It wouldn't surprise me to see a reversal here to the upside. Especially with the first wave target retracement met exactly and the strong divergence on the STOCH RSI.
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Both the one hour chart and the three day chart have moving average targets (indicated) that have been met. This gives further credence to the reversal idea I touted just a few minutes ago. As long as these supporting averages can hold here I'm fairly optimistic.
Also, you can see the MacD on the three day chart does look interesting with a potential crossover. Other indicators are somewhat positive too.
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Yes the 8 hour chart does seem to indicate a continuation to the downside. Perhaps it could seek the support of the 50 MA here...
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We got the support we were looking for on the 50 MA of this 8 hour chart. BTCUSD 3.57% has been consistently targeting the 50 on this chart as you can see.
Stochastic RSI and BB%B indicators both with suggested upside ahead too.
A rally here towards the 200 MA could potentially lead to a breakout of the downward trend line and a golden crossover (50 moving up through the 200) here could be the catalyst needed to confirm the reversal. If we see the crossover and the breakout we may never see sub 10000 prices again. Just a thought.
@jimo79, retracing to the 50MA here on the 8 hour chart is a fairly typical type of a three wave move too. A bounce off this could bring in buyers and propel the price point upwards towards the 15000 plus area. I think you are on to a very intuitive idea that many traders are observing. Nice call.
jimo79
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@graham.edwards84, cheers mate. appreciate the update. So far looks like the weight of this fall is quite heavy so I am going to sit out entering a long position until I see an upswing on both the 8HR and 12HR StochRSI's. I don't know if that is the right strategy or not, but I got smashed by trying to enter at wrong times of the falling knife on the previous crash.
graham.edwards84
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@jimo79, Yeah I hear you. I'm just "holding on for dear life" as they say... lol.