Bitcoin pitchforked in cage, We need the history to repeat!
Hello my friends.
I've been looking for the best analysis for current phase. Short term signals could drive to many mistakes now because big move is ahead. Bulls from recent top became bearish again, so Market Gods have to look for some solution. This is place where emotions need to be kept at certain level, so rich people can accelerate their income source and stay safe. How do they do this? Well, this is the easiest trick on whole world, just giving to people reason to short on bottom or long on top. As You could see price is bottoming nicely and showing volume decrease and strange price fluctuations also. When You zoom in, there are a lot of fractals, up and down ticks where day traders are screwed.This means that big move is ahead, soon majority will make up their decision and We will be able to predict this. First of all, We need to slow down here. If bulls weak up, they will keep constant tempo and check EMA 12 again in short period of time (1week). Then uptrend will be judged by pitchfork, where bulls will decide if they are strong enough to drive price near 11k level. Yes, You haven't misread this. 11k is very real, 'W' formation is well known in cryptospace, BTC has drawn double bottoms many times in past. So pitchfork breakthrough would signal mid term uptrend, however We need to be aware of any fakeouts. Bearish scenario is more about too optimistic mood reffering to global stock behaviour.
As You could see, BTC is testing EMA 12 and this seems pretty accurate resistance. If the price tests it again within few days, it would be sign of bigger battle and You should check Your strategy to ensure Your safety. Always be prepared for sudden disruption, where bigger formations would remind themselves. Remember that playing on big market moves is good choice when You have strategy plan. If You like gambling then wait through this uncertainity and try smaller profits by playing major breakouts and confirmations. All in all BTC seems pretty bearish, but it slipped pretty swiftly so mid term comeback is very possible.
Levels to watch:
1. EMA 12 breakout or retest. Breaking through this indicator would be great signal for long.
2.Pitchfork. Breaking through could resume uptrend temporary.
3.Volume. Of course interest rate is very important to us while judging market's strenght. ~80k BTC traded on Bitfinex at one day would signal some good news.
I've been looking for the best analysis for current phase. Short term signals could drive to many mistakes now because big move is ahead. Bulls from recent top became bearish again, so Market Gods have to look for some solution. This is place where emotions need to be kept at certain level, so rich people can accelerate their income source and stay safe. How do they do this? Well, this is the easiest trick on whole world, just giving to people reason to short on bottom or long on top. As You could see price is bottoming nicely and showing volume decrease and strange price fluctuations also. When You zoom in, there are a lot of fractals, up and down ticks where day traders are screwed.This means that big move is ahead, soon majority will make up their decision and We will be able to predict this. First of all, We need to slow down here. If bulls weak up, they will keep constant tempo and check EMA 12 again in short period of time (1week). Then uptrend will be judged by pitchfork, where bulls will decide if they are strong enough to drive price near 11k level. Yes, You haven't misread this. 11k is very real, 'W' formation is well known in cryptospace, BTC has drawn double bottoms many times in past. So pitchfork breakthrough would signal mid term uptrend, however We need to be aware of any fakeouts. Bearish scenario is more about too optimistic mood reffering to global stock behaviour.
As You could see, BTC is testing EMA 12 and this seems pretty accurate resistance. If the price tests it again within few days, it would be sign of bigger battle and You should check Your strategy to ensure Your safety. Always be prepared for sudden disruption, where bigger formations would remind themselves. Remember that playing on big market moves is good choice when You have strategy plan. If You like gambling then wait through this uncertainity and try smaller profits by playing major breakouts and confirmations. All in all BTC seems pretty bearish, but it slipped pretty swiftly so mid term comeback is very possible.
Levels to watch:
1. EMA 12 breakout or retest. Breaking through this indicator would be great signal for long.
2.Pitchfork. Breaking through could resume uptrend temporary.
3.Volume. Of course interest rate is very important to us while judging market's strenght. ~80k BTC traded on Bitfinex at one day would signal some good news.
Comment:
EMA 12 crossed, coiling near this indicator in near future would open doors to higher levels.
Comment:
Pretty sensitive phase out there, BTC soon will decide if it wants to keep uptrend or sink below red support.Meeting with EMA 12 proceeded with unexpected behaviour, I mean price crossed it twice and is fighting to close above right now. This day or following next ones will tell us if BTC closes below EMA 12 and starts testing red support or closes above EMA 12 and starts testing upper resistance of the pitchfork.
Comment:
Price locked into pitchfork and testing support of triangle formation! High possibility for breakout or fakeout! This picture shows similarity to previous dump, big card of history soon will be revealed!
Comment:
This kind of crossover is covering something more than just gambling. Classic markdown shows direction declaration, very strong and clear. Anything that happens now will contain final bearish meaning. In my opinion there is nothing that could lift crypto very high because there are a lot of coins, everyone is thinking about his/her own crypto/derivative/stable. There is too many options, that's why money is spread through them, and that's why these markets loose value cap.
Technically return to broken support is very possible, so You need to prepare decent strategy before You enter short. Final bottom target is hard to guess, but here is one good option to consider targets: median of pitchfork (green thin line) and bollinger (pink bands). These mid-long term indicators will help You to judge the market if downtrend is about to end. Meeting with median of pitchfork will signal perfect balance and temporary consolidation in this area could lead to reversal. For now We can see bollinger bands crossed, this means that market achieved decent volatility level so downtrend could has just started. Let's say price bounces a little from this pink band and then starts crossing it again with large candles, then it is good time to buy. Till now I have no more ideas how could it work, all for all my statement is obviously bearish.
Good luck!
Technically return to broken support is very possible, so You need to prepare decent strategy before You enter short. Final bottom target is hard to guess, but here is one good option to consider targets: median of pitchfork (green thin line) and bollinger (pink bands). These mid-long term indicators will help You to judge the market if downtrend is about to end. Meeting with median of pitchfork will signal perfect balance and temporary consolidation in this area could lead to reversal. For now We can see bollinger bands crossed, this means that market achieved decent volatility level so downtrend could has just started. Let's say price bounces a little from this pink band and then starts crossing it again with large candles, then it is good time to buy. Till now I have no more ideas how could it work, all for all my statement is obviously bearish.
Good luck!
Breakdown, 7000-7200 levels expected.
1hr chart