BTCUSD Thursday March 8th 2018: The breakdown begins as the final crosses from the cup and handle bullish reversal pattern we have been tracking since early February marks its final cycle. As previously mentioned a death cross will follow next, continued by the golden cross we await for the next high probability bull run setup.
Stochastics has already gone under the 55 balance and touching oversold rapidly. Potentially price will hang up around the 8900 levels at the bottom of the intraday recovery channel.
Fib extension levels have been marked on both charts. With the 0.618% breakout range marked on the left showing interesting interactions with previous rallies and support prior to the last sell off.
Plenty of news in recent days surrounding Mt.Gox liquidation over thousands of BTCs could possibly answer the question to whom was doing the dump.
The news of the coinbase index listing with a view to ETF is potentially extremely bullish making 401k holders able to add btc to their retirement portfolios.
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A sell off continues in Late NY / Early Asian trading causing price action to continue towards yesterdays target range of $8900, with the death cross nearly drawing on the daily chart now we await for golden cross to signal purchase and can continue short in the interim.
Trade closed: target reached
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we have hit the floor and now bounced with support at $9300
Rich, so we expect it s gonna be final dump and it May happen from 1 Day - 2 weeks? The only question is depth of it?
majorlee
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@valerakamyshkin, yeah next stop 8800 area, seems a small differnece in price but was some previous support/resistance there
possible if we break that and looks weak then can restest weekly MA's down to 4-6k
all gunna happen in March it seems, April looks very bullish as it wont take long for BTC to start climbing up fast
majorlee
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thx for your comment bro @valerakamyshkin,
AboveDuality
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@majorlee, i m glad to see such interesting ideas as yours, those death crosses are always pretty accurate, it helps to keep money safe. Keep it rockin man, Btfd ><
majorlee
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@valerakamyshkin, sweet brother, yes than be powerful especially if forming on multiple periods 1hr,4hr, daily and weekly is best