Bitcoin Daily - Averages
In my previous post, I stated that the sideways movement could continue until we reach the 200 day MA (grey) - and here we are, just about to see if there will be any support reaction. The MACD indicates a growing bearish Histogram, but the RSI just entered the oversold area and a bullish response can happen anytime. Now it's just about when and if a bullish divergence will form.
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Bitcoin Daily - Fibs
It is the first time when we break the golden pocket (0.618 - 0.65) area, after bouncing there a couple of times. We're heading now towards the 0.786 retracement, which 'magically' aligns perfectly with the 200 day MA.
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Bitcoin Weekly
Here's a simple drawing of how things will probably play out in this last quarter. Bullish scenario: we can have candle wicks as low as 7780$ - where the 55 EMA and the 100 MA are to be found - and afterwards push towards 12000$. Bearish scenario: Breaking these support levels will probably bring us to around 5500$, to our old beloved 200 wMA.
The green and red arrows are just for orientation.
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Bounty:
Where do we go now? Are you a bull or a bear in Q4 2019?
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