Репост из: KTI STANDARD PACKAGE
BTC Update
Currently BTC is moving towards the upper trend line, which acts as a resistance and is the main trend line. On the lower end we have a
support trend since july 24 that BTC touched on 11 october, which is the mid-term trend.
Current price action seems to have alot of difluence, this is why its hard to make a proper forecast currently. We have 2 stong trend lines converging, so it means that BTC has to make a
decisive move soon, probably between 19-31 October.
On the lower timeframes BTC is gaining support to test the 4H 55 EMA.
If BTC fails to gain support on 4H timeframe, we will probably see a downward move to 6200-6300 levels. If BTC does gain support on the 4H 55EMA , it will test the 55 EMA on the daily chart and may see a main trend reversal if it can gain support on it. BTC need to brake the 6800 levels for it to gain momentum and add confidence for bulls. RSI (my main momentum indicator) is showing neutral signs, holding its value between 40-50 on larger timeframes.
If i gain new information and can see some confluence in the movement of BTC in different timeframes for me to make a proper forecast, i will let you know as soon as possible.
Currently BTC is moving towards the upper trend line, which acts as a resistance and is the main trend line. On the lower end we have a
support trend since july 24 that BTC touched on 11 october, which is the mid-term trend.
Current price action seems to have alot of difluence, this is why its hard to make a proper forecast currently. We have 2 stong trend lines converging, so it means that BTC has to make a
decisive move soon, probably between 19-31 October.
On the lower timeframes BTC is gaining support to test the 4H 55 EMA.
If BTC fails to gain support on 4H timeframe, we will probably see a downward move to 6200-6300 levels. If BTC does gain support on the 4H 55EMA , it will test the 55 EMA on the daily chart and may see a main trend reversal if it can gain support on it. BTC need to brake the 6800 levels for it to gain momentum and add confidence for bulls. RSI (my main momentum indicator) is showing neutral signs, holding its value between 40-50 on larger timeframes.
If i gain new information and can see some confluence in the movement of BTC in different timeframes for me to make a proper forecast, i will let you know as soon as possible.