if you hadn't seen, Elon Musk, CEO of Tesla and one of the biggest influencers globally and on social media, changed his twitter bio to just one word - #Bitcoin
Millions of people realised and BTC pumped 5K in 4 hours. Social media power.
Also he helped the $DOGE agenda by posting a picture of a magazine called Dogue
BTC 4HR close above the 37K blue region...
BTC has had an EMA cross down on the 4HR, being the 50 and the 200 which is a sign of trend reversal - into bearish momentum - some form of downtrend
BTC has fallen out of multiple pennant structure - sellers were winning
Positively though we have got bullish divergence forming on all time frames up to 12 hours which will be strong buy back signals
For me, 27-28K...
The measurement method from the two pennants we have drop us to 25.5k and 21.8k
I'm expecting us to have strong buyers in these zones from 28.8K-29.3K, 27.8k-28.0k, 25.5k, 24.4k-23.8k
Can set bids in these regions with tighter stops betting on good demand in these areas
If not wait for the confirmation of the restest of that level, or likely as it will wick up...
Bullish pennant definitely forming here
We have had multiple similar bullish formations on the BTC chart but they haven't really pumped with any volume and have gone up 1k, down 2k, then back up 1k, has been very sideways tending around the 36300-36700 level
If this breaks it could be mega, lines up almost perfectly with the 2.618 from the 2017 top to 2018 bottom...
In the run up to the ATH of 19.6K-19.8K we had 10 strong corrections. Listed below:
1300 -- 32% 22D
1800 -- 15% 2D
2800 -- 34% 2D
3000 -- 38% 35D
4400 -- 19% 5D
5000 -- 40% 13D
8000 -- 30% 4D
11400 -- 21% 2D
16600 -- 24% 2D
TOP of 19600 -- 43% 5D
From Bitstamp taken from wick to wick of candles - max distance
So far we have only had 3
Each about 10% and only...
Evident there is some form of current profit taking
1. weakness in the market, we loose the bottom of the range at $36300 and it could dip down to $30300 which is the 1.618 retracement from the 2017 ATH to the next lowest point which was in December 2018
while writing this it has bounced strongly from support of $37200 by $1000, which makes scenario...
40K for BTC. Huge milestone. 1 trillion market cap for the whole of cryptocurreny as of yesterday.
But where next?
If this 4HR closes green it forms a nice hammer, keeping bullish momentum with almost a 2K wick at the bottom.
As a result I belive that would be the end of the bearish divergence leg down
However, if we get a 4HR crossdown on the MACD be cautious as...
This market is insane guys
It's too fast for me LOL, called a couple bids on twitter earlier when stuff took a little retrace and got into a few more things, e.g. XLM just above 0.27 cents
With this price discovery, fibs are one of the best ways to find targets, at least so far this run they have been reliable
the 1.1618 level over the most recent breakout play...
Yes guys BTC and the whole crypto market is moving upwards smoothly right now
Lots of coins closed above key levels on the daily, XLM, Link, Eth and BTC for example causing buyers to enter
BTC has hit the 3.618 fib retracement which was summoned from a recent breakout trade. Not much else to use to create levels of SR at these price discovery levels
If BTC can...