Hello everyone !
Today the Black Cat Trader is analyzing Bitcoin (BTC) based on a Monthly chart 📈
What we can see :
- Back in November 2013, Bitcoin toped at 1 163$ and then bottomed at 152$ (approx 87% correction)
- Back in December 2017 Bitcoin toped at 19 666$ and then bottomed at 3122$ ((approx 84% correction)
Since 2015, prices took support on the black uptrend line. We can also identify our white trend line which acts as a support or a resistance for prices. By now, we are still above this white line, which is a good thing.
What we can expect :
If Bitcoin manages to hold its white trend line, prices could top between 13.618 and 16.618 fib levels. Those levels match also with our black resistance line which acts as resistance for prices since 2014 ! By adding a 80% correction based on this « potential top », prices could then bottom on our multi years uptrend line.
How to catch the top/bottom ?
Everybody seems obsessed by small time frame… Just zoom out, and look at the RSI and the position of prices regarding our two black trend lines on a monthly basis.. That’s it.
If prices are located on our multi years resistance line and the RSI is in the dangerous area : SELL
If prices are located on our multi years support line and the RSI is in the BUY area : BUY
IF YOU LIKE THIS POST, FEEL FREE TO LEAVE A LIKE AND FOLLOW THE BLACK CAT TRADER
MAY THE CRYPTO BE WITH YOU GUYS (D.Y.O.R)
Today the Black Cat Trader is analyzing Bitcoin (BTC) based on a Monthly chart 📈
What we can see :
- Back in November 2013, Bitcoin toped at 1 163$ and then bottomed at 152$ (approx 87% correction)
- Back in December 2017 Bitcoin toped at 19 666$ and then bottomed at 3122$ ((approx 84% correction)
Since 2015, prices took support on the black uptrend line. We can also identify our white trend line which acts as a support or a resistance for prices. By now, we are still above this white line, which is a good thing.
What we can expect :
If Bitcoin manages to hold its white trend line, prices could top between 13.618 and 16.618 fib levels. Those levels match also with our black resistance line which acts as resistance for prices since 2014 ! By adding a 80% correction based on this « potential top », prices could then bottom on our multi years uptrend line.
How to catch the top/bottom ?
Everybody seems obsessed by small time frame… Just zoom out, and look at the RSI and the position of prices regarding our two black trend lines on a monthly basis.. That’s it.
If prices are located on our multi years resistance line and the RSI is in the dangerous area : SELL
If prices are located on our multi years support line and the RSI is in the BUY area : BUY
IF YOU LIKE THIS POST, FEEL FREE TO LEAVE A LIKE AND FOLLOW THE BLACK CAT TRADER
MAY THE CRYPTO BE WITH YOU GUYS (D.Y.O.R)