A possible bearish scenario for BTC could be a retracement around 8400-8300$
We are now sitting on a support visible on H4 timeline and another pullback could lead down to the next daily support at the price mentioned about, this match also the 0.5fib and the 200 SMA line is just above usually acting as a strong support.
On the daily timeline MACD is crossing, it's worth to keep an eye on it.
On the other hand If the price break over 9600$ I think this scenario will be considered invalid.
Now I think that there is another variable into the game that could drive the price a bit crazy: the 2018 Consensus conference!
It's on 14-16 may, this is one of the most awaited crypto summit of the year and could potentially influence the price in a positive way as happened in the 2017.
I'm just speculating but if the correction fall into the conference timeline how market will react? This will the last time we see price around 8K?
In any case the next days will be really interesting!
We are now sitting on a support visible on H4 timeline and another pullback could lead down to the next daily support at the price mentioned about, this match also the 0.5fib and the 200 SMA line is just above usually acting as a strong support.
On the daily timeline MACD is crossing, it's worth to keep an eye on it.
On the other hand If the price break over 9600$ I think this scenario will be considered invalid.
Now I think that there is another variable into the game that could drive the price a bit crazy: the 2018 Consensus conference!
It's on 14-16 may, this is one of the most awaited crypto summit of the year and could potentially influence the price in a positive way as happened in the 2017.
I'm just speculating but if the correction fall into the conference timeline how market will react? This will the last time we see price around 8K?
In any case the next days will be really interesting!
Trade active:
We have seen that the price bounced at the H4 resistance I've traced; there was an RSI divergence in 1H chart and the breakout happened.
This could be the leg B and should reach the weekly resistance, maybe form a double top on 1H chart around 94xx$ and turn back for the last leg.
However this is just speculation, there's no guarantee that the ABC correction will complete with the consensus summit event so near.
There is a lot of buzz about the conference and the sentiment is definitely positive, this really matters of days and I suppose that the dip could happen around the end of the week.
Again this is simply speculation but for sure a correction like that at the door of the conference will be a nice entry point!
This could be the leg B and should reach the weekly resistance, maybe form a double top on 1H chart around 94xx$ and turn back for the last leg.
However this is just speculation, there's no guarantee that the ABC correction will complete with the consensus summit event so near.
There is a lot of buzz about the conference and the sentiment is definitely positive, this really matters of days and I suppose that the dip could happen around the end of the week.
Again this is simply speculation but for sure a correction like that at the door of the conference will be a nice entry point!
Trade active:
Yesterday price almost reached 9400$ and now a sharp reaction bring it down to 9050$
This turndown is a bit anticipated respect what I traced in the TA (I've now slight repositioned the ABC points), anyway this could be the start of C leg.
At the moment we are sitting on the lower trendline, I expect a bounce and a retest, from here we could go down and potentially completing the ABC correction or go bullish
This turndown is a bit anticipated respect what I traced in the TA (I've now slight repositioned the ABC points), anyway this could be the start of C leg.
At the moment we are sitting on the lower trendline, I expect a bounce and a retest, from here we could go down and potentially completing the ABC correction or go bullish
Trade closed: target reached:
BTC Target slightly changed, B leg ended a little shorter than expected and C leg could end and between the previous bottom @8700$ and support @8440$ ...we are oversold on 4hr and are touching now what I think is a good entry point!
Trade closed: target reached:
In the end BTC bounced in the zone I've predicted at the start, the 8200$ support was solid and the sell pressured ended here, I've managed to place my positions around 8430$ and 8260$.
On a short term point of view the trend is bullish and we could see a rise up to 8900-9000$, watch out those levels because are first resistance zone and remember to raise your stop-loss.
Hope you had a nice trade and enjoy the profits!
On a short term point of view the trend is bullish and we could see a rise up to 8900-9000$, watch out those levels because are first resistance zone and remember to raise your stop-loss.
Hope you had a nice trade and enjoy the profits!