Bitcoin finishes its correction amid a local uptrend near the 0.5 Fibo level, after which the flagship strengthens to 17296 and forms a consolidation at the key level.
The price overcomes the resistance density and enters the vacuum zone on the volume profile. Essentially price enters the zone without any resistance and bitcoin can reach the 19000 zone quite quickly in a calm environment
The price is in an ascending price channel. The fifth Elliott trend wave is forming, the expected end of the movement is the resistance of the price channel. A condition for the price to continue rising is fixing of the bitcoin above the level of 17223, in which case the potential opens to 17592 and towards 18000. In the medium term, I will wait for the price to approach the level of 18271 and the Fibo level of 1.618.
BUT, the global trend is bearish and there is no exact confirmation of the formed bottom yet. We need to be careful. In case of price consolidation under the level of 17223, we may see a fall to the Fibo level of 0.5 (16711).
Regards R. Linda!
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False breakdown on the background of news volatility. A pullback down and formation of a retest. Price is trying to return back to 17223
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After the false breakdown a consolidation is formed. I expect the retest of 17223 and the subsequent price reaction: 1) If the price does not fall and starts to test the level, consolidates and forms the retest, then there is a probability of breakdown 2) If the price does not manage to go above the level, and after the retest starts consolidating under the level, the price will start falling towards the channel support
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Bitcoin continues to consolidate near the 17223 level, indicating strong positioning. If the price continues to stick to the level, a breakout to 17592 is possible in the near future
@RLinda, Its Friday the stock market will drag the crypto down. This is 3rd attempt to force 17300$ short is still valid. It can be invalidated according to your chart. Im betting we will fall, same as CZ said Today.
BTamara
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@KoDPrey, do you think BtC will fall during the weekend? Thank you
KoDPrey
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@BTamara, I dont have a crystal ball, but im betting we will fall below 15k. SPX and US30 (especially) had really big rally. They must face correction, and this can bring BTC even lower. In my opinion this is fake pump to high consolidation level of 17300$. There is no more volume, at least for now. It can easily break downwards. If it will break down you can expect that that minor support at 16500$ will not hold becauser this is 3rd attempt to break 17300$ levels. But anyway still 17800$ pump is possible. I have shorts only right now, with tight stop loss. After last dump I will open longs. The bottom is not here in my honor opinion.
Gold-Tech
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@KoDPrey, Bitcoin has lately been slowly detaching itself from its local correlation with the sp500. It stops reacting very strongly to index noise. I think bitcoin may develop positive dynamics (locally and temporarily
RLinda
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@Gold-Tech, Yes, you're right, I was looking at the sp500 chart
cypris182
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@Gold-Tech, Agree, Bitcoin will be the gold standard in the digital age. Enough with a damn hunk of metal already! When is the last time anyone bought a shot of burbon with gold dust, LOL.
RLinda
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@KoDPrey, There is truth in what you say, thank you. It was interesting to read, I would also like to know what you think about bitcoin
RLinda
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@KoDPrey, Anything can happen, but for some reason I am positive, but still taking into account the fact that the price may fall
Why do I think there is a chance for growth: 1) consolidation 2) formation of a trend Elliott wave 3) bitcoin reacts more softly to SPY movements (sp500) 4) volume profile, price is entering the void zone, in fact, the trigger point is left to be reached