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28 Jun 2020 21:34:40 UTC
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BTC T.A with Rocky Outcrop - Jan 29th - The Wednesday Midweek Moon Watch - Bitcoin Analysis, Ep. 28
It’s Wednesday and the BTC price has been going to the moon. We were looking out for a potential retrace in the bitcoin prices this week so far as there was a gap on the CME daily chart yet we have not gone back to fill it - moreover - we have created another gap on the charts.

Yesterday we asked the question "Will we try and angle up or will we just Triangle?” and the answer is clear now, we tried higher. I look at that new Coronal Mass Ejection (Chicago Mercantile Exchange) gap, the upper resistance, lower support and the implications of it and more in this 20 minute run down on all you need to know for bitcoin this midweek. Not financial advice!

Last week the price has was supported by the 21 exponential moving average and the 200 moving average, now we have to ask the question - will the price be supported by the 200 simple moving average? It usually would come back to retest it - but as I show in the video today it doesn’t always do that. Will this be the end of the current downward trend or will the price deflate after the rise. Indeed, will it just consolidate here as it gets filled up on rocket fuel for a shot to the moon?

In order to turn things around there will need to be a higher high on the daily chart, which we could be in the process of painting in now, in the micro picture, but there is a CME gap on the daily time frame and that might need to be resolved first which could take the form of a consolidation pattern like a triangle.

Of course, I say triangle but the reality is you could just say “flagging out” or “creating a pennant”. All these things are more or less the same concept its just a case of scale. That’s what we were keeping an eye out for yesterday but the flag pole just kept on growing. We have now seen three white doves or three white soldiers on the charts and it is normal to get some sort of pull back at this point, as we have in fact been seeing so far today, but how much can we expect?

If things keep going like they have been in the last few weeks then we will get a golden cross on the daily time frame, which would be good news for bullish trend hunters. On the CME charts there has already been a Golden Cross - set in stone on the charts with yesterday’s close. The result of that perhaps being the gap created by the spot price pushing higher in the small amount of time that the CME closes for over night. On the other hand if the price keeps going like it has been this week then we’d be looking at setting in lower highs, lower lows and reversing the positive price momentum since December 2019. The key areas to be aware of are examined.

Looking for Bullish or Bearish Divergence? I got you covered, looking at three oscillators I show you the divergencies that we are currently printing on
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https://www.youtube.com/watch?v=P3ZX0ypVy_M
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