My first TA on Bitcoin was this one: Unfortunately it was worse than what I expected, as of now BITFINEX:BTCUSD is still dropping... This was expected because Bitcoin has been growing for months... It has 12345 Wave and of course it must do ABC to complete the Elliot Wave.
In this new analysis it's expected for Bitcoin to reach the 0.786 Fib level of $8501.2 IF it breaks that level and closes bellow it the 1 Fib level is at $5400.2 which I doubt, Bitcoin should finish the ABC and reverse the trend thus making all coins 'green' again. Trade safely! (Do not take this as financial advice!)
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BTCUSD shows a lot of BULLISH signals, the HUGE Flag, the Bullish Bat pattern, and the most important, the ABC correction wave (DONE???) In my opinion BTCUSD is not coming back bellow $10.000 (I could be wrong, but let's hope not.) The green square marks the perfect zone to buy-in, I doubt we will get back to it again any time soon.
I know the XABCD values aren't perfect nor is the Flag but I just wanted to share a quick sketch of whats happening.
Trade Safe!
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A little thing I noticed as well, this last 3 candles show us a interesting thing, the first of the three last (big red one inside the square) has a Low of 10.1k and a close of 11.3k (shows buy pressure) which means people aren't letting the coin dropping more (kind of a "resistance") same happens on the "middle" candle, a Low of 9.2k and a close on 11.1k a BIG jump, that means a BIG buying pressure "pumping" Bitcoin and not letting it drop. The last candle (daily chart) closing above the Close and/or the High of the candle before it (High was 11.7k and the Close was 11.1k would be a nice bullish sign!
Lets see what happens! Trade Safe!
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I advise you to watch this video! Great one!
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Expect a drop on BTCUSD to around $10.500, if it breaks that level we might be seeing the $9000/$9500 levels again!
Wait for a breakout on either sides, don't get fooled by false breakouts!
It should go up in a short-term!
Trade Safe!
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Forgot to mention it is an Ascending Triangle, but we can see triple tops and double bottoms inside of it..
At this time I would just wait patiently !
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WARNING BTC is on top of the support.
1H TF if the candle closes bellow the Yellow line we could see a drop, be careful!
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It went there 2 times already, this would be the third time, let's see if it holds, this is an ascending triangle so (in theory) price should go up, but we are talking about bitcoin... There's always the possibility of breakout on the bottom line thus meaning the price would go down..
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Bounce upwards on that "support" broke out of an ascending triangle an of a symmetrical one! Strong jump, it will be followed by a small retracement that has already started.
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Price will go down soon
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If it doesn't bounce back on the Rising wedge line expect an even bigger drop to the 10k levels!!
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Tenkan already crossed Kijun upwards on 1H 2H 3H 4H TF and its heading there on the 8H TF (Bigger TF for Ichimoku the better!) We should see a rise in price
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Forgot to mention that on the last picture i shared 2H ago of the rising wedge the price of Bitcoin bounced on the tenkan line!
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1H* ^ (My mistake sorry)
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TF of 1H Ichimoku is full bullish! Price is bouncing on the Tenkan Line
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Price trying to breakout!!
At 1H TF Ichimoku shows Bullish!
Careful if price drops (and closes) bellow the Kijun (Red Line)
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Price bouncing on the Tenakn (Blue Line) for the last 9 hours, good sign, it means its holding there on the "support" which is the Tenkan
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Price made a resistance on that Yellow line, went there 2 times but failed, when it was expected to go there a third time the price was rejected by the cloud on 12h which is a decent TF to use Ichimoku safely. More updates to come.
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Broke out of the Rising wedge originated on a downtrend so the main downtrend will continue
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ABC done?
Price was reject by cloud on the 1D TF, Ichimoku shows Bearish. Price should drop to one of those supports, as I've said before I don't think we'll be seeing the 9K again.
@angel_lobs, (If you click the image you'll get redirected to the new idea)
tigerpause
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I'm still suspicious that this might be a fakeout - I'll tag you in the idea I posted so you can check out my reasoning.
angel_lobs
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@tigerpause, I'll take a look, but don't take what I say for granted, as you can see in my profile I only started this a month ago :)
tigerpause
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Really good work - thanks so much for sharing. I think we *might* be running out of steam; the 8h stochastic looks like it might be starting to tend downwards and the 4H RSI is struggling to stay above 50 whilst the 8H+ remain below 50 for the time being. Potential retrace to 8.5 to complete a double bottom and close out the macro level bear run?
angel_lobs
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@tigerpause, Thanks for your feedback! I'm really happy that you agree with my "work". Well from what we saw overnight BTC made a good jump, its not going near the 8.5k level again in my opinion, I think it's safe to say it's not coming bellow the 10k, but thats just my opinion I could be wrong, but let's hope not!!! I think we can say the ABC is done (??) Only time will tell. Trade safe and have a nice day!