BTCUSDT – Bad News, but Bitcoin stays strong? Big move ahead?

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BTC had a weird week. I know how you feel BTC . I know how you feel…

Before I go further, I’m sure you all heard the news today that shook the markets around the world… That’s right – John Mcafee was arrested in Spain! How will the world ever recover??

I jest of course, somewhat, Mcafee did indeed get arrested but I would imagine only he would attribute todays market movement to that. Indeed, the true reason seems to be the that stimulus talks were thrown out the window in the states. Is Trump holding the markets hostage to seal his reelection? Do I like conspiracy theories?? Who knows.

Anyway, we’re currently sitting right on fib .786, in what’s looking like a consolidation triangle. With us being right at the tippy tip.

Consolidation is a lack of volatility , or a settling of price movement if you will. When BTC does it’s weird jumps, they almost always hit after low volatility . I’ve marked these points of lower volatility , notice they all correspond to big jumps in either direction right after.

That means we might see a move soon.

We saw the markets across the bored continue their descent today, bitcoin kind of stalled out right at the lower level of this triangle. Maybe down isn’t the direction it’s going?

Indicators:

  • MACD has a shrinking bull deviation and is on an upwards trajectory.
  • Stoch Strong, but not yet in overbought. momentary bear cross without much price movement yet.
  • EMA Right on EMA 100 right now as support.
  • Volatility has been declining. This has been a big indicator for a sudden move coming in the past.

OVERALL
Honestly, I was surprised by the support BTC had during todays dump. While previously surging alt coin market shedded gains across the board, BTC stayed strong above 10500.

Given we look to be at the tip of the spear, best best is to see which way it plays out. We’re still in a bad spot for buying in, no real confirmations of movement in either direction. Although the lack of downward movement is promising, as we all hopefully know, absence of evidence is not evidence of absence.

Potential landing points are marked on the chart. A big move is coming, trends say up if this lower end of the ascending channel holds.


“I have never seen a greater monster or miracle than myself.” -Michel de Montaigne

I’m a guy that you don’t know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that’s on you.

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