I warned you!
After a period of leverage, Bitcoin came very close to the blue dotted resistance line (11665USD), reached the daily maximum of 11634USD, but ended the day in a dramatic fall back to 11300USD, just below the price level in 11400USD that started the day 05/03 that is marking these candles in hammer form. From that point on, we can consider the probability of a reversal, so we must read carefully what the graph has to say to us.
Will Bitcoin reach its main target 0.5 Fib (12700USD)?
For the health of the alts, Bitcoin needs to get there. And I believe it will.
Bitcoin Chart 1hr time frame:
These are my arguments:
Despite the dramatic fall near the resistance of the 11600 and the market have demonstrated consistent sales forces, Bitcoin has been giving clues to how you intend to behave from the technical analysis.
1. Coming close to the support indicated by the green dotted line (11155USD), the graph shows reversal. This reversal is based on the hammer formed near the support area.
2. We can not forget the ascending triangle that was formed in the breaking of the resistance of the 11155USD. The projection of this triangle is 1500USD, precisely in our main target, 12700USD.
3. I believe that we are surfing the 5th wave of Elliot at the moment, the characteristics are clear:
4. G20 Summit in Argentina starts on March 17 and heads of state from the USA, France and Germany will take the table to the cryptos, although it seems a bad thing, do not be fooled, they have already stated openly that they do not see this new economy as a threat to the global financial system and has demonstrated a certain enthusiasm.
Do your research, Google it:
- G20 Summit
- Steven Mnuchin
- Bruno Le Maire
Those are the main reasons why I believe Bitcoin will go forward and that is very important to the health of all Alts, including my dear Nano!
Let's analyze the graph in the Nano, the H & S pattern has not been confirmed, but the pennat pattern supports the probability of falling and Bitcoin will give the proportion of that fall, which already surpasses the support indicated in the red dotted line 0.6 Fib (0.0012801), supporting each again the probability of falling to the next support in 0.5 Fib! If this happens, I advise you to review your strategy to avoid further losses.
Reminding you that this is the way I work, I am here mainly to discuss ideas. Take your own decision.
If you think I've been useful, the easiest and cheapest way is to leave your 'Like'. This will certainly help my personal and professional growth.
If you have any constructive comments to make, feel free to, I'll be happy to discuss it with you.
Thank you for your time.
If I deserve your donation:
BTC: 1Jj6bamTKjwWk1p4BnPTCcykAiQH85WVV
Nano: xrb_1dnrfk8q9siwxqb351ddmkd19hfnijkh5iyt4tda37cojxh8ndfknmbfmw9h
Eth: 0x8f09fa8b42c11204dc4c2eebed453781ff641014
After a period of leverage, Bitcoin came very close to the blue dotted resistance line (11665USD), reached the daily maximum of 11634USD, but ended the day in a dramatic fall back to 11300USD, just below the price level in 11400USD that started the day 05/03 that is marking these candles in hammer form. From that point on, we can consider the probability of a reversal, so we must read carefully what the graph has to say to us.
Will Bitcoin reach its main target 0.5 Fib (12700USD)?
For the health of the alts, Bitcoin needs to get there. And I believe it will.
Bitcoin Chart 1hr time frame:
These are my arguments:
Despite the dramatic fall near the resistance of the 11600 and the market have demonstrated consistent sales forces, Bitcoin has been giving clues to how you intend to behave from the technical analysis.
1. Coming close to the support indicated by the green dotted line (11155USD), the graph shows reversal. This reversal is based on the hammer formed near the support area.
2. We can not forget the ascending triangle that was formed in the breaking of the resistance of the 11155USD. The projection of this triangle is 1500USD, precisely in our main target, 12700USD.
3. I believe that we are surfing the 5th wave of Elliot at the moment, the characteristics are clear:
4. G20 Summit in Argentina starts on March 17 and heads of state from the USA, France and Germany will take the table to the cryptos, although it seems a bad thing, do not be fooled, they have already stated openly that they do not see this new economy as a threat to the global financial system and has demonstrated a certain enthusiasm.
Do your research, Google it:
- G20 Summit
- Steven Mnuchin
- Bruno Le Maire
Those are the main reasons why I believe Bitcoin will go forward and that is very important to the health of all Alts, including my dear Nano!
Let's analyze the graph in the Nano, the H & S pattern has not been confirmed, but the pennat pattern supports the probability of falling and Bitcoin will give the proportion of that fall, which already surpasses the support indicated in the red dotted line 0.6 Fib (0.0012801), supporting each again the probability of falling to the next support in 0.5 Fib! If this happens, I advise you to review your strategy to avoid further losses.
Reminding you that this is the way I work, I am here mainly to discuss ideas. Take your own decision.
If you think I've been useful, the easiest and cheapest way is to leave your 'Like'. This will certainly help my personal and professional growth.
If you have any constructive comments to make, feel free to, I'll be happy to discuss it with you.
Thank you for your time.
If I deserve your donation:
BTC: 1Jj6bamTKjwWk1p4BnPTCcykAiQH85WVV
Nano: xrb_1dnrfk8q9siwxqb351ddmkd19hfnijkh5iyt4tda37cojxh8ndfknmbfmw9h
Eth: 0x8f09fa8b42c11204dc4c2eebed453781ff641014
We ain't short right now. By now volatility is too risky and we gotta be very careful if our main goal is protect our money, we need a bullfight!
The signal now is clear, theres slaughter, theres blood everywhere.
When theres more information I'll post another idea.
Thank you for your time.