Support nearer $8,894 next or staight down to nearer $8,572.6

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bears have taken hold. Market closed below offset 5 day MA point $9,380.13, and also below Thursday's breakout open of $9,236.4. MACD bars turned negative for the first time since April 8. Price had a slight break beneath the upwardly sloping green trend line yesterday, and broken through it convincingly today. Price to test lower support levels. $8,894 is the 50% retrace of Feb6 Low - Feb20 High. $8,572.6 is 61.8% retrace of Mar12 High to Apr1 Low.

For explanation of low $8,750 turquoise (light blue) rectangle box, and $8,616 low of pink fractal box see previous posts.
Comment: Beneath support levels mentioned above, the others on my chart are $8,211 the 61.8% of the Feb6 Low - Feb20 High. Then $8,161.7 the 50% and $7,752 the 61.8% of the Mar12 High to Apr1 Low.
Comment: If market reversed up and price broke $9,565.1 which is top of my turquoise (light blue) rectangle box then I would switch to long again.
Comment: I'm beginning to wonder whether today May9 might be a day of carnage when shorts get burned and market closes above $10,000. It's also a day when two trend lines intersect on my chart and which is why just in case if market reversed up again and boke $9,565 I would switch to long again.
Comment: Bulls in control of 15 min chart first time since Sunday. Need to pop $9,400 next I'd say on that chart.
Comment: Bulls under pressure from bears 15 min chart.
Comment: Last week with the day chart it was all about looking for a breakout. This week it's all about follow through. I'm closing up on 15 min cart and returning to day chart now.
Comment: Stats for tomorrow Thursday May10. Check this out. I've just done a check since December 2017 on MACD bars. I took the 3rd day after MACD bars went into minus territory and deducted the high of the day from the low and these were my results:

All days ended down. Could tomorrow be the exception and end up?

Dec22 volatility high - low = $ 5,142
Jan11 volatility high - low = $ 2,360
Feb1 volatility high - low = $ 1,395
Mar10 volatility high - low = $ 835.5
Mar29 volatility high - low = $ 1,090
Comment: Yesterdays 15 min bulls just gone $9,100 next.
Comment: Or better to say where next?
Comment: For bulls, if stats are going to follow with a down day like the last time, it could be a good idea to at least do a higher high today than yesterday. Then again can't tell the market what to do.
Comment: I think my next chart posting will have to be entitled "#bitcoin waiting for breakout follow through". What's been happening today May10. Market has posted a higher high today than yesterday - good for bulls. Volatility so far has been unimpressive compared to stat figures for historic volatility that I posted yesterday - what could that mean? The upside breakout of last week has not retreated at this moment by as much as feared. The break to the downside of the first green upwardly sloping trend line may not have been as important as if it had broken the one further down.
Comment: So May10 didn't match up to the stats in volatility but did end day down. Stats for the following day may be a step to far. For now I'm going to switch to long on retrace through $9,157.55 that's 50% of H/L of my turquoise (light blue) rectangle on the chart.
Comment: I think my idea above when to go long a good one because as previously posted previous beak outs of turquoise (light blue) rectangle have been big moves and therefore have to stick with current flow down.
Comment: See my latest post and research results "#Bitcoin Buy zone between $7,271.3 and $6,745.1 (8 to 12 day Bear market from May5. Day 7 = May12)"
Comment: CORRECTION regarding count of days.

Saturday May 12 is 8th day and not 7th day in an 8 to 12 day bear market which began Saturday May 5th with high of $9,990.
Comment: Just repeating a copy of my idea posted on somebody else's posting:

The way I see it is that Bitcoin's technical expansion from the Aug 2016 low to Dec 2017 high did not form any consecutive weekly fractal highs or lows. This year Bitcoin is off to a good start again from Feb 2018 low and probably in the midst of a soon to be confirmed weekly fractal high followed by a weekly fractal low. I believe we are in an 8 to 12 day bear market which began May 5 and which will end over the next 4 days - Sun, Mon, Tue, or Wed max. Then hopefully away we go smash through $9,990 create the next weekly fractal high further up. Of course a lot can happen in the meantime to wreck my idea. Next week's Consensus event may help. NOT TO BE TAKEN AS ADVICE (ALL USUAL DISCLAIMERS APPLY)
Comment: Been thinking since morning whether the points I would go long should be lowered a bit, even been drawing some new downward trend lines but then I'm thinking what news on Mon, Tue, or Wed next week could keep the price down? Will sit on the side line for now. If price touched a Bollinger band set at (20, Close, 3) on 2hr chart that could interest me outside of what's already on my Day chart.
Comment: Tough decision 2 hour chart top Bollinger was $8,762.333 and price made it to $8,760 that's $2.333 short.
Comment: I think they only got that close because of the price drop near the end.
Comment: Is that a bear flag 2hr chart Top from 8631.7 to 8760 and Bottom from 8204.4 to 8218.2 ? Price looking like its going to break lower.
Comment: Largest Asian four hour drop since last Monday May 7th.
Comment: Incoming bunker buster flag just broke,
Comment: Waiting for follow through. Could develop instead into a rising channel.
Comment: If price breaks through supports, and looking at a bear flag then price could be heading below $7,600.
Comment: Copy of most recent post

#Bitcoin $10,956 plus by end Wed May 16 Y/N?

