Last analysis didn't go our way, I think the majority did not expect the sudden turn in events. I managed to close my short position in a good time - as i was on leverage the so the drop was still profitable. After the correction Bitcoin proceeded to move higher - being fueled by the short squeeze which led to another subsequent rally. Bitcoin is acting a bit tricky now.
- Bitcoin is about to test the .782 retracement level from the recent high counted from the large candle with the first stoppage from that candle - this could be resistive and a trigger for a broader correction.
- Bitcoin has evidently found support at the 50-EMA, as we can see each time Bitcoin dropped below that point, it has moved back above shortly after since 19th of Februari.
- Bitcoin may already have hit the bottom according to the Mayer Multiple Indicator a few days ago above 1 - this however doesn't mean that we won't see any corrections.
- The tables have turned, from a 70/30 market sentiment, the current outlook has made a complete reverse to 77/24 to sentiment according to coinfarm (As of today 18th of April).
The current pattern of Bitcoin could be a ascending-broadening which very well could target the 5.9k level ( ) drawn out from the same level which I've counted the .782 retracement from (marked purples lines). For this we need to test the 5600 level is the top of the ascending resistance, this seems to be a progress Bitcoin is working on right now.
But first we need to test- and push past the .782 retracement to conclude this as a possible event.
According to the (bars on the right side) we can see that the 5000-level has been established as a support and holds a decent buying interest as of now.
If this level would fall we could see a sharp decline in price as levels between 5000 and 4000 holds little to no support as of now. 4000 Remains the stronger level for buying interest.
According to the indicators and the current progress - I would conclude that there is still a momentum that is possible to expand, albeit weakening right now.
The 1 Day remains just below being overbought.
The 1 Day has made a cross.
We might move a bit higher before we see the awaited correction.
The market is evaluating.
At this point in time, I'm not in a trade.
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Target met... What now?! We will take another peek into BTC.
One other thing I'd like to add to note NVT is peaking. It has cooled off a bit but it will uptrend and drop hard to the green zone.
here to serve..
"According to the volume profile (bars on the right side) we can see that the 5000-level has been established as a support and holds a decent buying interest as of now.
If this level would fall we could see a sharp decline in price as levels between 5000 and 4000 holds little to no support as of now. 4000 Remains the stronger level for buying interest."
Here to serve..