In my last analysis I expected a last breakout to the bottom - and it took very long to happen. But finally it did. What reason can be found for that vast reaction?
Technically we can claim the big wedge, with a falling upper limit in combination with the EW-correction wave -C- as possible reason for the breakout. Also the Relative Strength Indicator showed weakness in the last 3 to 4 months.
And of course the volume has been on its lowest level since spring 2017.
Fundamentally some say that big speculators wanted to step into the market but every buy would have caused a rise in the prices. So they tried to push the price below some stop-marks to get the opportunity for their acquisitions.
Watching the jump of the volume (2 days as much volume as about 1 month) this argument isn´t made up out of thin air.
And if this argument is right, then the big speculators are now in.
For the next future I expect a counter-reaction to the top. This shall us bring up to the corridor which has been left. And in the longer run BTC shall rise above this corridor (with some volatility).
Nevertheless there are still some risks on the lower side. Bitcoin is actually fighting on the trend-line (dashed). This trend-line is a very important support, cause it´s the long ascending trend coming from October 2015!! This support MUST be defended if BTC will not fall far beneath!
This is no trading advice!
Technically we can claim the big wedge, with a falling upper limit in combination with the EW-correction wave -C- as possible reason for the breakout. Also the Relative Strength Indicator showed weakness in the last 3 to 4 months.
And of course the volume has been on its lowest level since spring 2017.
Fundamentally some say that big speculators wanted to step into the market but every buy would have caused a rise in the prices. So they tried to push the price below some stop-marks to get the opportunity for their acquisitions.
Watching the jump of the volume (2 days as much volume as about 1 month) this argument isn´t made up out of thin air.
And if this argument is right, then the big speculators are now in.
For the next future I expect a counter-reaction to the top. This shall us bring up to the corridor which has been left. And in the longer run BTC shall rise above this corridor (with some volatility).
Nevertheless there are still some risks on the lower side. Bitcoin is actually fighting on the trend-line (dashed). This trend-line is a very important support, cause it´s the long ascending trend coming from October 2015!! This support MUST be defended if BTC will not fall far beneath!
This is no trading advice!
Comment:
Comment:
It happened - what not should have happened: BTC crossed the long trend!
It has now reached a swing trend line and this is the next support level.
Perhaps on this level we´ll see some reverse trend.
It has now reached a swing trend line and this is the next support level.
Perhaps on this level we´ll see some reverse trend.
Comment:
Comment:
EW - projection, if the level at 3770$ won´t be broken.
Seemingly BTC is getting more strength, RSI has passed its low.
Seemingly BTC is getting more strength, RSI has passed its low.
Order cancelled:
Nope - no trading at the moment!