Lower volume than prior uptrend indicates weakness, if you take a look on the weekly chart you can also see bearish engulphing candle that took off 3 weeks of uptrend in just one candle, in fact 85% of the retracement was given in 24 hours, this is something that we can't ignore, selling preasure was way too high, and it will probably show up its power again...
Looking into the theory that the 2018 Bitcoin chart painting is eerily similar to the bear market of 2014 - Maybe the MM's algo is doing it all over again. Take a look and decide for yourself. History may not always repeat, but it sure does rhyme. I don't necessarily believe we will see $2,700 BTC any day soon, however after unbiased perspective it is not out...
Let me know when this simple channel breaks. Otherwise, seems like bear trend takes us back to at least 3k before turning around. Not financial advice; do your own research; I'm a plebian; etc
Hi traders, as you can see we predicted harsh down from 7800. Our target to go long or to accumulate was 6850 which surpassed as the trend line of the triangle was broken. At this moment we still seeing more downside action towards the previous supports (6000 and 6450) due to: - a pennant which is a bearish formation which indicates continuation for the...
BTC/USD - I get asked a lot - When will the bulls be back? My answer is simple, we all want to be bullish but when the facts on the charts are pointing toward an ultimate bearish scenario a bulls mind can change very quickly. What we are seeing on the daily chart above is a huge 16 week accumulated wedge on BTC. We had a double top around the $7,750 - $7,800 mark...
I just want to apologize for the large amount of rays, I prefer to keep major support/resistance lines plotted. BTC really abides by them for good buy/sell lines. With all the downtime I am getting today and the expected retracement and subsequent bull-push I was waiting for, I've decided to take a little look at the information in front of me instead of twiddle...
Looking at the Fib overlays, BTC is moving around the .5 and finding resistance at the .618 range in the more immediate trend and in the longer range fib. Applying the Fib time zone we can see that from the formation of the high at Mar 5, the next two segments of the fib trends are a repeat of itself, there are double bottom adams that repeat in zones 1 and 2,...
I had previously called out for an Elliot wave inside a channel and a corresponding cup and handle formation. It seemed we were on track to fulfil my targets - we did have BTC pierce the 100 and 200 EMA a few times but it was finding strong support on these averages and the corresponding fib level - 78,6%. Lets not talk about the past, dwell on the past as it...