Seen strong selling at the recent test of the price zone of 4k
the origin of the move was down back a the lows of around the 3400k level
If price pushes back here there is a lower risk long position from here to re test 4k and if weakness is found go and test 5.5k levels
bitcoin bounced off its long term support, there are 2 options, we could be sat in the accumulation zone of 6400 for a while or be continue the trend and slow decline to below $5000
now what is even more interesting is BTC below $500 would open the doors to a huge cup and handle so keep your eyes peeled, this is the best case scenario!
Dangerously down, BTC just broke a support that shouldn't have been broken, it happened yesterday and the only way to come back to up trend is to return to the up channel within 48hrs ! -Now it only remains 36 hrs. Why ? Because many algorithms trade within 2 daily candles in trend, therefore if in 2 days this is not back into the upline, you could expect a deeper...
Head and shoulders has clearly formed on BTC daily. Using the theory that the drop from the neckline break is equal to the difference between the peak of the head and the neckline, I expect price to drop to around 6600. This is coincidentally, around the same price where the most recent low sits, so there could be some strong support there.
price may bounce...
With this wave count I show how my original count (to $7700) could still play out. This would be through a continuation of an ABC that would fulfill a WXY, test the 0.618 (of the macro level move) AND re-test the current downtrend line as support (line shown in red from my earlier analysis).
The sub waves are fictitious - just to be used as examples! I do not do...
I was thinking a lot about next move of BTC and saw many ideas about bubble fractal. Now I belive in it against all my desires to belive or not in this theory BTC is repeating 2014. There is Consensus in near future and I think we can see retracement to 9100 level but generaly after it we can go on lower low...
This is on the 15 minute time frame i have made good money from seeing such crossovers and
this looks like it could be one of them..Time will tell but keep an eye on the 2-4 hr charts to
see if it does cross over on that time frame for better confirmation but i just want to get this
out so people can make up their own minds..
I want to get this out quickly on...
8400 support or 7k retest?
Looking for .618 Support. $8400
Expecting .705 to hold. $7000
55 EMA support
RSI divergence. Trend.
MACD possibly dipping under 0. (Not happened since 2014.)
T3 CCI failed to cross above 0.
As you can see bitcoin has complete a rising wedge, in my opinion this is due to a equilibrium pattern forming here leading to about 10k for it progress to completion.
- I have the targets and stops set on the chart. :D
Pattern indicators show downtrends.
Bollinger Bands widening, likely to narrow as Bear Flag completes.
Bear Flag predicting further downward movement.
support levels of 5k broken downwards, expect further bearish movements.
Personally, 5k seems like prime buying opportunities as trends seem unlikely to move under support levels.
Recent days have been a wait and watch brief on BTC/USD as an inner wedge has formed (white trend lines). Today we broke out of that wedge with a bearish movement and currently we lie almost perfectly on the 50% Fibonacci retracement. If we break the Fibonacci 50% then there is a possible opportunity to short as we could be headed to the bottom yellow trend line...