BTC: "Buy" signal on my Cyber Ensemble script triggered. BUT..
BTC have finally now tested strong support zone between 8.5-8.6k USD.
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Also appear to have found support above the 61.8% Fib retrace.
A bounce looks possible on the short term, but won't be too bullish.
PRISM Momentum is rising again, while PRISM's primary oscillator indicates oversold condition.
Price needs to recover back above blue zone again and be supported by it (and hold), for me to feel truly bullish again in the mid-term again (i.e. within the next week or two); for now, I'm playing it cautiously @ ca. 9633 USD
Or at least, it needs to pierce back above the 78.6% Fib-retrace level, and through the Ichimoku Cloud ({Cybernetwork} settings) and be supported by it, putting it back within the descending channel again @ ca. 9450 USD.
This will prevent the 50/200 DMA death cross from occurring.
There's a possibility for price to fall even lower after a more probable weak recovery (i.e. anything below 9450 USD), to drop further down to 8k USD (or an even more bearish scenario, down to 38.2% Fib-retrace level at 7745 USD) so I'm preparing for that scenario as well.
On the 1D chart, it simply looks like a retest on the 61.8% Fib-retrace level and testing the green Ichicloud for the first time.
Provided that the 1D Ichicloud does not flip negative, and price doesn't go significant below 8475 USD, and appear to be rejected by the 8.5k USD level, I will remain cautiously bullish into the longer term (i.e. next mth or two).
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My short term prediction for the price to first bounce off above 9 and 9.5k USD, or at least move relatively sideways didn't work out. Price went straight to my mid-to-long term target around 8.5-8.6k USD -- showing that market is exhausted for now, and I won't be expecting a parabolic run up again anytime soon, as well as highlighting the need to set sensible stop-limits to protect your funds and limit risk no matter how bullish/bearish one may "feel" about the market. Looks like the market needs time to consolidate and stabilize first.
See previous analysis:
and
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Also appear to have found support above the 61.8% Fib retrace.
A bounce looks possible on the short term, but won't be too bullish.
PRISM Momentum is rising again, while PRISM's primary oscillator indicates oversold condition.
Price needs to recover back above blue zone again and be supported by it (and hold), for me to feel truly bullish again in the mid-term again (i.e. within the next week or two); for now, I'm playing it cautiously @ ca. 9633 USD
Or at least, it needs to pierce back above the 78.6% Fib-retrace level, and through the Ichimoku Cloud ({Cybernetwork} settings) and be supported by it, putting it back within the descending channel again @ ca. 9450 USD.
This will prevent the 50/200 DMA death cross from occurring.
There's a possibility for price to fall even lower after a more probable weak recovery (i.e. anything below 9450 USD), to drop further down to 8k USD (or an even more bearish scenario, down to 38.2% Fib-retrace level at 7745 USD) so I'm preparing for that scenario as well.
On the 1D chart, it simply looks like a retest on the 61.8% Fib-retrace level and testing the green Ichicloud for the first time.
Provided that the 1D Ichicloud does not flip negative, and price doesn't go significant below 8475 USD, and appear to be rejected by the 8.5k USD level, I will remain cautiously bullish into the longer term (i.e. next mth or two).
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My short term prediction for the price to first bounce off above 9 and 9.5k USD, or at least move relatively sideways didn't work out. Price went straight to my mid-to-long term target around 8.5-8.6k USD -- showing that market is exhausted for now, and I won't be expecting a parabolic run up again anytime soon, as well as highlighting the need to set sensible stop-limits to protect your funds and limit risk no matter how bullish/bearish one may "feel" about the market. Looks like the market needs time to consolidate and stabilize first.
See previous analysis:
Comment:
Also, price is still closing above the 200 SMA on the 1D chart, which is a good sign that this is still just a healthy retracement back to the 61.8% Fib-retrace level.
Comment:
Will it rebound and simply get rejected by the bottom of the earlier descending channel? (Bearish scenario)
There's hope if price is able to break back into the descending channel and finds support above the bottom trendline in the short term.
There's hope if price is able to break back into the descending channel and finds support above the bottom trendline in the short term.
Comment:
The above prediction of being rejected by the bottom trendline of the downward channel is fulfilled. And now Cyber Ensenble and PRISM Signals are signaling "Sell" indicating that price is likely to dump even lower.
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However, price is still residing above strong support level, and have not dropped below the green ichicloud on the 1D chart:
Perhaps some sideways movements now, then will see.
Perhaps some sideways movements now, then will see.
Comment:
... but if it pumps to 9k USD, back into the descending channel, that sets up a bullish "W" pattern.
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i.e.
(But just speculation)
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Comment:
Long-term Trend..
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8k USD or 7.1k USD bottom?