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.
Comment
⋅
Btc is looking to make its way to the purple area, as expected by following the 2014 pattern; By remaining disciplined we can wisely study the current pattern to find some possible incoming changes or continuations in the structure.
Comment
⋅
Comment
⋅
(do not pay attention to the upper black trend line of the second picture, i forgot to erase it)
Comment
⋅
Thank you for your trust.
Comment
⋅
If Btc doesn't drop from around here, then we could witness T=7.777$, and T=8.646$
Comment
⋅
-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:
volatility is dead....we are defnitely at bottoms...and basically im guessing the prices are being forced down
UnknownUnicorn3062184
⋅
I agree with your analysis, if I am not wrong also in 2014 we had an IHS that didn't play out in this situation, and most ppl are looking at this pattern with 7.7k target, if that follows this structure btc will go to this target and we would invalidate the IHS and make a small bear trap. of course this bull trap could also start from here, however if we break 5.7k picture would change wouldn't it?
Giovi6969
⋅
@captainx,
Yes if Btc breaks below 5.700 and settles below for good, the strong downside is to be excpected
Giovi6969
⋅
@Giorgioversace,
*then*
KingRekter
⋅
@Giorgioversace, And it does, because it is Bitcoin.
It will be a really interesting period since we have ETH,XMR,USDT, TSUSD,BNB in place to act as a base currency(for a while).
BTC's dominance is not what it used to be back in 2014.