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.
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Comment
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Just as expect, Bitcoin broke down an importante support area marked by green, and now everything is posible, as Bitcoin falls the whole market goes together! 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.
Hello Luan, thank you for posting your analysis. NANO sure is heaving a rough time right now. I have been following NANO BTC a lot as well this week. I agree it is aiming for a low target atm, although I've set my first target at 115k (at the and my second target at 100/102k. But let's hope NANO surprises us both and doesn't tip these targets, that would probably cheer a lot of people up :)
LuanCeli
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@CryptoJC, Thank you for posting! Yeah we have the same targets!
Sidney-CWB
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Thanks!! BTC broke 11155, and now it is in 10950. And now??
LuanCeli
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@Sidney-CWB, And now the alts are falling just as expected.
Sidney-CWB
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@LuanCeli, thanks!! Are you going to buy at what price?
LuanCeli
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@Sidney-CWB, I'm not on BTC, I'm trading Nano. I don't really know by now when to buy. I'll probably watch and then I'll figure out which support level intend to be a good entry, for now my target is at least 0.5 fib 0.0011516.
Sidney-CWB
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@LuanCeli, ok, once again thank you very much!! Following...
LuanCeli
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@Sidney-CWB, Thank you! If you have any other doubt, just pm me. I'll be happy to help.