Ok we're at the end of the corrective wave inside the second leg of our white correction down towards the 40k level. It's still early so anything could happen here, but the main reasons why I'm still leaning towards a drop are:
the wave structure we're currently in, where it appears to be the end of an impulse wave, being the third leg of a corrective wave that forms the middle leg of the white corrective wave down
the resistance we are seeing at current range right now,
the MACD starting to show signs of reversal
the CCI showing clearer signs of reversal ( orange line on bottom, white line is RSI )
To believe we're continuing the blue line upwards as an impulse wave on the biggest trend, I would expect a new wave structure to form after this yellow ends above the 55k range, holding support of price levels near this range before creating a new big wave upwards. Until this second wave above / near 55k is formed, I'll believe we're in the white correction.
The next 2hour / 4hour candles will clearly determine the direction bitcoin takes, I'm hoping we'll see bitcoin beginning to form the leg down by pre market hours tomorrow and we can start taking advantage of drops in related stocks. If this does happen, resist jumping right in, set limit orders to very low resistance levels in your respective stocks! We will only be beginning the drop, I doubt we see a bottom until near end of week, if we do in fact goes towards 40k the drops in the stocks will be significant.
I'll be waiting along with you to grab buckets of this dip, we'll need it for the tendies coming April or March - Cheers!
Nice chart. Looks like the whales don't care about the price anymore. Do you still feel they're the chance of a correction to the mid/early 40K?
sirkriz
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Thanks @Samg36726. I'm losing confidence on the correction down given the sideways correction that we can see holding this range at the moment and the previous uptrend ( blue dashed ) looks like support right now. At the same time, the indicators seem to be losing momentum so I don't discard the drop yet. I guess it's still too early to be certain on the direction it takes, I hope by end of day we have a clearer picture
Samg36726
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@sirkriz, the whales are really having fun ... :-/
sirkriz
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@Samg36726, lol don't they always, they're playing with us! Keep an eye out for possible reversal, momentum has reversed on the 1HR chart and we see a lot of resistance now - if it grows into a rising wedge it's usually a sign of reversal. Do you have active plays?