Right now I have no position on any cryptocurrency but I am still pretty bearish for Q3-2018 for the following reasons:
• Bitcoin used to experience a 80% retracement after a hugh rally like the one we had in end 2017 (Cfr. Screenshot 1)
• Ichimoku reveals strong bearish signals when using the weekly charts. On the screenshot 2 we see both a TK cross and a twist.
Screenshot 1 – BTCUSD weekly
Screenshot 2 – Ichimoku weekly
I am more neutral on the shorter term (June 2018) for the following reasons:
• We are close to the support level we see on the screenshot 3 below mentioned by the orange triangle. This could be interpreted as a buy signal but the bounce of last week did not woken up the bulls as volumes are still decreasing.
• On the 4 hours timeframe BTC is riding between a slightly ascending wedge but get closer and closer to its lower end. Breaking it would be another sell signal and the first target price would then be 7,085$.
Screenshot 3 – BTCUSD daily
Screenshot 4 – BTCUSD 240
• Bitcoin used to experience a 80% retracement after a hugh rally like the one we had in end 2017 (Cfr. Screenshot 1)
• Ichimoku reveals strong bearish signals when using the weekly charts. On the screenshot 2 we see both a TK cross and a twist.
Screenshot 1 – BTCUSD weekly
I am more neutral on the shorter term (June 2018) for the following reasons:
• We are close to the support level we see on the screenshot 3 below mentioned by the orange triangle. This could be interpreted as a buy signal but the bounce of last week did not woken up the bulls as volumes are still decreasing.
• On the 4 hours timeframe BTC is riding between a slightly ascending wedge but get closer and closer to its lower end. Breaking it would be another sell signal and the first target price would then be 7,085$.
Screenshot 3 – BTCUSD daily
Screenshot 4 – BTCUSD 240
Trade closed: target reached