We are looking a good consolidating pattern for BTC. It seems to have exhausted the current bearish movement. Stoch RSI is showing oversold signals, and the minor ABCD in lower timeframes have been succesful CURRENT $10.400 Levels seem to be holding.
We are Green on hitting a C At the 1.618 level We are green on Stoch RSI for trigger We are green on Candlestick formations indicating bearish movement exhaustion We have yet to see the confirmation of a clean Countertrendline Break in the hourly Chart in order to commit.
If you are In STAY IN.
If out, WAIT FOR THE CONFIRMATION OF THE COUNTER TREND LINE BREAK to proceed with confidence.
It is becoming a good entry but we've been fooled before so wait for final PA Confirmation.
To see a clearly way up we normally see a lot of volume at the bottom of a dip. So clearly we havn't triggered the stop buys and even the manual traders are not going to enter because everybody is shouting we're going to hit 8k.
And don't forget about the ending futures upcoming Friday... Don't be surprised that even if we go up now we can be down by Friday.
ChrisSchwarz
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@severt, Agreed. That is why we need confirmation of the movement. Fundamentally speaking going all the way back to 8k or 5k like some jokesters have been preaching it way to hard in my opinion. Can we see a temporary slide to the south Absolutely, But a trending bearish market taking out the Current lowest low. Is highly unlikely.
For a proper rally we need more of everything. But it is a good place for a matrix/grid trade. Although still hedging confirmation is required.
knadkicker
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U need to share whatever your smoking. RSI is weak as @$?’! 9K by tomorrow morning or earlier
ChrisSchwarz
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@knadkicker, I don't claim like you to know the future. Only advise on what the TA and PA is saying. Possibilities to the upside are possible as long as we have good momentum, which has stopped for the time being. The entry marked in the explanation is perfectly valid. The assumption that it wil certainly go to 9k or lower is also valid as well. We need to see a clear move and volumes in order to get rid of this consolidation.
It retested the higher nines and found no steam. It went back up to test the upper 10's and momentum ran out. So right now it is a waiting game.
NomeSobrenome
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Good to know that someone else came with the same conclusion. I am only waiting the counter to set my order.
NomeSobrenome
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In my opinion, bulls were impulsive and made theirs moves in the wrong time, it will take some time to recover..
ChrisSchwarz
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@NomeSobrenome, As always after a crash the markets consolidate and have "shy" movements. Of course, I am not expecting a massive rally. But a healthy wave movement to the upside is predictable. We could, of course, gravitate around current levels, but I don't see a bearish slide all the way to 5K.
JaiHanumant
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@ChrisSchwarz, maximum dip is 8900 I feel... not less than that
ChrisSchwarz
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@Gaurav.masram, For that it would have to break clean the long-term trendline and rebound at the monthly .618 Which would put us in a different scenario. Is it Possible?? Of course it is. That is why we wait for confirmation of the bullish rally, if not we don't go in.
Although a good rebound at Monthly .618 would mean a massive target to trade the monthly chart. We would have a beautiful Major "C" It is a 6-8 month trade, maybe even more. But I like it.
ChrisSchwarz
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@NomeSobrenome, That is what We swing traders do, we trade the ABCD - 123 all the way up and down. Reap profits at our targets and never cry. It is trading. So we know the possibility of failure is there, But when your analysis is right. There is no greater feeling. Just good ol' discipline is required.
And don't forget about the ending futures upcoming Friday... Don't be surprised that even if we go up now we can be down by Friday.