Bitcoin - playing with fire a look at the 4H

9 thg 12, 2019

Just like a fat guy going up too many stairs, BTC is looking like it is running out of fuel and needs rest at best. What this tells us is that Bitcoin is for sure running out of momentum. As long as we manage to not close more than 3 times under the support line it is not over, but consider BT's status as questionable right now. Also, the 50MA (Yellow line) is acting as support, so here is something that we may see, even if BTC ranges sideways out of the support trend line as long as it remains above the 50MA we are still good but the odds of going down will increase.
There is also a support line above (the horizontal white one) that will act as an indicator of how strong BTC's move up really is. If this moderate support line stops BTC, it is time to question if this is the move that will take us to the 200MA on the 1D time frame (that's BTC short term goal ). See below where that is exactly. Keep in mind that the main chart shows a very small time frame and we are using it as a leading measure for things to come.


This is the very long term time frame and you can see that we are still running up and above the 50MA which is very good.


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NOW, THE LEGEND;
Support trend-lines are green
Resistance trend lines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white

THE TREND: Going Down but finding stability
THE OUTLOOK: Beginning to see the end of the downtrend a rally may be coming soon.