An S/R flip in the making on BTC?
Here I decided to whip out a long time favorite that I don't use nearly enough: Bollinger Bands.
Bollinger Bands are a great tool in any market, paired with Fibonacci levels and an oscillator of some kind any trader would be well equipped to assess the market and devise setups.
Back to business though, the daily chart is showing some signs of cooling off. Aside from the divergence, which I touched on a couple of days ago, candles are off the lower edge of the Bollinger and are showing some indecision.
We are still in a bear market though and the trend has shown no signs of a reversal, so hopium is a dangerous, dangerous thing to be hooked on even at these lows. This brings me to my next point: That small dotted red line near the bottom of the Fib overlay. That little line of support now turned resistance could be the relative ceiling for BTC at this point, especially given that more blood is expected by the community AND the big players stepping onto the scene in Q1 are definitely frisky for some cheap Bitcoin.
IF we keep bleeding then sub-2k ranges are possible, but hey, the halving is only about 532 days away.
Not advice financial or otherwise, be safe out there guys.
Bollinger Bands are a great tool in any market, paired with Fibonacci levels and an oscillator of some kind any trader would be well equipped to assess the market and devise setups.
Back to business though, the daily chart is showing some signs of cooling off. Aside from the divergence, which I touched on a couple of days ago, candles are off the lower edge of the Bollinger and are showing some indecision.
We are still in a bear market though and the trend has shown no signs of a reversal, so hopium is a dangerous, dangerous thing to be hooked on even at these lows. This brings me to my next point: That small dotted red line near the bottom of the Fib overlay. That little line of support now turned resistance could be the relative ceiling for BTC at this point, especially given that more blood is expected by the community AND the big players stepping onto the scene in Q1 are definitely frisky for some cheap Bitcoin.
IF we keep bleeding then sub-2k ranges are possible, but hey, the halving is only about 532 days away.
Not advice financial or otherwise, be safe out there guys.
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