Disclaimer: The lines are hyperwaves. Credit to Tyler Jenks. Check out his Youtube channel, Hyperwave.
2018 has not been a great year so far for BTC/USD, but it could get much worse. I hope I am wrong, but I see it breaking down the closest weekly trendline at ~8.1K (I'm expecting this next week). The trendline has been resilient since July 2017 but factoring in overhead mounting resistance, the bearish sentiment of the market, and the developing regulatory cloud hanging over the crypto market, it is not likely to hold. A break of the trendline sets up a great short opportunity as I see easily identifiable targets - 5.8K, 4.5K, and 3.4K. 4.5K is the most likely destination in my opinion given the confluence of support including the weekly Ichimoku Cloud, the 100 week MA, and hyperwave line 2. There will be a massive wick at these levels similar to the week of February 5, so you won't have a lot of time to buy it. I expect this to be our bottom for 2018, setting us up nicely for a move back to ATHs.
Any feedback, positive or negative, is welcome.
2018 has not been a great year so far for BTC/USD, but it could get much worse. I hope I am wrong, but I see it breaking down the closest weekly trendline at ~8.1K (I'm expecting this next week). The trendline has been resilient since July 2017 but factoring in overhead mounting resistance, the bearish sentiment of the market, and the developing regulatory cloud hanging over the crypto market, it is not likely to hold. A break of the trendline sets up a great short opportunity as I see easily identifiable targets - 5.8K, 4.5K, and 3.4K. 4.5K is the most likely destination in my opinion given the confluence of support including the weekly Ichimoku Cloud, the 100 week MA, and hyperwave line 2. There will be a massive wick at these levels similar to the week of February 5, so you won't have a lot of time to buy it. I expect this to be our bottom for 2018, setting us up nicely for a move back to ATHs.
Any feedback, positive or negative, is welcome.