nathanwelch

BITCOIN 13TH MARCH LATE EVENING DETAILED ANALYSIS

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
With the bearish flag forming and holding as a strong support, bouncing many times. I personally believe that a strong downward movement is imminent as it cannot continue to hold. Each time it attempts to uptrend the 55 ema (yellow line) acts as a strong resistance. The RSI is forming a symmetrical triangle which is also a sign a large movement in price could occur however doesn't have a bias to up or down.
I'm targeting a 1:1 Fibonacci extension of the 1st wave down to reach wave 3, at the moment it's moving sideways, however, this is due to the bearish flag .
The 5th wave down is targeted at 1.618 Fibonacci extensions of wave 1; this travels just past the 0.618 Fibonacci retracements of the 5 step impulse wave up. This is the golden ratio where the price likes to drop to as many traders use this level. Between these levels is the support of wave 2 which adds even more strength to this zone
Long term I remain bullish as if it corrects this far, 0.618 is a normal correction and an impulsive wave up may be next. Up to 13400 USD (From a 1:1 extension of wave 1, as wave 3 is often the longest and never the shortest) and after a correction, a move to 17000 USD is definitely possible.

Of course, the flag may not break and if the price goes above 9750 USD with the volume I would discount this play and the bullish count will be more plausible.

If you want to know the shorts I'm playing, let me know :)

PEACE, LOVE & CRYPTO
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