Big Players Playing their Plays on Bitcoin Part 5

So the target of 8100 was reached, after allot of confusion in between, we did drop below the previous low of 8200. I mentioned a few times that we still needed to make a drop below the 8200. I posted 2 scenario's in my previous analysis, a bullish and a bearish one, but both said we needed to make a drop below the 8200 first. So we got here today, and now the signals get mixed a bit, like the 50 yard line for the med term. The lower low is set, typical bullish divergence for the ones who like it. But divergences can keep on going, means the drops wont be big (probably), but it could still bring us lower. And like in the EW, we have completed 5 waves. :) The standard TA i normally don't really use, only as an extra tool sometimes.

Bitcoin is still following the fractal, no identical but many similarities again. I remember some details back from back than, with also confusing signals and moves up and down like we are doing now. So according this, if it follows the next stage, we could be headed for another big drop. But as the last few fractals, they only worked for a certain part of it. So i am not betting my money on only that. I think everything above 7800, could still be considered as a potential higher low since the rally at 6K. So 8100 has been reached, and i am bringing my trading sizes back from 4th gear to 2th/3th gear. Unless we break the 7800, than i could believe more in another big drop. Just to give you a sense of how look at it.

Some of the bigger Alts are showing bearish signs as well, even this weeks Golden Child ZEC is having troubles to push higher and is almost making the first step to confirm the short time frame up trend could be over already. I know another rally is even possible, to even 8600, but i think chances are bigger that we will see lower prices very soon again. This is no action to make small trades with tight stops, we have seen what happens the last few days. This is a moment, that IF you want to trade, you have to have a plan and adjust size and risk and believe in you plan if you have done your research. These moments, like the last few days are the worst for emotional (day)traders.

Good Luck,

David



Previous analysis

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Just keep on doing it, amazing. Can't really say if it broke out or still inside, but dropped quickly again so big chance they just keep on going.

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Now it looks like a rising triangle :) But fake breakouts happen on both sides. So i think the real levels to watch now are 8600 and 8100. A break of one of those two, could mean a short/med term direction.

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What is there to say, false moves up and down, just keeps on going like it's never going to end. The upwards breakout had resistance had resistance at 8500, for the second time. I am convinced it's part of a plan, what can't say yet what it is! It's obvious a squeeze is being created, my guess is down, because it fits the picture, but these whales don't care about TA. Since we are at the 50 yard line, it's very difficult to what the plan is.

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So almost 2 days now of this beautiful action, this action where certain people getting filthy rich. Anyway, looks like a triangle now, but still not giving real answers on what we con do on this time frame. These formations are almost 50/50 to where the breakout can be

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Even here we can see, looks bearish and about to break down, but still anything can happen. Almost similar

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Bitfinex chart, that triangle i showed earlier, looks like it's about to break.

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A break of 8200 could maybe confirm it, otherwise we still need to assume we go sideways

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If it can't get above 8300ish soon, we have to assume it will break and drop towards 8000

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Think (hope :)) we will see some direction soon, looks like it will drop

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The longer they keep it here, chances increase it goes through sideways opening the way up again on this time frame. Sorry guys, just to much sideways action, most difficult to predict. Bigger picture and the fractal say down, but can't say if we see another (fake) upwards break out first or not.

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Now i am curious to see, if they just spike it back up again. Otherwise, target is around 7900/8000

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Could go higher slightly, but it's at resistance now. Only a break of 8400 could make things bullish again

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What i talked about in the beginning, divergence can just keep on going. It can easily make another drop like this. This is the main reason why i don't use indicators for the day trading, for the bigger waves they could be more useful.

Looks like it is a support line, but depends on the plans of the market, chances are bigger we see another bounce here, but still 30% chance it just drops through it if the market is really negative, maybe even disappointed in Consensus 2018 Fairytail, who knows

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According to the fractal (blue circle in the primary chart), we will probably keep on dropping. But as i mentioned before, the last few fractals only worked for a while. For now i do think we will see much lower prices, only a rally above 8400 would make me doubt and a rally above 8800 will change my mind probably

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Target of the triangle was reached, so there is a chance we could see a correction up again. So far it's pushed back into that triangle that looks like a bullish wedge, but i am not really convinced of it. But so far it looks like a false breakout which could confirm the pattern. A break of 8300ish could bring us higher again, but the trend is still down, at least below the 8300

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This wedge could bring price back to even 8600/8800, Should not break the low anymore

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New update