Ichimoku Kinko Hyo
- Chikou Span (Green) - The lagging line has reversed into a bullish uptrend, but we have yet to see bullish up-cross we want for a buy signal.
- Tenkan Sen (Red) - Turning line has shifted into a horizontal direction. Indicating the market is within a ranging phase.
- Kijun Sen (Blue) - Our Standard line has dropped below the price, and it confirms the bullish uptrend we've seen over the past few hours. That is only a small uptrend within the overall bearish channel the price is moving through. It also confirms the formation of the double top.
- Senkou Span A & B - Senkou Span A and B are acting as resistance at 9,133 & 9,804 respectively. The Kumo (space between span A & B) is widening which indicates the volatility is further increasing.
MACD - We saw a big bullish divergence on 3/19 at 18:00, and BTC is headed into a phase of being overbought.
Stochastic RSI - We are very near the ceiling on the StochRSI at ~98 and signals some consolidation may be needed before we potentially continue the small rally we've had the past few hours.
Volume
Volume is bearish and shows some traders selling off while we are in that overbought area.
Chart Pattern
Previously an ascending triangle was in formation that may be turning into a bearish symmetrical triangle.
Candlesticks
We saw a hammer bottom 12 hours ago followed by 3 white soldiers rallying the price from 8600 to 9400. At that price point resistance was met and we saw a Shooting Star form.
Psychological Support + Resistance (Purple)
We saw Bitcoin bounce off the 8,400 psychological support. There was very little bullish momentum after the 9,200 resistance was broken, and we see a bearish candle forming on the chart with the price on top of this psychological support.
Fibonacci Retracement
During our bullish rally price moved from below the 0.5 level and turned it into support. With the price sitting on psychological support currently, we can see our next level of support is the .382 fibonacci level at ~9,088.
Conclusion
Over the next few hours I think the bears will be pulling us back for some consolidation after such a large rally. I expect the price to fall as low as 9k. Best case scenario our buying volume increases and we rally out of the downward channel we are currently in. This would happen at ~9.5k. Watch for the Chikou (Green) to cross the price, and Kijun (Blue) should stay below the price.
Our worst case bear scenario that I see playing out from this would be support breaking at the 9k mark. If this happened we could possibly fall to 8.3-8.5k. Where we know there are a lot of bulls waiting.
- Chikou Span (Green) - The lagging line has reversed into a bullish uptrend, but we have yet to see bullish up-cross we want for a buy signal.
- Tenkan Sen (Red) - Turning line has shifted into a horizontal direction. Indicating the market is within a ranging phase.
- Kijun Sen (Blue) - Our Standard line has dropped below the price, and it confirms the bullish uptrend we've seen over the past few hours. That is only a small uptrend within the overall bearish channel the price is moving through. It also confirms the formation of the double top.
- Senkou Span A & B - Senkou Span A and B are acting as resistance at 9,133 & 9,804 respectively. The Kumo (space between span A & B) is widening which indicates the volatility is further increasing.
MACD - We saw a big bullish divergence on 3/19 at 18:00, and BTC is headed into a phase of being overbought.
Stochastic RSI - We are very near the ceiling on the StochRSI at ~98 and signals some consolidation may be needed before we potentially continue the small rally we've had the past few hours.
Volume
Volume is bearish and shows some traders selling off while we are in that overbought area.
Chart Pattern
Previously an ascending triangle was in formation that may be turning into a bearish symmetrical triangle.
Candlesticks
We saw a hammer bottom 12 hours ago followed by 3 white soldiers rallying the price from 8600 to 9400. At that price point resistance was met and we saw a Shooting Star form.
Psychological Support + Resistance (Purple)
We saw Bitcoin bounce off the 8,400 psychological support. There was very little bullish momentum after the 9,200 resistance was broken, and we see a bearish candle forming on the chart with the price on top of this psychological support.
Fibonacci Retracement
During our bullish rally price moved from below the 0.5 level and turned it into support. With the price sitting on psychological support currently, we can see our next level of support is the .382 fibonacci level at ~9,088.
Conclusion
Over the next few hours I think the bears will be pulling us back for some consolidation after such a large rally. I expect the price to fall as low as 9k. Best case scenario our buying volume increases and we rally out of the downward channel we are currently in. This would happen at ~9.5k. Watch for the Chikou (Green) to cross the price, and Kijun (Blue) should stay below the price.
Our worst case bear scenario that I see playing out from this would be support breaking at the 9k mark. If this happened we could possibly fall to 8.3-8.5k. Where we know there are a lot of bulls waiting.
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