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February 09, 2018, 02:55:08 PM |
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We are presently still below the 0.236 Fib level, so there is no way we can ascertain any bullish trend for now. The only thing we can say now is that, with respect to volume, we recently had a huge one that was pumped into BTC few days back on most of the exchanges. Also, the RSI and stoch bounced from the oversold region, the market also bounced from a trend line that has been supporting the market for a while back now (July and September on the daily chart) and the MACD is gradually beginning to curve.
However, these are my thoughts: The market has experienced a huge blow, so you should not expect smart moneys to even get in now which is why the market is looking a little bit slow and anyone can easily sense fear on the charts. I still want to believe the downtrend is over, but it is just too early to be very sure. We have had situations of dead cat bounce in the past, and the indicators going all wrong, so I am sure you know what I am getting at. We are also still within the downtrend channel and we have not even broken it yet, so until then, nothing is sure. In fact, right now, it is either I am holding a tight stop loss or rather wait until the 0.382 fib level is settled before knowing where we are going.
Nevertheless, I just cannot wait for all these to be over, the market is getting boring already. We need some actions and it seems the bulls are not doing enough to give some assurance that the market is ready for a change of trend and we also need some good news in our bitcoin's life right now to probably help with the buying momentum.
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