22 APRIL 2019 | Darcy K. Butcher, MA, Journalist | Pacific Rim International
Bitcoin has reached the top trend line of the BLX, Brave New Coin Liquid Index. The traditional initiation range topside is 50 WMA and the low is the 200. Once BTC hits the top of this range a one to two month pull back is observed. Bulls are apt to push up to the $6200 zone. High probability of a few weeks of red bars here. Many sell indicators are signaling short positions. The last time this occurred was the top range of BTC. Back testing is indicated by most technical analysis. Many indicators are overbought and show signs of rolling over. High liquidity and momentum has slowed and exhaustion with this top range is possible. We see resistance lining up and short positions are on the increase. A reversal trade against this last Bullish move up contains more volatility and risk.
Overall, the first run up on this current bull move has tested resistance and slowed. Historically the test of the second move up follows with a upside break out. Bitcoin is looking at a squeeze here on the monthly close. Ichimoku Cloud flipped green (Bullish). Two closes above here on the monthly Ichimoku signals confirmation for Bulls.
At time of writing sitting at 42. This range has been strong support historically. This range indicates a possibility of sustained support with a move up not out of the ordinary.
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RVN: RSoGtGuYYwNL8L7hYZEZNU6gHi92AQ6bWB
BTC: 17ensjJ2gaKfNfaZhzU7cEtJmV1Govtqq
LTC: LPKiZK65DFCoVQu7RAAizK1cCj4C9qcAHg
BNB: 0x2a19200dec8b815035960ad703e03a3f7796bbfd
Darcy K. Butcher, MA. BA Print & Photo Journalism
Writer, Print and Photo Journalist, Blockchain Educator
I am interested in cryptocurrency as a social, cultural, financial point of view.
For educational purposes only. This is not financial advice. DYOR
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