As I stated in my last published idea, Bitcoin is falling and falling fast. Please put your pride aside and make money will you can while the market continues to tank before the regulators come in. WE ARE IN A BEAR MARKET! Let us not keep falling for the moon reversal that Bitcoin keeps fooling us with! Now, with that said- lets get down to the numbers Simply...
101 Technical Analysis
A Short time frame Scenario points to 8.400 usd for BTC. As previous Descending wedge break out was not with volume and violent. A trade around 8.400 levels might mean, the worst is over but the recovery will also be slow.
Great pop after a few weeks of accumulation. Nothing to see here until that could change the longer term projection unless 10500/11000 is regained. No trading advice here just some longer term thoughts. Cheers.
Buy ETHUSD between 300$ to 500$ with great P&L ratio and hold it for rest of the Year to reach the Targets.
BTC/USD Shorts at all time highs and BTC is not dropping anymore. Also BTC has showing signs of weakening sellers as the falling wedge touched the upper band. Too early to bet but some sunny days might be approching
Target 5591
Since 06 FEB dip, BTC has rallied and has been churning around the upper band. This is a bit nervous structure for both Bears and Bulls. For bears , definitely waiting for the lower band to get in while bulls and anxious about keeping in the down trend. My experience tells me that, there is a kind of will to go up but still waiting for the cheapest price to start...
Analysis is in the chart. Long story short we still have a long ways to go and the momentum indicators are not looking great. If you look at my other analysis on the hourly chart you'll see a bearish divergence taking place on the RSI. Seems 70 is the cap in this market and this is why we are seeing prices stalled around 8.5K zone. Anyway have a look at what...
From the chart, we see that we breached the longterm trend line. It could be a sign that we are going further down in a few days, or that it was a false break down. However, typically on the past 2 crashes, we were following with strong buying volume as pointed out by blue arrows. Today there was not much buying volume as i would like. I wouldn't place any long...
BTC seems to be on a pattern repeat. Both on the price line and RSI. Let's see how this plays out, I'm bullish short term. 1-2 days. But bearish long term. We might end up testing 8.5k USD soon, after a retest of 13.5k range.
| Summary | Fuelled by the perfect storm of uncertainty in Asia, regulatory pressure in the US, lack of market exuberance and over extension in price action, the 100d MA Bull to Bear Cycle has now completed with price action hitting the 100d MA support on 16/01/18. The current cycle lasted a total of 124 days, which is an over extension of 8d past the...