like a tip, please don't forget to do so after reading, this is your way of thanking me for my time and so I thank you for yours.
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[img]The absolute worst-case scenario is to start closing under all 4 resistance points, which will quickly turn into a rejection which will prompt a death cross that will take weeks if not months to overcome.
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To clarify: In the coming days don't be alarmed if BTC pulls back a bit. We have been going up most of this month and it will serve us well to see a pullback in order to move forward with a vengeance. Why is pulling back good? Because what goes up must come down and the higher we go without pulling back the harder the fall and the longer the recovery. Growing steadily with some retracements is better and healthier for growth.
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Bitcoin is going down today and that's fine so long as the price stays above the white descending line at week's end. Every timeframe matters but the most important one to watch right now is the weekly and how the current candle closes. [img]
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This is the absolute best case scenario for those that want BTC to keep moving up. If Bitcoin closes with a red weekly candle there's a good chance that next week we can spike up. As far as the death cross on this timeframe consider it a done deal, it will happen but it may not have much of an adverse effect. [img]
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Friday, 3rd 5:24 ESTDaily Timeframe: The 200MA (white line) and 50MA (Golden line) golden cross will happen next week around the 7th, which will put BTC in a good spot to keep moving up long-term, this is a boost for the battle happening on the weekly timeframe.
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