Nickonomics

Bitcoin (BTCUSD): On The Edge

BITSTAMP:BTCUSD   Bitcoin / Dollar
A massive sell-off in Bitcoin             today caught some people by surprise. My goal is to present a specific criteria for trend change in this market. In my view, the break of $4236, which is a cluster of the pitchfork trendline and an important fibo-level would lead to more selling and confirm that the market is in a correction mode. Downside targets are drawn on the chart.
Comment: To illustrate my logic further, on a smaller-degree chart:
snapshot
Trade closed: target reached: Main target $3700 has been reached.
Looks like WXY, not ABC. But agree with you that we are probably in correction to 3200-3000
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mmortall mmortall
@mmortall, 3400-3000
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Thanks Nick... seems ETH will follow the same is it ?
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Hello sir! Thanks for your analysis! How do you get the histogram on the right of your chart? Very curious :) thank you and have a good day!
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@Terl, It's called VPVR and is found in the 'Indicators' section.
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This is why the selloff. https://qz.com/1073049/the-ethereum-eth-price-and-bitcoin-btc-prices-are-crashing-on-a-china-trading-ban/
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@bombman, some are claiming that this is fake news, either way the market didnt react positively to it which also shows just how jittery everyone is. It has confirmed my opinion to sit out of this market for a while.
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