Can Bitcoin Bounce Off These Key Support Points??

5 Ağu 2018

According to the 12/Hour chart: The RSI is around 30, which is pretty low. And Bitcoin is currently on the 13th candle; which could be could news for Bulls since Bitcoin is also at 2 key support points (the red lines).

If Bitcoin can't hold the support around $6870, the next support line will be around $5540.

The 6/Hour Chart:


The Daily Chart:


The Weekly Chart:

5 Ağu 2018

Not

The 6/Hour Chart:
As you can see below, Bitcoin is currently on a green '1' candle -- sitting directly on the 2 support lines I previously pointed out.



Now let's look at Bitcoin's 4/Hour Chart:
Bitcoin is currently on a green engulfing '2' candle. The '2' candle opened above the previous '1' candle around $7013.00.
At the time of this writing the price is $7028.


Bitcoin must maintain it's price along the pinkish-red support lines, as shown in the charts. If Bitcoin fails to maintain it's current support at this level -- The next support level is around $5500.

7 Ağu 2018

Not

Bitcoin couldn't sustain support. It fell below my two support points. The first support point (red candle 2) at $6975, and the second support point (red candle 3) at $6880. I'm officialy bearish at the moment.

THE HOURLY CHART:



THE 6-HOUR CHART:





The daily chart is giving us a red '8' candle- almost completing a typical trend of 9 candles, meanwhile, the 12-hour chart is giving us a red '1' candle at the same time- POSSIBLY signaling a new downtrend.
**But keep in mind when using the TD-Sequential counting system, bitcoin doesn't always complete a 9 candle cycle/trend.

THE 12-HOUR Chart:




THE DAILY CHART: