![]() Tone advises bitcoin traders but does not trade it himself, he considers himself an investor that accumulates bitcoin over the long run. Gold is on it's second week-nine of going down, followed by a one to four candle bounce and has no indication of changing it's thirteen-period trend. S&P 500 is on it's sixth week of upward momentum scraping at previous all time highs to shoot to a ninth day continuation. On the one hour chart the price has reached a ninth candle of upside and has already kicked of a nine candle downswing again that is taking a break against the bottom of the descending triangle. The four hour chart bottomed out on a ninth red candle as well yesterday and the price has been struggling against the fifty period moving average ever since. ![]() Nine Days of downward momentum indicated a break in the fall of the trend leading to a one to four candle correction before reevaluating potential continuation of the same trend, but the price continued to fall another day as the twelve hour chart was busy bottoming out on a ninth candle of that downward momentum and is on it's fourth correction candle before traditionally going lower. If the resistance line at $6200 does not hold, traditional trading tells us that the breakdown for this triangle should dip the price down to around $3200. ~Based on the sequential trading system (TD Sequential).įrom a weekly perspective bitcoin's price is bouncing on a descending triangle's bottom support line for the fourth time, and could be expected to reach the top of this triangle at around $7500. Follow him for regular updates in topics relating to price, law, and fundamentals of bitcoin and the block chain. This is a feature that has been introduced by Tone Vays. Also this indicator shows more setups/9s than the original indicator because it doesnt require a price flip in order to start a setup. This summary is my perspective based on the technical analysis Tone does at the end of his video linked below. So if you intent to use Sequential as a complete trading system, a more sophisticated implementation would be better suited for that purpose. Tone advises bitcoin traders but does not trade it himself, he considers himself an investor that accumulates bitcoin over the long run.All credit to Tone Vays and his crew that has played a significant role in my understanding of what bitcoin and the block chain is. ![]() The longer the price stays near the bottom of this consolidation, the higher the likely hood of a breakdown. The 1 hour chart started the day off by hitting a nine and thirteen buy indication and remains just above those two markers. The 12 hour is on a sixth candle to the downside as a ninth is predicted in under one and a half days, and should find support at the 50 period moving average currently climbing from $7300, perhaps only to get rejected again by a $7750 resistance line. The daily chart has indicated a downward count to nine as a second red candle started trading below the prior candle. Over the longer term, if the price can manage a sustainable bottom at around $6500 there might be a very small chance of the price going up from there. The weekly chart is still hinging on the possibility of upward momentum as it's barely trading above the prior green candle's opening price of $7400 and if this week's candle closes below that target the weekly, based on the sequential system, suggests that we start counting down again. The beginning of this month has not started off well, bitcoin was trading above the prior downward-momentum candle's opening price but has continued it's short term view and fallen further, slightly below and now consolidating between $7600 and $7500. The next level of support based on a monthly chart sits at around $4800, last year's big breakout point, after that, based on how fast the price drops, the 30 month moving average is coming in the next few months as support. ~Based on the sequential trading system (TD Sequential).Ī new monthly candle has started and was rejected, as has three of the last four months, by the 7 month moving average. This summary is based on the technical analysis Tone does at the end of his video linked below. All credit to Tone and his crew that has played a significant role in my understanding of what bitcoin and the block chain is.
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