Bitcoin detailed analysis, personal thoughts & Feeling bullish.
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Comment:
IMPORTANT NOTE: That dude with a gajillion BTC in the news, if he decides to make a large market sell this could break all hell loose!
Comment:
Summary:
When a sharp drop occurs it should stop at a certain point, a natural catch. However, casual investors log in to panic sell and we see an accelerated sell off creating a Trampoline Effect. This is best described as an unsustainable bottom.
Multiple bounces (or absence off) are a good indicator as to whether it is a true bottom or a temporary one.
The dump to $6k is a prime example of an unsustainable bottom and even the 0.786 was not IMO the true bottom, this was a huge sharp drop and stretched through two fib levels but did NOT find a sustainable support.
0.618 was the true support IMO.
We then saw a large reversal take place (IHAS) and this brought us back up two FIB levels to the 0.382 (I'm not using the FIB extension for this)
This got one bounce and momentum carried us to the next FIB 0.236 which IMO was too high too fast and we saw a retrace.
We then saw a solid bounce (see purple) this IMO looks more like a liquidity pool creating by larger investors and we did not really see any major accelerated sell offs.
We bounced up but did not find support on the 0.236, However since I'm using the retracement and not extension it does appear that some support line at $10400 is super prominent and has acted as both support and resistance making this a prime and reliable one to go with.
This was then followed by a sharp drop as we rebounded off the $11700 resistance (major resistance) this created a free fall like effect with minimal interaction breaking through the FIB line compared to previous interactions.
We then carried falling and we had FUD from three sources, accelerated sell offs from casuals and basically a full on shit storm similar to that of the 5th-6th February.
I'm expecting a sharp rebound and a remount of the 0.382
When a sharp drop occurs it should stop at a certain point, a natural catch. However, casual investors log in to panic sell and we see an accelerated sell off creating a Trampoline Effect. This is best described as an unsustainable bottom.
Multiple bounces (or absence off) are a good indicator as to whether it is a true bottom or a temporary one.
The dump to $6k is a prime example of an unsustainable bottom and even the 0.786 was not IMO the true bottom, this was a huge sharp drop and stretched through two fib levels but did NOT find a sustainable support.
0.618 was the true support IMO.
We then saw a large reversal take place (IHAS) and this brought us back up two FIB levels to the 0.382 (I'm not using the FIB extension for this)
This got one bounce and momentum carried us to the next FIB 0.236 which IMO was too high too fast and we saw a retrace.
We then saw a solid bounce (see purple) this IMO looks more like a liquidity pool creating by larger investors and we did not really see any major accelerated sell offs.
We bounced up but did not find support on the 0.236, However since I'm using the retracement and not extension it does appear that some support line at $10400 is super prominent and has acted as both support and resistance making this a prime and reliable one to go with.
This was then followed by a sharp drop as we rebounded off the $11700 resistance (major resistance) this created a free fall like effect with minimal interaction breaking through the FIB line compared to previous interactions.
We then carried falling and we had FUD from three sources, accelerated sell offs from casuals and basically a full on shit storm similar to that of the 5th-6th February.
I'm expecting a sharp rebound and a remount of the 0.382
Comment:
Really sorry guys, didn't realise the text would be so small for you.
I will put the text in this section for all charts in future.
I'll number the text sections so you know which text is referring to which section of the chart.
Thanks for the feedback! Sorry :(
I will put the text in this section for all charts in future.
I'll number the text sections so you know which text is referring to which section of the chart.
Thanks for the feedback! Sorry :(
Comment:
Seeing the sharp & violent bounce now.
Looking to remount the 38.2 FIB.
Looking to remount the 38.2 FIB.