BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
R = Reversal
C = Confirmation

This chart is based on Heikin-Ashi candlestick-analysis and a longterm pitchfork for finding support levels.
Possible outcomes:
- reversal at median ($7900)
- bottoming out at $5300
- bottoming out at $4000(/$3000)

Everything below $3000 should be considered very dangerous.
Comment:
R - Reversal
C - Confirmation
F - Failed

Didn't get rejected from basis of BB and have confirmation from current daily candle. Breaking $8k could be considered tricky.

Targets: 8,3k and 9k
Invalidation of current bull scenario is under $7k.
Comment: Comment from above failed.
Comment: 5k is imminent at this point imo. Watch out for potential support zones!

Another thing: I overlayed the 2014/2015 fractal. Might be interesting or worth nothing. Let's see.
Comment:
Big move about to happen -> three reversal candles in a row!

You can see possible targets in the chart above.
Comment: Target hit. No signs of reversal yet. Retest of upper dark red trend line at lower 9k possible.
Comment:
Reversal candle developed last week. Working on confirmation of bearish continuation, but we will have to wait until this sunday to get a clear confirmation.

Bearish indicators:
- RSI developed clear bearish divergence
- price bounced off of base line of BB
- weak support at 7k resistance

Future price?
- bounce off of orange line (somewhere in the $5k region)
-> if this is not holding up, sub $5k is imminent.
Comment:
We got confirmation of bearish continuation yesterday.

Targets are 6k and 5k
Comment: Current 6k level is a huge log resistance. There is currently no reversal candle in the making and I personally think that it's just a matter of time until 6k breaks. Levels to look for: 5,5k and 5k.
Comment: 6k didn't break! Got reversal candle yesterday and now working on confirmation. We'll know more in a few days.
Comment: Great reversal so far! Let's wait till Sunday for a clear confirmation.
Comment:
I don't trust the reversal. We only had one bottom on the Bollinger Bands which isn't enough for a full reversal imo. Additionally, BTC touched the midline (BB) and is nearing a bearish div on the RSI. We could get some short term relief but the overall trend remains bearish. I'm still looking at 6k and 5.3k for possible support zones.
Comment:
Good thing to don't trust. Got reversal candle yesterday and working on confirmation this week.
Comment: Confirmation is their and we saw a 6k low. BTC is really struggling to break through 6k. You could consider this a bullish sign, but I remain bearish until I see some price action.
Comment: Four reversal candles in a row and Bollinger Bands are tightening. Prepare for a big(-ish) move in the next weeks. I'm not sure about the direction. It feels kind of bullish because there is a chance of bouncing off of the orange line. Breaking through it opens the gate for 5k though.
Comment: I think we've done it boys and girls. The chart worked out pretty well and I think the bottom is in.

Comments

Target hit. No signs of reversal yet. Retest of upper dark red trend line at lower 9k possible.
Reply
Hey, how can I use Heiken Ashi tool on my charts?
Reply
strumz Nebo123
@Nebo123, right next to the time interval. Change from candles to heikin ashi.
Reply
Nebo123 strumz
@strumz, cheers bro
Reply
I like it and it is working
Reply
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