Bullish Momentum seems to be Gone for Bitcoin

I am going to keep this one story short, because i already told everything in my previous analysis, so for more information it's better to read that one as well. So far Bitcoin seems to be very weak, after each drops it made there were very weak bounces up which created bear flags that took the price even further down. This last drop to 9200 seems to be the same as the 9500 bear flag, no signs of Bulls! Alts are also taking hits, so it seems like many people are taking profit from Alts and after doing that Also selling those BTC which keeps pushing the market down probably. We are at a small support zone here at 9200/9300, if this one breaks (and looks like it will soon) than the 8700 has to hold to keep the med term bullish momentum intact. But even if we see a bounce there, there is still a chance that we will form a lower high which could create a right shoulder of an H&S.

The drop so far looks a bit like the one we had 2 months ago (yellow area), think it will depend on what will happen here to know if that previous move could be something to look at. The formation we have at the high does look like solid top formation, with the high at 9750 and the previous rally that only got 200 point higher. That was a weak sign, also that the market was so close at the 10.000 and was not even able to break it. I still have my short position that i opened at the 9970, i did not get the chance to open a very big short position as i had planned. I have my stop at entry level and i intend to keep this short position for quite some time. So far this is only a correction of the big rally we had, but i know there is a chance we will see a bigger drop again. But as long as we are above the 8700 AND the 8200, things are still bullish

For me the most important thing is, that volatility is back again, at least for now. It makes trading crypto's much easier and more interesting again :)


Don't forget to like if you appreciate what i am doing here :)

Comment:

Like i said yesterday the drop would probably cool down and that we would move sideways for a day. So far the low of this flag does look like a solid support, so there is some hope left. If Bulls manage to keep it above this level for the rest of the day they might just be able to push it towards the 9500 they could be out of the clear for the short term. But the biggest challenge will be the 9700. Even if bulls do push it higher, there is still a big chance it will form a lower high around that level.

I won't be updating so much today, so good luck trading :)

Comment:

Looks like the Bulls are trying a (temp) reversal. If they get it above the 9400 there is a chance they could go for the 9600 as well, but there is a very big chance a lower high could be formed around 9700

Comment:

So far sideways as aspected, and still no real direction. It's not easy to say what the market will be doing. We are now in an area like we had a week ago, so it could move like this another day, sideways and slowly up. But the difference now is, the drop was bigger and we come from a new high. Also seems like we dropped out of that upward trend channel form the 6K, but i personally don't give much value to that one. And the bulls could be making a new higher low here. I think we won't be making a new high this week, even a rally towards the 9700/9600 is won't change that. Even if i am wrong about this, i think a new high will only be slightly higher that the previous. I wanted to build up my short position from 9970 up to the 10.200, so another chance won't even be a bad thing. I could be wrong, but it's my plan and so far it's working out and there is no reason to change that.

I don't we will drop from here, my guess is that the price could be making a rising wedge here, because a pattern like that would confirm the weakness on this time frame. But i do have to say, that small reversal from the low today could mean something else, so i am not ignoring that. Volume was low, but it has increased the last few hours. That's a bullish sign as well.

Comment:

We should find support around 9280, if so my 'wedge' plan could work out. I would be surprised if we keep on dropping from here on out

Comment:

The bounce was there, now the 9400ish will be a first small reistance

Comment:

Nice, sometimes i even amaze myself :) This is why i love volatility, just normal/natural movements of a market. The wedge idea is still in place, it's still not above the previous high around 9450. If that breaks it could 9550ish. According to the wegde that should be the max. But it's just a theory so don't follow it blindly.

Don't forget to likes guys :)

Comment:

So the previous high was only slightly lower and it seems like it broke the wedge already, testing it as resistance now so we should start to drop again. A drop below the 9280 will confirm the wedge and probably a new drop.
So the 9480 and 9280 are the levels to watch

Comment:

So the wedge is in play,the 9280 support is holding again, but i don't think for long. I actually did not think we would we here this fast, thought the wedge would be bigger and higher. Lets see what happens next

Comment:

I am disappointed in my self that i did not predict the high of this wedge correct :)
Anyway, Support is still not really broken, but chances have become very big that we go visit the 9000/8800. A double bottom here (9200) is still an option


Come on guys, i think i deserve much more likes now right? :)
I will update if i really feel the love :)

Comment:

This looks like a clear support trend line. Could just drop right through it, but chances are there we make a small right shoulder towards 9300 first for half a day or few hours

Comment:

Zoom in, looks like a small bear flag, if we don't see a big bounce, chances are very big to make another drop

Comment:

From the looks of it, there is a big chance, that IF the price breaks through the 9300, we could see a small squeeze upwards.

Think the market won't be dropping anymore today, should have happened earlier today when it broke that flag. But clearly some players did not want it to drop (not yet at least). Think bigger chance we move sideways and slowly up, maybe even towards 9500/9600 the next 2 days or so

Comment:

Forgot to mention, that the 9150 has to hold

Comment:

New update