Felix000

#bitcoin just a retrace idea but prepare for worst Y/N ?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
This is a study I like doing with bollinger's set at 20,close,3. Worth calculating odds of signal of market direction when price touches top or bottom of Bollinger bands , including there about.

I have boxed in the price ranges before the bar that touched the Bollinger band (in both examples the market was trying to push higher but failed). Best case scenario is that the market is developing a fractal low (a serious support level if broken at a later date).

I've then used the Stoch RSI and Ultimate Oscillator for comparing price action. I have compared two periods of price action where both the Stoch RSI and Ultimate Oscillator look simillar. I have drawn boxes in the Ultimate Oscillator for comparison study. The yellow arrows could indicate how close this price drop could be to hitting bottom.

Todays             open of $6,715.2 will a good point for future review if the day bar closes above, as yesterday's candlestick was red but the difference between the MACD and signal i.e. the histogram grew - a divergence. For now bull's are loosing ground.

NOT ADVICE. ALL STANDARD DISCLAIMERS APPLY. DO YOUR OWN RESEARCH.
Comment: Now that fractal low of 13th June has been breached it looks like we could have a repeat scenario like 20th May to 31st May, and if this months fractal low is breached in July then July could turn out like February scenario.

Interesting to see how the two hour bar study above works out.

NOT ADVICE. ALL STANDARD DISCLAIMERS APPLY. DO YOUR OWN RESEARCH.
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