Hi everyone!
Let's see levels on Bitcoin, Bitfinex, 3d chart, logarithmic scale.
1. We clamped in the narrow range 3465-3600.
2. There is some liquidity of 3235 and we've got the S/R Flip level at 2900 (the important resistance that has become our support: we flew out of there in August 2017 and retested the level in September's squeeze, too quickly, but nonetheless).
3. There is a strong resistance level, where the main point is 4310.
4. The edges of the Bollinger are just around 4300 and 3200, the middle is 3700. The upper border has leveled off, but the lower is directed down, the price is trading below the middle of the channel, confirming the global downtrend.
5. I've marked a wide zone of downtrend in red. On a logarithmic scale historical trends are more visible and valuable. If we go into the red zone we can see a choppy price action, turbulence and likelihood decline of the price.
6. We'll see a breakout when the price goes beyond the red zone and, more important, if we consolidate above 4970 (because even if the downtrend breaks we could just grab the liquidity of 2017 September's highs).
7. 3D RSI and Fisher, are directed downwards, the MACD histogram goes down, hinting at the possibility of continuing the decline, however, MACD signal lines are directed upwards and are quite far away from the bearish intersection.
7. Positive:
+ Tom DeMark indicator shows 8th downtrend candle, which indicates the comming reversal
+ 8 HA bearish candles (Heiken Ashi) were formed and that's historically a lot
+ On the daily chart the price is clamped by a falling wedge
+ Price is forming an ascending triangle under resistance of 3500
Let's see levels on Bitcoin, Bitfinex, 3d chart, logarithmic scale.
1. We clamped in the narrow range 3465-3600.
2. There is some liquidity of 3235 and we've got the S/R Flip level at 2900 (the important resistance that has become our support: we flew out of there in August 2017 and retested the level in September's squeeze, too quickly, but nonetheless).
3. There is a strong resistance level, where the main point is 4310.
4. The edges of the Bollinger are just around 4300 and 3200, the middle is 3700. The upper border has leveled off, but the lower is directed down, the price is trading below the middle of the channel, confirming the global downtrend.
5. I've marked a wide zone of downtrend in red. On a logarithmic scale historical trends are more visible and valuable. If we go into the red zone we can see a choppy price action, turbulence and likelihood decline of the price.
6. We'll see a breakout when the price goes beyond the red zone and, more important, if we consolidate above 4970 (because even if the downtrend breaks we could just grab the liquidity of 2017 September's highs).
7. 3D RSI and Fisher, are directed downwards, the MACD histogram goes down, hinting at the possibility of continuing the decline, however, MACD signal lines are directed upwards and are quite far away from the bearish intersection.
7. Positive:
+ Tom DeMark indicator shows 8th downtrend candle, which indicates the comming reversal
+ 8 HA bearish candles (Heiken Ashi) were formed and that's historically a lot
+ On the daily chart the price is clamped by a falling wedge
+ Price is forming an ascending triangle under resistance of 3500
