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PentarhUdi
Feb 9, 2020 6:38 PM

Short term analysis: ending diagonal Short

Bitcoin / U.S. dollarBitstamp

Description

I assume price traces giant triangle correction since ATH. It is interesting that B-waves inside have impulsive subcounts.

We have wave b of (C) here in its termination state, which shows textbook ending diagonal with falling volume and multiple oscillator bearish divergences. Ending diagonal allows some upside from here even temporary breaking resistance lines. But not too much, I think $11000 level will invalidate this idea completely.

If this idea is correct, price should fall from current levels down to weekly MA 200 in term of 1-3 months.

Breaking upper bold red line (now or later) will open door to long bull run.

Price is long-term bullish while it stays above weekly MA 200.
Comments
mikenz
dear PentarhUdi, does that mean you are abandoning your own long term prediction for this year ??!?

PentarhUdi
@mikenz, no. Just don't mix up long term and short term.
mikenz
@PentarhUdi, good to hear, but if we go back to 6k until april or may it wont match your long term chart anymore !??
nmrs
@mikenz, yes u right it will not match
goshetovan
@nmrs, well it doesn't need to be exactly as drawn on the long term chart.
PentarhUdi
@goshetovan, yes, and it also don't need to be straight. I drew it just to show start of climbing to a new highs. It was far future when I did it.
goodbad666
@PentarhUdi, what’s your opinion on corona virus (and potential global recession) ? How it may impact bitcoin price?
PentarhUdi
@goodbad666, coronavirus - fake news. recession - coming.
goodbad666
@PentarhUdi, spasibo babka, ostaetsa nadezhda, chto vo vremia zamesa "umnie parni c wall street"(c) ne budut dumpit' v pol batiy kak peni stock
vx7777
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