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Like the technical picture emerges of the price movement of bitcoin .. the market Situation in the last two days resembled the paintings of the artist Ivan Aivazovsky *Storm at sea *(check this out).At the moment it is a complete destruction (Hiroshima and Nagasaki ,Stalingrad,PEARL HARBOR) . During the storm all the factors of technical analysis , completely unpredictable, and when it subsides and leaves vyrisovyvayutsya outlines of the natural disaster. H4 chart: the correction to the downward movement we saw, but it was much shorter than anticipated and stood at $418, and then downward movement continued.
On the daily chart: I wrote that you need to be willing to re-decline in the area of $360, but noted that below the level of the descent is not very likely.
Many I was attacked because I placed a sell order (it's against the rules,you don't know anything about trading) ,but it worked and we ,as always, the winners (the winners are not judged).

I put the Fibonacci level for new points of minima and maxima, that is, from $160 to $504, and allocated two support line of the upward movement in the price of bitcoin
After adding these three tools,the situation became clearer on the chart: broke below the Fibonacci level of 38.2% and moving in next at around $332, and where the lower support line Breakout of this level down will break the whole ascending pattern and descending to the upper border of long-range imminent. If the $310 will not run down - the power just will not come the Communists, but it will be before revolutionary times. Now in the neighborhood of $360, goes through two levels of support: the upper diagonal line of the rising trend and Fibonacci a larger scale.
So, I see the situation with bitcoin in the following way: if we today's daily candle will run the area of $350-$360 down, then go down to the range of $330 – $335, where it will decide the fate of the rising trend: through this range down and need to review the whole situation again.. In this case the nearest resistance is the level of $373, the breakdown of which will open up the way to $420.
Excellent analysis Alex.
Also, fantastic painting, didn't know that artist.
Thanks my friend.
a year ago
A blind man took place in the boat facing waves and storms. So far dark is his color, sitting there like an empty cup to be filled with fluid of knowledge...
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