cerncris

BTC Volume Climax

Short
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
The excellent Chicago CME group news has pushed BTC to extreme heights. It did so with little resistance and thus formed little support on the way up. Now we see the bull volume and interest has come to a climax and it begins to dissipate.

Low liquidity and scarcity of coins on several exchanges has allowed BTC to reach very high levels and a correction is due to ensure proper stable growth. Although the BTC fork could serve as "bad news" and an attack on Bitcoin , a correction is due regardless to allow for the market and newcomers to readjust and furthermore provide the needed liquidity.

Disclaimer: I used elliot analysis, stochastics learning via state function, RSI div , volume div to produce the time dependent trends. They could be wrong cuz maths. Bitcoin could also go to 10k instead. Guess we'll find out.
Comment: Resistance broken, chart failed. good thing :D
Comment: Chart Completed.

Comments

Great charting!
Reply
cerncris olsonseth
@olsonseth, let's hope btc breaks that resist ;)
Reply
Agreed, although i have a 5700 target as per my last published chart.
best of luck
Reply
cerncris gunazzi
@gunazzi, 5700 would be an excellent buy. worst case (but also best case since i'm shorting) scenario i don't see it going below 5400 which is highest risk to highest reward, but who knows. 6100 is a good risk/reward entry. ~5700 happens to be the average of the major support and worst case support i have in the chart.
+1 Reply
gunazzi cerncris
@cerncris, Bitcoin is on a much larger uptrend, in order to have said long term uptrend we need to have healthy corrections.
Best of luck bud!
Reply
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