$7400 shouldn't surprise anyone, 20-40% corrections are commonplace in BTC price history.
Failure to the drive into Ichimoku Cloud resistance, the Swing High and failure of 9 & 20 EMA support prompted this chart, and although most know me as a bull we can't let our bias get in the way of our technical analysis.
Measuring from the lowest body of the 2014...
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.
Can the 55 EMA hold this time?
Notice the times we failed, we were under the 9 & 20 EMA... Not this time... Will it make a difference? I expect so.
- The EMAs to flip Bullish (9, 20 & 55, top to bottom sequence.) MACD Bullish cross to hold and RSI to hold 50.
Worst case scenario currently, 90 EMA test at $8200-8400
I have Buy orders all the way down...
Until we find support on the $9100, the bears will continue to talk about 4.5 before they consider that 8, 7, 6 & 5k also exist...
Daily 55 EMA Support at $8400
Currently leaning bearish and considering how low we might go.
A daily and 4hr chart analysis.
- Bearish day after a bullish rally. Huge historical resistance hit. Possible retrace to 9-10k. Major support at 10k but a retest of 150 EMA, 9500-9700, likely.
- If the Moving averages cross (Red and Green) expect trend reversal confirmation from 90% of analysts, including myself. My only concern at this point is...
Bouncing on the long-term upper trendline, stuck between the 9 and 20 EMAs, also under a price action based horizontal resistance.
I have placed 3 Fibos, 1 showing the possible fall, and 2 to support the possible trend reversal out of the correction.
I am not making a move here, watching and waiting for confirmation either way.
On the 1D BTC chart
Another day of bullishness and so far in today's session we are looking strong above the 150EMA and the upper trendline.
My only concern is the inability to close above 10,300.
RSI has, at last, broken it's LH LL downtrend.
Other than this there really isn't much to report.
Just remember that we have seen similar action in the recent...
Analysing the past 24 hours, mainly focusing the close of the day and the first 4hr candle.
Today looked good for btc until 8pm GMT when the bears took over, volume has been on a
steady decline and buyers just aren't up to the fight yet.
My guess is that most of the buyers are not in btc for the
long haul and are simply trying to stay afloat during this...
Noting accurate Fibonacci retracement levels,
150 and 400 EMA and the RSI we can scout for the buys / the bottom.
As you can see, over the history of BTC, we regularly dip to
and even pierce the 150 EMA, this is usually our buy signal.
What doesn't regularly happen is a candle opening and closing UNDER the 150 EMA... (bearish reversal candle)