Well Hello There…
Here is the updated Technical Analysis for Bitcoin (BTC) - 31.01.18
You may find my previous analysis here!
- BTC broke down the “Ascending Triangle” and the formation is turned into “Rectangle Formation”
- Rectangle formation is between 13000 - 9000. I showed the height of the rectangle with “t”(13000 - 9000 = 4000)
- Both Moving Averages are around 12000
- 13000 is very critical as It’s close to Moving Averages and top both Moving Averages & top part of the Rectangle formation line of the Ascending triangle are here.
- In Rectangle formation, It is expected the price move minimum height of the rectangle in the direction of breakout. Which means
- If 13000 is passed upwards the price will target 17000 $
- If 9000 is passed downards the price may target 5000 $
- Stop Loss is 9000 $ (The bottom of the rectangle formation)
- MACD indicator gave a “buy” sign 2 day ago but It turned into “sell” again. This tells us to be cautious.
Trend is your best friend :) As long as the price stays above the moving average It represents an “Upward” Trend. As long as the price stays below the moving avareges It represents an “Downward” Trend.
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a coffee:
BTC Wallet : 1DdZHLa6RSqXRDf8yjzUunayqUaDNVLq4d
ETH Wallet : 0xe4Ee873f570eFB3ED536b9C184eBb3A91dE38798
If you want to invest in crypto currency you may sign up Binance via my referral link : https://www.binance.com/?ref=12196199
