Hello, my beloved friends! Welcome to this update analysis, on BTC. Let's jump right in. Looking at the four hour chart, we can see that after dipping below the bottom of the downtrend channel, BTC almost touched my downside target, but it was stopped just above, around $6,000. Then, the buyers rushed in, with strong volume, pushing BTC back up inside the downtrend channel. One thing I want to note here, is the volume. You can see that at the bottom of the last bear flag, the green volume was very high. Again, during today's bounce, the green volume is extremely high. This is showing us that the bulls are showing up in force, and they're trying to form a bottom here.
And now, my fellow crypto lovers, I'd like to draw your attention to the star of this analysis — the MACD! As you can see, the MACD has formed three low troughs. However, each low trough has been higher than the last. BTC, on the other hand, has continued to trend lower. This is a massive bullish divergence, and a possible clue to a major reversal. With that said, like all analysis, it is conditional. We need to watch the MACD, and the price action closely. Specifically, we don't want to see the MACD break the rising green dotted support level, and we definitely don't want to see it make a lower low. People have been pressuring me to produce a reversal signal, and this is something that could POTENTIALLY be a signal of a bottom forming. Keep in mind though, if the bullish divergence is broken, it would be negated as a potential reversal signal. We can see that a bullish crossover is impending on the MACD, confirming the return of the buy-side pressure. Additionally, many of my downside targets
In summary, the bulls are posting some strong recovery volume, as they fight for control of the market. There is a massive bullish divergence on the MACD. There is a bullish crossover on the MACD. The bulls have pushed BTC back into the downtrend channel, and BTC has practically made a full correction to my downside target.
In a stark contrast, the cryptocurrency market capitalization chart tells another story. There is no denying, that it looks like a bubble that has just ruptured, and is in the midst of complete implosion. The bottom of THAT chart, appears to be miles lower.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
we have waited for $ 5700 from you and you rely on the chart you have drawn, but it did not come and we did not get it at the price of 6000 USD because of you. Do not make people mislead anymore. You can not do this job.
@RAMES68, don't blame him if you where too dumb to pay attention...it was a prediction, not for a maximum even. Even if he lied (which he clearly didn't) it's still you who is responsible, not that random internet dude you listened to.
@RAMES68, you should buy at 6020 who could possibly be 100% accurate, did you consider possibility that minor mistakes are possible...?
erikaschoen
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@RAMES68, wait for it.... it will come! I trust this chart 100%.
ETHMiner
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@erikaschoen, If you want to be successful at trading, you can't blindly follow people or get married to ideas. We just saw an inverse Head and Shoulders break bullish with a price target of around $9,000, with major volume confirming it.
peregringlk
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@RAMES68, who says the correction is over? Anyway, no one could predict the future. Anyway, patterns usually works better that it seems; it could still touch 5600 (I hope it doesn't though).
There has been a bounce because the RSI was too oversold, even from 1 min to 4-hour timeframes (in all of these timeframes there was bullish divergences in oversold conditions). Bears needs a break, but we have a heavy resistance area from 8k to 9k, and 9k to 10k (which is the worst), and besides, a downtrend line passing throw 9400, comming from 17200 and 12000 (I think bitcoin will touch that line; 9200-9400; without too much trouble anyway).
After that, maybe price bound back when reaching ~9400 and finally go straigth to 5600 as predicted here, but RSI must rest a bit first to be able to do that (the current uptrend).
I hope it doesn't cross 5600 anyway because otherwise, IMHO we could have a real bubble crash; even 6000 I think is too far already, according to what I have read in different places... because they go against any bullish line or EMA trend bitcoin was counting on these past years; so if 5600 is touch, pray for a very very big wick to retrace from there soon; if it doesn't, you can say goodbye to the parabollic uptrend in 2019. Anyway, I don't think whales want that.
If instead, price rests in 7400 and bounce again (to get a fifth elliot wave), I think the downtrend line will be broken!!!
chefluc
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@peregringlk, no one know everyone hope ..or..pray for a BTC at 100K but effectively there are chances if you have a simple look a the down curve on 2.5 years chart and if you follow the elliptic line that normally it should for further down than 5k it could be 3600 mid april..
But this will will have a good idea after the 15 of February
we have waited for $ 5700 from you and you rely on the chart you have drawn, but it did not come and we did not get it at the price of 6000 USD because of you. Do not make people mislead anymore. You can not do this job.