Price may indeed be falling now, but at least in light of this we are no longer wondering what will happen and we can begin to make logical decisions. With price following my scenario 1 on my previous analysis, price failed to have any bullish momentum whatsoever after hitting the final primary horizontal support zone, and price broke below the horizontal support level, showing that the bears defeated the bulls and dragged price into the lows (See related ideas below this analysis for more information regarding my previous analysis). Price didn't have momentum at support, created a consolidation and broke own, this is a clear 3 wave pattern in play, with a measure move down now expected as per normal measurement rules. Price did actually already hit the measure move target in the previous 6 hourly candle, however unless the following candlestick is a bullish reversal candlestick, then I will consider that Bitcoin will at least retest the side-wards support line, or possibly fall even further to 5850.
When price bottomed after the strong downtrend yesterday at 6260, this was the final opportunity to bounce and go to the highs, before the 3 wave pattern took gravity on this trend. However bears continued to push to the downside, despite Bitcoin having accumulation for almost 30 hours in which there was time to reverse back to the upside. All this tells me is that the bears are legitimate and here to stay, and they won't go anywhere unless they're defeated by massive bullish enthusiasm, or the bears have overextended the trend, making it oversold and impractical to hold any further to the downside.
Bitcoin is going down now, and price will either retest the side-wards support line at 5990, or the horizontal support zone between 5840 and 5730.
Bear in mind price has already hit the measure move of the 3rd wave, which hit the side-wards support line equivalent at 5990, so there is a thin chance price does not retest the lows. However, due to the downtrend having been strong recently, I don't think price hitting the side-wards support equivalent is really the emphasis of this down move. I think the downside move really needs to hit the side-wards support line physically. This is when the upside will really pick up confidence and legitimacy.
I will continue updating this analysis in realtime if it receives sufficient likes/attention.
Please leave a LIKE and FOLLOW. I'd really appreciate it. :-)
When price bottomed after the strong downtrend yesterday at 6260, this was the final opportunity to bounce and go to the highs, before the 3 wave pattern took gravity on this trend. However bears continued to push to the downside, despite Bitcoin having accumulation for almost 30 hours in which there was time to reverse back to the upside. All this tells me is that the bears are legitimate and here to stay, and they won't go anywhere unless they're defeated by massive bullish enthusiasm, or the bears have overextended the trend, making it oversold and impractical to hold any further to the downside.
Bitcoin is going down now, and price will either retest the side-wards support line at 5990, or the horizontal support zone between 5840 and 5730.
Bear in mind price has already hit the measure move of the 3rd wave, which hit the side-wards support line equivalent at 5990, so there is a thin chance price does not retest the lows. However, due to the downtrend having been strong recently, I don't think price hitting the side-wards support equivalent is really the emphasis of this down move. I think the downside move really needs to hit the side-wards support line physically. This is when the upside will really pick up confidence and legitimacy.
I will continue updating this analysis in realtime if it receives sufficient likes/attention.
Please leave a LIKE and FOLLOW. I'd really appreciate it. :-)
Comment:
Bitcoin has managed to hold it's own after hitting the equivalent of a 3 wave measure move target. Price looks like it is holding it's own ground now, and surely one to watch!
What's to happen next? If there's sharp bull activity now, there could be a short term corrective buy possibility. If any of the next few candlesticks close below 6200 then it will negate the short term buy opportunity and my primary analysis will remain intact.
What's to happen next? If there's sharp bull activity now, there could be a short term corrective buy possibility. If any of the next few candlesticks close below 6200 then it will negate the short term buy opportunity and my primary analysis will remain intact.
Comment:
Price was initially having an up move, but price has once again negated to the downside, wiping out that possibility.
For this reason, primary analysis in intact and we're heading to the side-wards support line at 5990, or the horizontal support zone between 5840 and 5730.
For this reason, primary analysis in intact and we're heading to the side-wards support line at 5990, or the horizontal support zone between 5840 and 5730.
This does not necessarily mean that price will go straight up. This signal is just a "take heed" signal, and means attention should be paid to it.
As people showed a lot of interest in Samurai Trading before, I will begin using the terms in my ideas from time to time, since Samurai Trading is actually my trading strategy, I am happy to show people the logic behind it. :-)
Please leave a LIKE and FOLLOW, I'd really appreciate it. :-)
Thank you for your support.