Hello friends, here is my view on current BTC situation.
I think that we are now having small correction with this push up in price before we go down again. We still have couple more days left until the Consensus conference (14th-16th May) and I think that we will go down until then, but we will see uptrend after it. There are few things pointing to this, we are trading under Ichimoku cloud on 1h chart and we would need 500$+ to brake it and close above and also we have hidden bearish divergence which indicates drop. I believe that we will hit at least .5 fib retracement around 8170$, few hours ago we bounced little higher, but it is more probable that we will hit .618 fib retracement around 7750-7800$ and bounce of it.
We might not see real spike after consensus, but rather small one and then some sideways trading, but I think we will definitely turn BULISH after it.
I am not suggesting anyone to trade strictly based on my chart and analysis, use it as a guideline, do your own research and then decide.
Happy trading!
Regards!
I think that we are now having small correction with this push up in price before we go down again. We still have couple more days left until the Consensus conference (14th-16th May) and I think that we will go down until then, but we will see uptrend after it. There are few things pointing to this, we are trading under Ichimoku cloud on 1h chart and we would need 500$+ to brake it and close above and also we have hidden bearish divergence which indicates drop. I believe that we will hit at least .5 fib retracement around 8170$, few hours ago we bounced little higher, but it is more probable that we will hit .618 fib retracement around 7750-7800$ and bounce of it.
We might not see real spike after consensus, but rather small one and then some sideways trading, but I think we will definitely turn BULISH after it.
I am not suggesting anyone to trade strictly based on my chart and analysis, use it as a guideline, do your own research and then decide.
Happy trading!
Regards!
Comment:
As I thought, we did go down from that point when I posted this chart, but we didn`t fall down to neither .5 fib nor .618, but it is still possible and I think that we will drop there. We are now trading in a triangle and we are close to breakout, so I think we will soon see where are we heading, down as I said or we will go up sooner then I expected.
Comment:
OK, we did break out of that triangle as I expected, but we still don`t have confirmation that we are going up, we are now around previous resistance where we were rejected last time, so BTC needs to brake this resistance to go more up, but as I said there is still possibility that we get rejected and go down as this can also be double top formation.
Comment:
OK, it looks like we will actually go up from here and that we will not touch that .5fib or .618fib, we were close to .5 fib at lowest price and that was probably our retracement. I think we will go up from here because of few reasons:
First, that resistance where we were rejected last time now turns into support, we are currently dancing (trading) around this line but I think we will go up.
Second we have hidden bullish divergence on 15min chart and that also indicates pump.
Third, we are now very close to Consensus conference which starts tomorrow and which I think will give us much needed push in the back because lot of people is turning bullish because of that.
I think we will not see huge pump, but we should see at least 300$ pump and we should now turn into uptrend.
I am opening a LONG position now and will give it little space and probably put stop loss around 8500$.
I am not suggesting anyone to do the same thing, I am just sharing what I do, think for yourself and then decide what will you do.
Happy trading!
First, that resistance where we were rejected last time now turns into support, we are currently dancing (trading) around this line but I think we will go up.
Second we have hidden bullish divergence on 15min chart and that also indicates pump.
Third, we are now very close to Consensus conference which starts tomorrow and which I think will give us much needed push in the back because lot of people is turning bullish because of that.
I think we will not see huge pump, but we should see at least 300$ pump and we should now turn into uptrend.
I am opening a LONG position now and will give it little space and probably put stop loss around 8500$.
I am not suggesting anyone to do the same thing, I am just sharing what I do, think for yourself and then decide what will you do.
Happy trading!