Bitshares-Bitcoin-USD technical analysis 16th Feb 2018

ingemkts (48)in #bitshares • 6 years ago (edited)

It is not something new that BTS depends on BTC moves, so BTC needs to confirm bulltrend. How to know the BTC Bulltrend is confirmed? easy, we need to plot a simple fib to se retracements, 38.2% and 61.8% are the main resistences/supports, so when BTC hits these values it will, almost 99% for sure, bounce, but after the bounce there will be two additional retries, so if trend is strong it will break up. So, the real war between bears and bulls will occur at $11.1k~$12k. If a break up then the next target is to break 50% of that fibonacci as 50% is usually the bounce point to cotinue the bearmarket to the same bottom or even lower.

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6 years ago in #bitshares by ingemkts (48)

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ingemkts (48) 6 years ago (edited)

Bitcoin already reachead 54.5% at RSI at weekly timeframe, that means RSI will be on that ratio to the end of this week, which means price will go to reach the target (see Bitcoin weekly timeframe chart) then it will bounce. Remember RSI moves slower than the price does . I think RSI will go to hit 50% ar a bit less the next week, or the next two weeks more less.

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