Previously market was looking at a drop from $9,990 of between $2,752.4 and $3,937. Looks like the 8 to 12 day bear market ended on the 8th day and that the drop won't be as great as the rise back up through the last daily fractal high by the 12th day. So I'm now thinking the reverse from $8,204.4 that would be $10,956 plus by end Wednesday ($8,204.4 + $2,752.4 = $10,956). Given market $8,825 high already today it's not impossible especially as were in Consensus 2018 week, and WOW what good news is coming out from there.

At the moment price appears to be caught in an upward channel. I expect price to break upward from that rather than down to new lows.

How I worked out these figures see my previous post "#Bitcoin next buy zone between $7,271.3 and $6,745.1"

Of course a lot can happen in the meantime to wreck my idea, but all looks clear for the time being.

Comment: My call long may have been wrong in this 8 to 12 day analysis of previous market action. MACD bars are in the minus area, and price has not broken higher though important Fib and trend lines as expected. Could head down for a new low, and global financial markets could also impact today.
Comment: Had market already hit $9,000 that would have been great.
Comment: I note a divergence in yesterdays bar. By that I mean whenever closing price and MACD bars close in different directions (marked with either green or red verticals in my MACD chart - have added a green to Mon. May14). If today market closes above or below yesterdays high or low then todays open $8,670.8 i.e. the day after open can be a useful stop loss trigger if the days following reverse and close above or beneath it. This stop loss idea is still a work in progress, but one of the ideas I'm keeping in mind while Bitcoin appears stuck in a holding position up from lows.
Comment: As admitted to earlier my go long plan B may have been wrong in this 8-12 day analysis of previous market action. MACD bars in minus, and not broken higher though important Fib and trend lines as expected. Could head for new low. Global markets could impact. Had market already hit $9,000 then better.

It's hard not to be thinking plan A the short right now aided by Global markets.
Comment: One more day to go and the market move is still a minimum $992.4 shorter than the stats predicted. Price still appears to be caught in an upward channel but now at the lower end.
Comment: Today the percentage of Bitcoin traders net-long is now its highest since May 04 when Bitcoin traded near 9653.15 well one more day to go.
Comment: Upward channel looks broken by bears now or under pressure.
Comment: Just touched the lower Bollinger (set at 20, close,3) on 2hr chart very often a directional signal
Comment: Today the percentage of traders net-long is now its highest since May 05 when Bitcoin traded near 9782.48.
Comment: My 8 to 12 day bear/bull analysis (tweets May 11 & 14) of previous market action ends today Wed May 16. The analysis may not have delivered expected volatility but when this bear ends, next bull run may need repeat like two consecutive down fractals made between Mar 23 & Apr 1 which were followed by Apr 3 retrace and Apr 6 confirmed support.
Comment: Copy of my most recent post

#Bitcoin going cautiously long, Consensus 2018, saw the low Y/N?

During, Consensus 2018, I'd say bulls won on points (market held up well).
Global markets could impact but there are loads of places to put stops in.

Better way of putting it "Bitcoin, Consensus 2018, bulls won on points (time spent above weekend low). Bitcoin now set to go higher, but not while rattled by current global markets and events.


Yep the shorts got took out big time with the fake double top i tried to warn people it was not worth selling
there btc and they would lose money as we are going bullish long term i believe all we are doing is healthy
retracement the whales have been in control this whole time and are taking money from the shorts im Vlong
and HODL until i sell..

Every time i see some one shorting btc they end up with nothing or losing everything so i go long and wait
its the best thing to do if the price falls below a certain price i will sell to buy back in ladder buying is the
best way when we where full bearish.

A Lot of people ladder bought on the big bearish trend we had and they will take profit on the way back
up its only natural if we fall below $9.050 then i will relook at my position and the market but i tend not
to worry about the price as long term bitcoin is Vbullish, more and more places are accepting bitcoin
there is a lot of work going on with block chain technology companies trying to implement it into there

But i would say the shorts are not making and losing a lot due to whales they will dump so much btc
on the market an drive prices down what would normaly take 3 months on a healthy pullback has
been happening in days if not hours..

This is catching new traders off guard and short term traders they are desperately trying to shill
everywhere LOL good to watch though, when regulation hits the price will stabilize and the
price i believe will rise allot as bigger investors come into the market will make sure the price
is what they want it at..

Might not be this year but when it does happen people who sold there BTC will be sick as a chip
if the bulls lose control of the market the big fish (Whales) i believe will step in and control the
market how ever they see fit.
Felix000 chase4fun2018
Current market strength was 50/50 to me but there are still some good looking bullish charts out there like ones you see. If I'd been following the 2hr chart then Sunday would have been best time to short. Depends what timeframes people are following @chase4fun2018,
Felix000 chase4fun2018
I also think bitcoin is good like you say. The money under $6,000 wasn't real money. It was just all people with lots of money to burn. Now the future is real money @chase4fun2018,
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out