CRUCIAL DAYS FOR BITCOIN - Next Stop: 7,200 USD - But Then What?
Hello My Dear Friends!
I'm so happy to be back again - Thank you guys for all the love and support <3
So in yesterdays chart I predicted, that we most likely would go to 7,200 USD. Everything is still pointing in that direction. With help from Elliott Wave Theory and classical charting, I showed you how we slowly but steady were moving downward.
I told you about hidden bearish divergence, descending triangles, wedges and so on.
Today we are looking at the 1D BTCUSD Chart. This chart is still confirming, what I told you yesterday. First of all - I want you to pay attention to the Volume Profile. It can tell us a lot of things. The first thing it tells us is, if the price is below the purple area we are in a downtrend, and we will most likely go even lower.
The reason for that is, that 70 % of all previous trades are made above us, so therefore we can also expect that there are more positions there now, and more resistance, which makes it harder for us to go up. I will come back to that later.
Please also pay attention to the the bearish MACD-Cross and the RSI, which shows us, that we will continue down. Also seen from it psychological point of view, we are in the disbelief-phase. All that allows us go to 7,200 USD, which is a crucial point for Bitcoin. The reason for that is, that it's equal to 78,6 % Fibonacci Retracement level, and we also here, have a double bottom.
So the big question is now, will we get enough of a bounce at 7,2xx USD, so we will go into an uptrend again, and restart a new EW Cycle, or will it just be an insignificant correction?
If it will be the last option 6,000 USD is our next target - And then we are now back to the Volume Profile again - Pay attention to the nodes. They are short, which means not many trades are made here, which also means lack of support. We call it clearance. We will therefore very likely, fall right through.
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Please give me a BIIIIG LIKE, and I will continue my hard work to keep you updated. Thanks in advance, my friends . LIKE, LIKE :)
I'm so happy to be back again - Thank you guys for all the love and support <3
So in yesterdays chart I predicted, that we most likely would go to 7,200 USD. Everything is still pointing in that direction. With help from Elliott Wave Theory and classical charting, I showed you how we slowly but steady were moving downward.
I told you about hidden bearish divergence, descending triangles, wedges and so on.
Today we are looking at the 1D BTCUSD Chart. This chart is still confirming, what I told you yesterday. First of all - I want you to pay attention to the Volume Profile. It can tell us a lot of things. The first thing it tells us is, if the price is below the purple area we are in a downtrend, and we will most likely go even lower.
The reason for that is, that 70 % of all previous trades are made above us, so therefore we can also expect that there are more positions there now, and more resistance, which makes it harder for us to go up. I will come back to that later.
Please also pay attention to the the bearish MACD-Cross and the RSI, which shows us, that we will continue down. Also seen from it psychological point of view, we are in the disbelief-phase. All that allows us go to 7,200 USD, which is a crucial point for Bitcoin. The reason for that is, that it's equal to 78,6 % Fibonacci Retracement level, and we also here, have a double bottom.
So the big question is now, will we get enough of a bounce at 7,2xx USD, so we will go into an uptrend again, and restart a new EW Cycle, or will it just be an insignificant correction?
If it will be the last option 6,000 USD is our next target - And then we are now back to the Volume Profile again - Pay attention to the nodes. They are short, which means not many trades are made here, which also means lack of support. We call it clearance. We will therefore very likely, fall right through.
D4 loves you <3
Please give me a BIIIIG LIKE, and I will continue my hard work to keep you updated. Thanks in advance, my friends . LIKE, LIKE :)
Comment:
Good Morning, guys! Just woke up. I wrote the following:
"So the big question is now, will we get enough of a bounce at 7,2xx USD, so we will go into an uptrend again, and restart a new EW Cycle, or will it just be an insignificant correction?"
I must admit I though we would see a bigger bounce that this. We went from 6,9k to 7,350. I said on our Youtube show, that we would most likely get a bounce, and go down in 6,000 USD. But I am surprised we didn't get higher.
Even though we are in the oversold zone, we are just going lower and lower. And a bear flag has starting to take form. 6k USD next stop..
"So the big question is now, will we get enough of a bounce at 7,2xx USD, so we will go into an uptrend again, and restart a new EW Cycle, or will it just be an insignificant correction?"
I must admit I though we would see a bigger bounce that this. We went from 6,9k to 7,350. I said on our Youtube show, that we would most likely get a bounce, and go down in 6,000 USD. But I am surprised we didn't get higher.
Even though we are in the oversold zone, we are just going lower and lower. And a bear flag has starting to take form. 6k USD next stop..
Comment:
So kinda funny, that we now are, where I thought we would be when we first would hit 7,200ish USD.
Right now we cannot really do anything other than wait for Bitcoin giving us an direction. So I would't enter a trade at this moment - as you can see we are consolidating at this moment.
Whale groups out there are talking about going to 8,300 USD, which is equal to 61,8 Fib. On the other hand we are trapped in a bear flag, which might take us down to 6k.
I still think 6k is the most likely, scenario, but who knows? So wait for a confirmed direction - this is a patience game for now!
D4 loves you <3 Please GIVE A LIKE - It's much appreciated :)
Right now we cannot really do anything other than wait for Bitcoin giving us an direction. So I would't enter a trade at this moment - as you can see we are consolidating at this moment.
Whale groups out there are talking about going to 8,300 USD, which is equal to 61,8 Fib. On the other hand we are trapped in a bear flag, which might take us down to 6k.
I still think 6k is the most likely, scenario, but who knows? So wait for a confirmed direction - this is a patience game for now!
D4 loves you <3 Please GIVE A LIKE - It's much appreciated :)
Comment:
Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironicially, rush and more usually mean less.
It's the same with life. What is time? How do we know what time is?
We only know that due to repetition. We know, that after summer comes fall, then winter, spring and summer again. The sun goes down, but it wall also rise again. The Earth is spinning in an orbit around the Sun, which is part of our Galaxy where all the planets and stars are orbiting a big massive black hole.
Repetition, guys!
If there was nothing like repetition, there would be no time.
Take a look at this chart, how we bounce and get support the same places than we did before. Same things tend to happen again and again.
We are still heading towards 7,2xx USD.
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