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.
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.
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.
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.
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.
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.
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.


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