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RE: Bitcoin (BTC) Morning Update: Two Patterns Converging into One
I don't understand how bitcoin could emerge bullish if it remains under 200 MA too long.
I don't understand how bitcoin could emerge bullish if it remains under 200 MA too long.
In technical analysis, momentum over time measures the rate of change of price change and I have read it works like rubber band. Yes, rubber bands can pop, but most of the time they can stretch out really far then they contract. BTC is in some of it's last, but most aggressive, days of stretching downwards. When it contracts the price momentum will move upwards again. How do I know this for sure? I don't at all. But I personally believe the price will come back. My belief is based in technical analysis. Specifically chart patterns and Elliott waves (which Heajin inspired me to begin researching). I believe he is an expert analyst, and his tutorials at the bottom of his posts helped me a lot. Check them out, digest and you will probably agree. But even as he says all the time, "technical analysis is based on the probability principle".