Bitcoin: Still printing a similar pattern as the previous crash.
Hello,
As you can see Btc is still reproducing a close cousin crashing pattern of the previous main crash.
Green, yellow, red areas were almost similarly reproduced, in almost the same areas and levels.
Now we can observe that blue is trying to form : a double bottom at a crucial support, that could lead to a retest of the 200 Smma, before diving to new lows.
Of course the current pattern could start behaving differently, even if odds favour a continuating downside and a continuation of a similar crashing pattern.
This is why we have to remain patient, and have to study this risky market some more before we want to inject our hard earned Usd in a heavily correcting digital asset.
But, so far Bitcoin seems a bit stronger than during the 2014 crash if we focus on the blue area, which did not go as low as it did during 2014.
This is probably because this crucial 6.000$ area is at the edge of the mining cost profitability (from what we know), so this is rational to witness some stronger resistance in this area for 2018.
Now the interesting part is to wait and see, and analyse how it behaves, if Bitcoin bottomed around the 5.800$ area (see the previous TA), or if the bulls will fail holding this crucial support.
As you can see Btc is still reproducing a close cousin crashing pattern of the previous main crash.
Green, yellow, red areas were almost similarly reproduced, in almost the same areas and levels.
Now we can observe that blue is trying to form : a double bottom at a crucial support, that could lead to a retest of the 200 Smma, before diving to new lows.
Of course the current pattern could start behaving differently, even if odds favour a continuating downside and a continuation of a similar crashing pattern.
This is why we have to remain patient, and have to study this risky market some more before we want to inject our hard earned Usd in a heavily correcting digital asset.
But, so far Bitcoin seems a bit stronger than during the 2014 crash if we focus on the blue area, which did not go as low as it did during 2014.
This is probably because this crucial 6.000$ area is at the edge of the mining cost profitability (from what we know), so this is rational to witness some stronger resistance in this area for 2018.
Now the interesting part is to wait and see, and analyse how it behaves, if Bitcoin bottomed around the 5.800$ area (see the previous TA), or if the bulls will fail holding this crucial support.
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(do not pay attention to the upper black trend line of the second picture, i forgot to erase it)
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Thank you for your trust.
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If Btc doesn't drop from around here, then we could witness T=7.777$, and T=8.646$
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-We have to pay attention of this today's daily candle, and see if it starts forming a bearish reversal (or not):
-Settling below the 5min 200Smma can be a short term catalyst of forming a daily bearish reversal candle:
-Settling below the 5min 200Smma can be a short term catalyst of forming a daily bearish reversal candle:
By remaining disciplined we can wisely study the current pattern to find some possible incoming changes or continuations in the structure.