Slyx737

Bitcoin bears in town

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Ichimoku

Chikou Span made a cross down over the price. Watch for the Chikou to potentially follow the trajectory plotted in neon green. We want to see a reversal of direction before Chikou span hits the .382 fib line.

Tenkan sen has been moving horiztonally and tells us this is the market ranging

Kijun & EMA
Standard line and the 50 day EMA are both above the current bearish candle. We want to see these reverse and act as support over the next 3-4 candles (12-16 hrs             )

Kumo
Cloud is beginning to tighten. This shows us lesser volatility . Span A and B are between 9.4-10k

Chart patterns
A falling wedge could be forming in the short term

Pyschological support / resistance
There is a lot of psychological support below the 8k mark and you can see this confirmed by the small wick on the current candle when it reached the trendline from 2/6/18

Fibonacci Retracement
Currently price is .382 fib level and if it can't find support here, or on psychological support. Our next level of support is at the .236 fib line, or ~7.4k


StochRSI
The Stochastic RSI is very low at the -8 mark. Watch for a convergence, a bounce, followed by a bullish divergence .

ADX
ADX has dipped below 30 and is pointed up. Trend is weakening but may be gaining bearish strength. Ideally we would like to see bullish candles with the ADX moving up to signal strength of a reversal.
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