We have broken 6480 on a 2nd attempt and almost reached the 7000 bull target in an upwards ABC correction being one of the possibilities in my earlier analysis.
Bitcoin was stopped/rejected by H4 EMA200. We're currently in an upwards channel that can become a Bear flag, having support of H4 SMA50.
Note a slight bear squeeze on BitMEX with 7143 high while there's only 6900 on other exchanges.
Bitcoin Bulls made this magic leap during a scheduled maintenance hour on BitMEX, so that poor BitMEX bears couldn't defend their sell walls/get out of their sell orders.
They were all hunted down and exterminated, their stop losses and liquidations giving fuel to further upthrust. This is price Manipulation at its worst.
That's why this whole magic move was not sustainable in the first place, and didn't get much follow through resulting in a flush.
Now I see 2 possible scenarios:
- we break 6200, 6000 and 5800 support and go down in 5 waves of A of ABC (red count) with prev established bear targets: 5800, 5600 and 5300. Expect bounces from 5800 and the pitchfork median line.
- we break 6800 once again to have another leg in WXY wave (iv) (green count) and go up to reach a 7150 bull target around Aug, 31st - the next futures expiration date.
7150 is 50% and 23.6% retracements of prev swings, an upper boundary of the giant triangle, a BitMEX high and a key level for if not invalidating wave (iv) of a down trend then shifting bias to bullish at least.
Although it's once again bear time, I think a bounce from 6200 and a move up to 7150 is possible, because BitMEX bots have just accidentally revealed those plans by squeezing bears.
So, keep an eye on the channel and median lines, watch tensorcharts and act accordingly.
Here I'm using my MultiSmaEmaBB indicator which can display multiple EMAs, SMAs, BB of all types with MTF support. I'm currently testing it and will post it soon.
Good Luck!
This is not a financial advice, use at your own risk! Please don't trade based only on my analysis, confirm with other ideas first.
Bitcoin was stopped/rejected by H4 EMA200. We're currently in an upwards channel that can become a Bear flag, having support of H4 SMA50.
Note a slight bear squeeze on BitMEX with 7143 high while there's only 6900 on other exchanges.
Bitcoin Bulls made this magic leap during a scheduled maintenance hour on BitMEX, so that poor BitMEX bears couldn't defend their sell walls/get out of their sell orders.
They were all hunted down and exterminated, their stop losses and liquidations giving fuel to further upthrust. This is price Manipulation at its worst.
That's why this whole magic move was not sustainable in the first place, and didn't get much follow through resulting in a flush.
Now I see 2 possible scenarios:
- we break 6200, 6000 and 5800 support and go down in 5 waves of A of ABC (red count) with prev established bear targets: 5800, 5600 and 5300. Expect bounces from 5800 and the pitchfork median line.
- we break 6800 once again to have another leg in WXY wave (iv) (green count) and go up to reach a 7150 bull target around Aug, 31st - the next futures expiration date.
7150 is 50% and 23.6% retracements of prev swings, an upper boundary of the giant triangle, a BitMEX high and a key level for if not invalidating wave (iv) of a down trend then shifting bias to bullish at least.
Although it's once again bear time, I think a bounce from 6200 and a move up to 7150 is possible, because BitMEX bots have just accidentally revealed those plans by squeezing bears.
So, keep an eye on the channel and median lines, watch tensorcharts and act accordingly.
Here I'm using my MultiSmaEmaBB indicator which can display multiple EMAs, SMAs, BB of all types with MTF support. I'm currently testing it and will post it soon.
Good Luck!
This is not a financial advice, use at your own risk! Please don't trade based only on my analysis, confirm with other ideas first.
Comment:
We can still go up in wave y of 4/B a bit higher but time's running out.
RSI Oversold, D1 SMA 50 and D1 EMA 100 resistance.
EMA 12x26 bull cross on a daily soon.
Expect a dump around/after the futures expiration.
RSI Oversold, D1 SMA 50 and D1 EMA 100 resistance.
EMA 12x26 bull cross on a daily soon.
Expect a dump around/after the futures expiration.
cointelegraph.com/ne...on-and-graniteshares
This explains the sudden drop in price and could mean a further decline