Based on my analysis:
After months of bearish domination, we can see now a real bullish move. See my indicator called "bitfinex dominion" at bottom.
In my previous trading idea I've persisted to say it will go below 5800 again. I've kept this idea in part because the dominion was still owned by the bears, and because of what I call a candle recall.
I saw the price moved up reaching 8500, but it falled down again around 5900, as everybody saw. IT was a needed jump down (a kind of correction).
I didn't do much analysis these last weeks (I was too busy on other things). But based on what I saw today, I doubt that this 5800 price level will come back again. Because the dominion indicator is becoming green these last days... The price for me is taking off (all going up).
I've traced some purple lines that are key-points to the trending move. I think we should come to 8500 without too much resistance. (I'll do more analysis after reaching this level)
Notice the FIBO retracement I've drawn on the left side (orange color). You can see this 0.61 FIBO level matches the last purple line I've created at right. I've made this FIBO draw just after drawing all my purple lines. And this match, I think, has something to do with a real bullish trend. It should possibly become a support level
PS: Don't take my words from granted. Analyze,ReAnalyze,Test then trade.
PS2: If you like my analysis, Press the Like button, and don't hesitate to subscribe.
After months of bearish domination, we can see now a real bullish move. See my indicator called "bitfinex dominion" at bottom.
In my previous trading idea I've persisted to say it will go below 5800 again. I've kept this idea in part because the dominion was still owned by the bears, and because of what I call a candle recall.
I saw the price moved up reaching 8500, but it falled down again around 5900, as everybody saw. IT was a needed jump down (a kind of correction).
I didn't do much analysis these last weeks (I was too busy on other things). But based on what I saw today, I doubt that this 5800 price level will come back again. Because the dominion indicator is becoming green these last days... The price for me is taking off (all going up).
I've traced some purple lines that are key-points to the trending move. I think we should come to 8500 without too much resistance. (I'll do more analysis after reaching this level)
Notice the FIBO retracement I've drawn on the left side (orange color). You can see this 0.61 FIBO level matches the last purple line I've created at right. I've made this FIBO draw just after drawing all my purple lines. And this match, I think, has something to do with a real bullish trend. It should possibly become a support level
PS: Don't take my words from granted. Analyze,ReAnalyze,Test then trade.
PS2: If you like my analysis, Press the Like button, and don't hesitate to subscribe.