DmitryQuail

BTC/USD - Reversal Is Coming!

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hey guys,

Indeed, this was a harsh week with lots of news significantly affecting the entire cryptocurrency market. Though, according to the technical analysis the downside is limited and reversal is almost here. If you take a closer look at the BTCUSD chart you will see that the price has touched both the 38.2% extension and retracement lines $8330 ( which suggest a very soon reversal bouncing off this level. However, the structure leaves clues and tells us that the price can drop further way down to $7900 (Local support + previous historic resistance level exactly at this line) before it takes off. RSI is oversold which indicates an upcoming reversal.Though, Aroon Down still prevails. MACD is in the negative zone but once it breaks the line above - the reversal is here! At the moment BTCUSD is testing the fibonacci area and the bounce off of this level is very possible (notice that it has already bounces off a little bit).

Please REMEMBER that I give you my observations, you form your own opinion and trade it accordingly!
Please NEVER forget to do your own research before considering any investment. Fundamental analysis is also crucial so you have to read the news, updates and about the upcoming events related to a particular blockchain project.

Hope you will find my analysis useful! Stay safe ----> Hedge ----> Diversify ----> Be cautious! - Together we will beat the market!

Comments

Temporary reversal, yes, and I think that the worst it over for now. March 11th will be a the Fib day 34 from the crash to $6k, and the 14th will be day 89 from the ATH. RSI is not oversold on the the daily chart, so be warned, we could push a bit lower again over the weekend. All that being said, this is still just part of a MACRO B wave even if we do make it back up to 15k, we will likely see a C wave crash back to these levels over the summer, finally shaking out the last weak hands and bears before the bull market returns.
+1 Reply
DmitryQuail Phattyoshis
@Phattyoshis, Agree. The worst is over for now.
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Phattyoshis DmitryQuail
@DmitryQuail, We could see $8k or get a truncated 5th if there is enough support.
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DmitryQuail Phattyoshis
@Phattyoshis, Looks like. But we have to take into account that the market is in panic due to recent news (I am talking about the news of the Binance exchange being hacked and the SEC requested trading platforms dealing with digital assets to register as exchanges + Hacked Japanese cryptocurrency exchange Coincheck) and the Coincheck will return stolen funds to customers by the end of next week as announced March 8. The panic is limited. Fundamentally - reversal is coming soon. IMHO!
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