Bitcoin has hit the expected Elliot Wave correction extension, and has bounced off with lots of volume.
Previous chart about the bearish target is here:
Now at these levels we see a previous very long candlestick, with a large amount of volume, that had rejected the price. This is the move before we came down to the current level around 42k. I notice these pivot points usually have one last move downwards, before confirming. So this one is looking promising.
Another reason I feel it could be bullish, is because of the bullish divergence spotted in the RSI. I do think our last drop can set up to be a swing low for a future bullish move. The area it ended up bouncing off of is a MAJOR support level, previously resistance. We may even see a higher high on this climb up on the smaller timeframe charts.
Keep an eye out, this could be a turn around point. As always, confirm first.
I cannot call long or short on this one, because nothing was confirmed. This is a post to keep your eyes peeled at this very important level.
Previous chart about the bearish target is here:
Now at these levels we see a previous very long candlestick, with a large amount of volume, that had rejected the price. This is the move before we came down to the current level around 42k. I notice these pivot points usually have one last move downwards, before confirming. So this one is looking promising.
Another reason I feel it could be bullish, is because of the bullish divergence spotted in the RSI. I do think our last drop can set up to be a swing low for a future bullish move. The area it ended up bouncing off of is a MAJOR support level, previously resistance. We may even see a higher high on this climb up on the smaller timeframe charts.
Keep an eye out, this could be a turn around point. As always, confirm first.
I cannot call long or short on this one, because nothing was confirmed. This is a post to keep your eyes peeled at this very important level.
Comment:
Pivot point, now need confirmation
Pivot point, now need confirmation
This crash tells a story about overleveraging a derivatives market that was already on unsteady ground, with signs pointing short, another 3.1 Billion was liquidated in a matter of hours.
I would like to bring up this point on leverage. If you are an every day person, as in not a giant corporation, if you trade at home in your spare time, or invest in Bitcoin because people said it was a good idea.. Please do NOT leverage cryptocurrency. A few people I know have lost all of their assets during this crash, they were liquidated just for borrowing. One of them lost over $12 Million. The truth is, expecting to stay at or above 84% LTV loan to value during a market this volatile, is just asking to lose. Please exercise caution, please research the sh*t out of anything before investing, and please keep your hard earned dollars safe. This is not financial advice, but I just don't want to see any more people like me and you lose any more money than they have to.