Bitcoin price has reached to the possibly short-term BUY area. It can be easily a mid-term bottom but to be honest, this area is pretty risky. Firstly, we have several idea posts from analysts who talk about this area, this is bad because you know - bet against the crowd ;) Luckily, I start to see more those "arrows-to-the-anywhere-idea-posts", which is great because price action has mixed it up and things are not so obvious.
The last "Sell" idea post played out very nicely and the downwards movement drove to price to the current price levels - to the possible short-term reversal area. "Short-term, short-term", I mention this because as said, this area is a bit risky but if I trade it, then I search only buy opportunities, I react only after I have seen a solid rejection from lower timeframes inside the green area and my target stays around $8,800!
The green area is a possible reversal area and it consists of: 1. 3x Fibonacci Extension - 127%, 127%, 161% 2. Fibonacci retracement 62% 3. The middle number $8,500 should act as a support level 4. 3X AB=CD 5. Two strong price levels/support levels (light-blue lines) 6. 3X Channel projections 7. Minor black trendline, a bit subjective but the third touch should work as a support inside the green area. 8. 4H RSI divergence 9! Wait for rejections from lower timeframes.
As said, it is a bit risky because I have posted a similar idea post where multiple channel projections made up a crossing area but I was wrong. The current setup has a bit stronger support and in general, a bit stronger price level but still I don't want to trade without any rejections. * If the price doesn't reach inside the marked area then forget it. * The sooner it reaches the better the setup is. * Strongest price level inside the green area stays around $8,400 * Target should stay around $8,800-$8,900 *! To be more secure, wait for a bullish candlestick pattern at least from 1H (Engulfing, Morning Star)
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Agree. Great work
We wont have an Altseason until Eth pumps.
Read the full story
table001
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Very risky indeed.
I think we are on the way down to 5500$ over the next 2 months before the start of the halvening rally.
We may even touch the 200MA on the weekly candles chart, if that happens you 'll know the bottom is in.
We need this move down to get all our MA's back in line before the start of next bull run.
otternose
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I think, this time you nailed it. ;-)
Exactly my setup too. Now waiting.
spyxo2x
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Great charting, keep it up.
PurpleCrypto
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Seems like we share the same idea. :)
asgcorp
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nice review. thanks for sharing. Previously, big rejection @ 10K - red flag. Latest weekend rip got sold.
I've downgraded my target to 6100 USD by Jan2020 (Coinbase).
Anpu
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Interesting Chart Vaido!
But this might be too risky to initiate long now - just as you said. Because bearish signals overwhelm the bullish ones on current. Here is my idea about this.
Would be great to hear your thoughts on this
PonziTycoon
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I think the market still has time to trade sideways in the .382 to .236 channel I drew here. Usually when there is a drop the moving average (in this case the 20 day SMA) is angled down and is acting as resistance. However it is currently angled up which indicates that there is no clear resistance at the 8700 level.
konikko
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Everyone who understands this chart should be a millionaire. Here I have more simple version