jackdavidpiney
Short

Bitcoin Bears are back. The weekly 55 EMA... $7400

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
$7400 shouldn't surprise anyone, 20-40% corrections are commonplace in BTC price history.

Failure to the drive into Ichimoku Cloud resistance, the Swing High and failure of 9 & 20 EMA support prompted this chart, and although most know me as a bull we can't let our bias get in the way of our technical analysis .

Measuring from the lowest body of the 2014 correction to the highest body of 2017, the Fibonacci Retracement shows typical support regions at the 55 and 90 EMA's.

The pitchfork shows diagonal support blocking the fall to sub 5k.

Price has hit $8400 at the time of writing, the whole world of retail Bitcoin traders is watching this level and hoping for support.

Here's to hoping 8k holds for the bulls!
Comment: What's next?

Updates coming soon.

Comment:

Wake up Bitcoin.
hi,
if u r using Ichi , then why No. of MA
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jackdavidpiney pk29121976
@pk29121976, They increase visible running support and resistance for continuations.
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Hi i don't agree sorry i don't think they are i see we have just about finished the C wave you will see a bull run soon :)
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jackdavidpiney chase4fun2018
@chase4fun2018, No need to apologize Chase!
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Felix000 chase4fun2018
The way I see it is that Bitcoin's technical expansion from the Aug 2016 low to Dec 2017 high did not form any consequitive 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)
@chase4fun2018,
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@Felix000, Very concise! Keep us informed.
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