28/03/2019/15:00CET
We had a bit of a shock with the weakness in BTC over the last few days, but we have rebounded. So how does this look in the for a longer term call.
BTCUSD daily on Bitstamp
- trading at 4016usd at press time
- We had a rather sharp short sell off 2 days ago that probably renewed the calls for a retest of the lows at 3100
- We broke our ascending trend line and the 21DEMA for a short time but the 21DEMA held for the end of day trading in Europe
- Tuesday was an important day and we managed to hold the 21DEMA and close right on it.
- Yesterday saw a very nice rally of 2.5% to close again north of our ascending trend line.
- The ascending trend line has been confirmed yet again. This is becoming an important trend indicator for the near term.
- Volumes, for whatever they are worth (more on stable reputable exchanges like Binance and Bitstamp, being a native Fiat pairing) are remaining stable through these gyrations.
- We are making higher lows on a consistent basis which is starting to look more and more like a bottom has been formed at the 3100 level
Looking forward
- Odds are on for the short term ascending trend line to carry us to a test of 4110 resistance.
- In time we are a week and half away from the intersection of our ascending trend line and 4110 resistance.
- Notice the main stream media is quite on cryptos? (crickets)
- Looking closely to see how BTC deals with the 4110 level. This is one of my more important events on the chart to show that the longer term trend changed to the bullish side is in.
- If so, nice time to start stacking. BTFD's
As always guys, leave comments, have fun and trade safe.