What a move on Bitcoin last night after I posted my analysis. Bitcoin is struggling to hold the 200MA right now, so the battle is not over. Over $400 million worth of shorts were liquidated last night as they had continued to rise in the face of the bitcoin rise.
Do you remember the magnet? It took a while to get to $5,000... but damn it, we did it!
Okay, let's get serious!
The sell volume has not been that big yet though as we start our ascent.
It looks like the ascending triangle played out exactly after our 10/20 MA cross on the weekly. We also got the volume that we were looking for!
Our first target was the 200MA and the .618 pull back from the downward move. Why the 61.8%? If you read my previous analysis, I explained in great detail how Bitcoin LOOOOOVES the 61.8% fibonacci level.
The question is, where do we go from here?
If you were long Bitcoin, then you should be well in the money. If you watched my live stream last night, I sold some off at $5100 and am looking for a new place to buy.
I don't think we'll get a bart down based on the volume confirming the move, but anything is possible with Bitcoin.
I am, however, seeing an interesting fractal pattern play out here.
If you recall my mirror, mirror analysis where we took Bitcoin and flipped it upside down, you'll see that our first target at the .618 was almost hit. We tagged the 50% fibonacci level and are consolidating right now.
If bitcoin follows what it did after it broke the 6k support level and impulses, consolidates and impulse for an ABC type of pattern, we could see another move to the $5600-$5800 level like this. (also known as a fractal, although I hate using that word.)
It definitely has the volume to confirm the validity of the move.
If you're not in a trade, where do we enter? (Look to the fibonacci levels for this answer.) If I had to guess, we'll probably see some sort of a bullish consolidation pattern form around the .236 as a pivot (flag/pennant/triangle) kind of like this.
Ideally, we can get long around the $4700 level if we're not already in the trade. The most important thing to keep note of is we hold the 200MA on the daily closing. If we don't hold that, then I would expect us to drop through back to retest the $4,200 level as the previous support.
So far, so good though!
What do you guys think? Are you bearish or bullish after this big move?
hello
I'm sure we're going down and in the next 2-3 months, we'll have at least 30% down, and my goal point is 3400-3500
only thing i believe is MA and EMA, now see 1D 200MA and 1W 26EMA , this points are pull back points and these points always work
millert25
⋅
@sasman14, I agree with this. I think this is the last rally before we go sideways for a while.
IRCSAS
⋅
@millert25, yes this is final and then going to 3500 or more down(for 2month) and then sideway(for 3-4month)Which causes severe growth alt coins
You continue to be on the Money with your Tech analysis that's why I am a Member of Signal Profits!
perolason
⋅
Dang, almost there! Will it go all the way?
IRCSAS
⋅
i find best point for back
1w is best time frame and 50EMA and 50SMA == 350= 1 years
50 EMA is 5312 and 50 SMA is 5290 and BTC back down from this points and is big resistance
in next day bull try again and will be fail and we see 3500 again in 1 month!
XRP ZRX TRX BTT FET ZIL NANO XLM
these are only safe coin in lowest price
meredas
⋅
Poukitoun
⋅
Yup a retest of the Weekly 50MA then major dump to 3,500 area :)
I'm sure we're going down and in the next 2-3 months, we'll have at least 30% down, and my goal point is 3400-3500
only thing i believe is MA and EMA, now see 1D 200MA and 1W 26EMA , this points are pull back points and these points always work