After a long time I have decided to make a new video analysis, covering some of the charts on cryptocurrnices that suggests to me that bears are not done yet.
There is a slow price move, a lot of triangles all over the place, so new lows may occur as contracting range can represents a continuation pattern.
Also, there was some nice rally on BCHUSD but resistance may not be far away.
Overall speaking, I think bulls will come but we may have to wait till next year.
Please keep in mind that this is my personal view on current market conditions and that I can be wrong. Analysis provided is NOT any investment advice!
Trade well,
GH
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Traders, from our experience, when price is so close to the lows reversals occur very rare and this is because the market doesn't allow entering positions with such small stop-loss. These stops should be cleared out first. Also, we think that the bottom will be formed with much more volatility and not so slow, probably with a huge spike into new lows and then we can expect a bullish reversal in the whole Crypto market, probably at the end of 2018 and beginning of 2019!
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BTCUSD and others are coming down after higher resistance were tested last week. Even strong BCH from a few weeks back, found sellers, and it looks we may see much lower prices still.
Make sure to keep an eye on new free updates in week ahead!
GH
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Here we can clearly see a bearish reversal as expected and if we respect correlations, then we may see even more weakness towards new lows, just be aware of an intraday corrections!
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Crypto currencies fell about we warned you in our past free updates.
BCHUSD bulls from a few weeks back got killed brutally. and it appears more damage can be seen as BTCUSD remains trading within bearish impulse.
Trade well! GH
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As expected, Bitcoin came even lower and hit first projected 3500 support/bottom level for the final wave 5, from where we may see a bounce at least in three waves. Just keep in mind that there's still room towards 3000 area or maybe even lower, so we strongly suggest to wait for bullish evidences, which would be a sharp bounce back into 5000 area or just an impulsive five-wave rise. But, to confirm Bullish reversal, it needs to go all the way back above 6200 region!
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BTCUSD Bitcoin made only three waves of recovery right into resistance area of wave 4, so seems like Crypto market may face another, maybe the final drop. BTC can see 3200-3000 area for wave 5! #BTCUSD #Bitcoin #Cryptos #cryptocurrencies #elliottwave
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Slow and sideways price action in the Crypto market indicates a correction, probably a triangle continuation pattern, so at the moment we don't see any bullish evidences yet! #Cryptos #cryptocurrencies #bearish #triangle #elliottwave
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After this today's bounce, Bitcoin may stay sideways in a bearish triangle pattern of wave 4, so seems like slow and sideways price action may continue in December before we see a decline towards 3000 area.
Both Coin Cap and Bitcoin arrived at bottom of triangular convergence.
Now, Can I expect that the drop is over?
What do you think about this? I want to hear your opinion.
1) Coin Market Cap
2) Bitcoin
ew-forecast
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@pkb6698, Very nice! Can be, but to confirm out view, we need an impulsive bounce at least back to 6k away from that 4200 lows! Cheers!
You the man Grega! I normally do rely on my own analysis only, but am always happy to see that you've came up with a new analysis or update. Clean and easy understandable count. Keep going! :)
nice review, thank you! Facts only: shorts crashing, 6250 super strong support, BTCUSD under heavy accumulation, MEX order books bulls reign supreme.
More details - see chart!
ew-forecast
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@niceryders, Thank you for sharing your view! Good luck and trade well!
pkb6698
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1) Total Coin Market Cap : 204 vs 2018
2) I'll just let you walk only the flower road!!
Very interesting. Thx for sharing but i see 2014 vs 2018 pattern different. there were lower lows in points 4 and 8 in 2014 but not in 2018..so new lows still ahead?
pkb6698
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@ew-forecast, Thanks^^ I got it. This chart above I listed is for BTC. What I wanted to say is about the Total Coin Market Cap chart. The tradingview do not support that, so I used BTC chart in my main idea, and Cap chart was listed in comment. You can see differnt thing in BTC chart, but in comment Cap Chart do not have differnt thing.
Now, Can I expect that the drop is over?
What do you think about this? I want to hear your opinion.
1) Coin Market Cap
2) Bitcoin