Yes, I thought the drawdown of the prices would be at an end - and I was wrong with this. I read, that the dump could continue till january 26, because that´s the day of the chinese festival. And after the 26th we shall see rising prices. Ok, we´ll see.
At the moment BTC is in bearish patterns and is still weak.
A) descending trend channel (red)
B) descending scallop followed by an inverted cup with handle
BTC is now in direction of the very long ascending trend line (pointed). The breaking of this line would be a bad signal. But there is some space between.
Some supports are waiting:
+ trend lines coming from november - december 2017 (orange)
+ fib retracement 100 (9.143$)
On the upside:
+ fib retracement 78.6%
positive signal:
leaving trend channel to the upside and crossing the resistance line (fib retracement 78.6%)
Indicators:
RSI: below 50, negative but not oversold
MACD: below zero and falling
ADX: momentum rising with +DI below 20 and -DI above 20 = if there is a little trend then it could be negative
At the moment BTC is in bearish patterns and is still weak.
A) descending trend channel (red)
B) descending scallop followed by an inverted cup with handle
BTC is now in direction of the very long ascending trend line (pointed). The breaking of this line would be a bad signal. But there is some space between.
Some supports are waiting:
+ trend lines coming from november - december 2017 (orange)
+ fib retracement 100 (9.143$)
On the upside:
+ fib retracement 78.6%
positive signal:
leaving trend channel to the upside and crossing the resistance line (fib retracement 78.6%)
Indicators:
RSI: below 50, negative but not oversold
MACD: below zero and falling
ADX: momentum rising with +DI below 20 and -DI above 20 = if there is a little trend then it could be negative
액티브 트레이드:
good sentiment; BTC could break the resistance line. Next resistance would be upper limit of the negative trend channel.
For the moment I expect BTC to stay in the trend channel (see indicators).