Strong resistance from 50 Moving average and downtrend channel. Next good support 7 900 - 8 000. If we close above 8750, then a retest of 9 000 will happen, but this is less likely looking at the current candles.
Wait to buy in the green block. Around 0.00009 - 0.0001 btc. This is a long trade of a few months.
Everything is explained in the chart.
I doubt that scenario 1 will take place, but orders can be placed on the wedge breakout. Use a stop loss as the breakout may not hold if it occurs.
Scenario 2 is most likely to happen.
The first target is just an estimate...
Looks like an Elliot wave formation. Elliots are theoretical but do provide some guidance.
We are currently in wave 3 and climbing. I am trading with a stop loss of around 7%.
Exit at red levels, enter at green levels.
All other indicators are good. Fundamentals also good :-)
Let me know if you have suggestions. Good luck.
Overall Bitcoin is short.
Beaviour to look out for is when we break down the bear flag. This is a massive bear flag, and the destination is at least 6700.
There might be a temporary bounce to 9.3k to 9.5k. For me this would be logical because of the better flag formation, but Bitcoin is on such a strong bear march that the flag may break down sooner than...
When we have more clarity (less volatility and more established chart behavior), we can look for good buy in levels, but at this stage it is going strong to break the sub 3 USD level. I am not even looking at buying in before we reach 2.50 USD.
First target = 100 SAT
Second target = 55 SAT
I think that the first target should hold well. It should not drop below 90 SAT, but if it does, then 45 SAT to 55 SAT will be reached. This would be a definite buy in for very high gains.
I believe that we will see a bit more correction by XDN, however, it does seem that it is getting to a stable value.
Volatility is much lower, volumes are stabilising and the descending wedge is filling up.
The previous analysis had all targets met.
The target for this analysis is still short - the range of 105 to 115 may prove to be very good entry levels.
I posted on Verge when it was just under 1000SAT and said back then it was going to 400SAT. Some people did not agree, but here we are.
I do not see it going up from here. There was a strongish impulse at 400 SAT, but its losing momentum quickly. I see this going to at least 300 SAT.
If this level breaks, I will update again. However, at this stage I remain...
Broke the long term support (yellow line).
All indicators bearish.
My best bet is we are going back to the green block. When we get there, I will do another analysis to check the turning point.
Two scenarios can now happen. First is breaking from the wedge up to the red block. Then down. Other scenario is possibly directly down along the red curve.
If you want...
The real bull trap made its appearance at last! It was hidden all along in the log values.
Boy was I wrong in the short term. Bitcoin is a real trickster.
However, I kept on saying that the correction is not over. Read my other posts, but in short, a correction does not end with such high volatility. We have a few more weeks to go! When its over, everyone will...
XRP has already broken through a long term trend. It could bounce up from this trendline in yellow. Other supports are in green.
I wont be surprised if there is a revisit to 30c.
Always wait for confirmations.
Broken down from symmetrical triangle. Going to demand zones.
Big support levels in demand zones. (Green blocks)
Very good project, I will definitely reload when we have a confirmation from the demand zones.
I have been looking out for a bull trap and must admit that I was wrong a few times. Personally I still think that the market was manipulated to go this far (just my opinion). But to me this is a textbook example of how a bull trap would look like. The next two days will provide a lot of information, but I am putting my bear hat on here. Not sure if we are going...