Quiet week for BTC.
First of all seems that we all must thanks to China for the last week bomb.
Nothing major changed from the last weekend except that we saw this wasn
t just a momentum and the price level of around $9200 now is acting like a strong support level. Thats around the down side of the last descending triangle. There
s also 2 next supports: $8500 is the first. Its 50% Fibo level and also it
s around the last side way move. $7200 is the second. Its 61.8% Fibo. This support reacted almost perfect last time.
About Moving Averages:
50 SMA - The price is still above it which is a very good sign.
200 SMA - The price is still above it which is a very good sign.
21 EMA - The price is still above it which is a very good sign.
Death Cross is trying to form between 50 and 200 SMA but i
m not relying so much on that sign cuz its very slowed in time indicator and the 200 SMA is still heading north.
For me the long-term prognosis is green for sure but as you
ll see from the chart in short-term I prefer to see some descend to $8500 level and then continuation of upward move to the next ATH. This kind of movement wont be such a surprise and it will be even a healthy move.
Thanks to well-known Willy Woo and some other very good educational source called Forex.Academy we can see this chart which in very simple way points where are we in this moment through Bitcoin price model. The conclusion here is very simple – ATH ahead of us!
That`a all for this week.
P.S. No change into my HODL and trading positions.