BTC -- I warned you about the bulltrap, what's next?
Good afternoon traders,
Couple days ago I brought up the large warning signs we were seeing across multiple indicators, granted, had we continued they would have been negated, however at one point we were looking at divergences @ 20% from price, can't really ignore those sort of signs.
So what now?
We're currently at the decision zone as we'll call it -- what happens at this zone will affect the next week of bitcoin in all likelihood.
Key notes:
1) We're currently fighting a battle @ the 0.382 fib zone from the last bullish impulse, this is a quadruple support zone as we have daily 50/100 EMA, as well as the 4hr 50 MA at this zone (MA's are pictured, not EMA).
2) We're starting to curve up on both RSI and CCI, we want to pay close attention that they do not pierce that line, as if they do, we will be traveling down into the 9's.
3) We rejected the long term down trend and we've fallen out of the pitchfork and are currently creating a new trend.
4) We are on day 13 of uptrend, if your a TD sequential fan, you won't be surprised by today's reversal.
Putting it all together:
Quite frankly, if this zone fails, I do not have a target. This is about as powerful of a support zone we can get, and if we continue to break through it, I do not claim to know how low we will go.
Bitcoin needs a daily close above the two daily ema's today (50/100) to have a chance of continuing upwards.
If we close below these levels, there is a high probability we will continue to accelerate downwards.
Best of luck, and trade safe
Couple days ago I brought up the large warning signs we were seeing across multiple indicators, granted, had we continued they would have been negated, however at one point we were looking at divergences @ 20% from price, can't really ignore those sort of signs.
So what now?
We're currently at the decision zone as we'll call it -- what happens at this zone will affect the next week of bitcoin in all likelihood.
Key notes:
1) We're currently fighting a battle @ the 0.382 fib zone from the last bullish impulse, this is a quadruple support zone as we have daily 50/100 EMA, as well as the 4hr 50 MA at this zone (MA's are pictured, not EMA).
2) We're starting to curve up on both RSI and CCI, we want to pay close attention that they do not pierce that line, as if they do, we will be traveling down into the 9's.
3) We rejected the long term down trend and we've fallen out of the pitchfork and are currently creating a new trend.
4) We are on day 13 of uptrend, if your a TD sequential fan, you won't be surprised by today's reversal.
Putting it all together:
Quite frankly, if this zone fails, I do not have a target. This is about as powerful of a support zone we can get, and if we continue to break through it, I do not claim to know how low we will go.
Bitcoin needs a daily close above the two daily ema's today (50/100) to have a chance of continuing upwards.
If we close below these levels, there is a high probability we will continue to accelerate downwards.
Best of luck, and trade safe
Trade active:
I've currently bought in, we're looking for a test of $10,300, if broken, we should see a rise back towards 11k.
If $9800 zone doesn't hold (we're currently on the downtrend line) then exit the trade.
If $10,300 is broken, remain in the trade until it begins to breakdown.
If $9800 zone doesn't hold (we're currently on the downtrend line) then exit the trade.
If $10,300 is broken, remain in the trade until it begins to breakdown.
Comment:
9970 is the new breakdown zone, if it fails, exit immediately. If that turns out to be true, we got our lower high impulse @ 10141, and I imagine we'll be going down towards the next zone of 9300ish.
Trade closed manually:
Looking towards 9300 now
Comment:
Updated chart with zones of interest, double fip support / trendline support between 9488 - 9550. Possible bounce zone, if rejected, we should be looking towards 8854 for daily 200EMA.
Comment:
We had our bounce slightly higher than that zone of interest, I do not see any buy opportunities at these levels, if we manage to break $10,400, depending on market conditions we could have buy signals, until then, sit back, relax, and have a cold one while this plays out.
Comment:
9798 break up with high volume confirms move to 10145
then collapse towards 9200-9300
then collapse towards 9200-9300
Comment:
Looks like no trade anytime soon, keep on waiting!
Comment:
Not an elliotician by any means, but for giggles:
Keep in mind that leading expanding diagonal is very rare so take it with a grain of salt, but looks pretty spooky close.
Keep in mind that leading expanding diagonal is very rare so take it with a grain of salt, but looks pretty spooky close.
Comment:
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Twitter: twitter.com/Jedi_ant
Twitter: twitter.com/Jedi_ant
