When I woke up this morning and took a quick glance at some TabTrader charts it felt like the Crypto Apocalypse has been brought upon us. Bitcoin broke down below my sacred (bright red) August / September 2017 trend line and dropped to $6600. It bounced back up a bit to $7280, but at the time of writing BTC is testing the red trend extrapolation again at $6900.
1 day candles RSI is not touching oversold yet, leaving room to drop even further. All things considered it's looking pretty grim right now. If it fails the red trend line again I feel it will be very likely that Bitcoin bears have their mind set on testing the February 2018 low at $5873. Should it bounce up from $6900 it will test the orange channel lines and the dark red lines after. However for now I'm not getting any bullish vibes, so unless there is crazy positive, uplifting news incoming soon, I expect Bitcoin to descend into the lower 6000s soon.
You can use this chart to help you identify trend lines & support and resistance zones to monitor for a break in trend. Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets.
This is not financial advice and my (fictional) future telling glass ball happens to hick up sometimes: you should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin volatility, the market is twitchy and trends are easily broken at the moment so be sure to monitor your trades and set alerts and stop loss orders in place.
If you enjoy my analysis make sure to follow me at TradingView and other social media (click that nice little blue bird at my profile page).
An upvote to increase the exposure on my charts is very much appreciated!
Happy Trading! ~ Crypto JC
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15 minute candle zoom live chart for those day trading Bitcoin:
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The H&S formation on the 15 min chart above didn't deliver, it broke out at 6900/7000.
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New Bitcoin analysis: click the chart below to view my latest chart and analysis. Don't forget to hit that like button if you enjoy my charts, thanks :)
Do you think that will be the bottom and then we head up or?
CryptoJC
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@ehidalgo919, hard to say at this moment. Based on TA I can imagine various bullish or bearish scenarios, but in the end I think it will be market sentiment / trader confidence that will be decisive if we reach the bottom soon or not and we'll find out once we see volume increase indicating people are showing interest again. The January crash spooked a lot of main stream people away from crypto and main stream media has mostly been rooting against it as well. This needs to change in order for crypto / bitcoin to become truly bullish again. Sure, even in the current market conditions BTC can bounce back up temporary to 10k again, but to go in full (sustainable / durable) bullish winning mode again, crypto needs main stream capital to flow back in once again.
I would say: not bullish but bull-trap.
According to my JOES-fractal analysis we are going up for a few days (to 8000-9000)
That will be the higest point for a long time coming!
After that, we will go down within 2-3 weeks to 4K.............
(by the way: seeing my JOES-fractal compared with other years, bulls and bears don't mean that much. It's the collectivism, fractalism or whatever, that's driving the market.)
Check it out at my charts with the JOES-fractal!
Bombita
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Gibmoses
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Thanks for sharing, Here's where I think BTC is heading.