Detective_Conan

Detective_Conan

After finding strong resistance at 53k. BTC could go into a correction and here we are looking for evidence of a great possible long set up. Going to the Weekly, we have a weekly resistance marked by blue horizontal line which could flip into significant support. Not only that but we also have our 0.618 fib of our uptrend wave that lands on a High volume node on...

Detective_Conan

Context BTCUSD finally broke down from its uptrend channel, signaling a smaller trend change. Given the bigger overall trend is down, this is our first Higher High in since Jun 15. This uptrend is to not be ignored because it shows that there was way more demand than supply which could mean that the big players have soaked up most of the supply that they can....

Detective_Conan

Bullish Scenario This Bullish Daily Divergence gives me confidence that we could be making a push to the upside from the orange triangle above. We could trade the breakout with a tight stop loss of 1%-2%. We seem to have been testing the 21 EMA(white) as resistance for this whole month now, it seems we might make another push to break above it. If breakout is...

Detective_Conan

Looks like we are heading to test monthly 21 EMA as support, in the next upcoming month. We may make a bounce a little bit before hitting our Monthly 21 EMA but a Lower High will set the tone for a downtrend continuation. If we look at the past and how BTC reacted with the monthly 21 EMA. We could see that after rising up to its highs in DEC 2017, and JUNE 2018,...

Detective_Conan

Looks like we're making a break out of a descending wedge and broke above our 21 EMA on our short term 4hr chart. This is looking like a trade setup, the better option is to wait for a better entry if we can make a test for a Higher Low. We are currently holding 21 EMA support, so as long as that hold, we will most likely slowly creep up to test 45-50k. Our first...

Detective_Conan

With BTC Dominance rising and Price action falling means it's the worst time to be in Alts. Alts will rapidly decline. I expect us to test anywhere from 50% to 55%.

Detective_Conan

If this downtrend channel stands true, we should make a bounce from here to test 50k resistance or 21 EMA resistance. If we do go lower and break this channel, I would speculate a flash crash. But I believe we are more likely to make a bounce from here and test 50k resistance because we are Oversold on both the Daily RSI and STOCH. If we do test 50k Resistance and...

Detective_Conan

From my previous post, I expected us to range sideways until 45k support breaks or 60k resistance so I am making a trade within this range.

Detective_Conan

BTCUSD giving us a bit more confirmation of a Trend Change with a Lower High after falling out of 6 Month pink channel. Although not set in stone just yet, we are likely to range sideways until our 60K resistance breaks or 45k support. But 45k support is crucial as you can see in our weekly chart below. 1 Weekly. We are testing 21 weekly EMA for the first time...

Detective_Conan

We made support on 81 EMA as of now. We have a good chance to go back up to test 21 EMA or bottom of pink channel as resistance. 21 EMA and bottom of pink channel acting as resistance gives us good confirmation of a trend reversal. For further confirmation, we can wait for a bearish daily EMA crossover.

Detective_Conan

Right now we are in a smaller range(.786 and .618 of blue fib retrace) within a bigger range(1 and .618 of blue fib). Prices have been consolidating in form of a wedge for the past 2 weeks. There are possible levels it can test if we break to either the upside or downside from the wedge. Oscillators(RSI, STOCH) are neutral for Daily and 4hr time frame.

Detective_Conan

We could be in a downward channel after breaking our green trendline that has been holding support for the past month. A bearish EMA crossover has formed on our 4 hour chart. We are hitting oversold on our RSI and MFI but only on the hourly timeframes. Going to the Daily timeframe, we still have room to go lower. I expect next support to be near 0.5 of our fib...

Detective_Conan

We are currently testing 21 EMA / .786 fib retracement support. If we make support here, we are likely to go retest 52k. If not then we might go down to test near 81 EMA / .618 fib retracement.

Detective_Conan

We may be making support @.618 of our fib retracement. But ultimately we have to see how the market reacts to 21 EMA. If 21 EMA becomes strong resistance until we eventually get a bearish crossover with our 21 EMA and 81 EMA, this would be signal for a trend reversal. As of right now we are testing lower support, and possibly lower highs. Another scenario is we...

Detective_Conan

We may be in for a correction if we are currently in wave B. I'm looking for BTC to spike down near Purple EMA if we dont make it above 52k

Detective_Conan

Sorry if I'm not fast enough with updates. My days are usually hectic due to family and work. On the bright side, we have made it past our resistance area of 0.33$ - 0.36$. Given just a couple days ago we had a stark retrace to .382 of our fib retracement @0.24$. ADAUSD later formed a wedge that we have broken to the upside. Now we have to see if we can make it to...

Detective_Conan

Made a bounce off 0.24$ support/resistance zone @.236 of our fib retrace. We made it above our 21 EMA and .618 fib. If we hold support here and break out of immediate resistance trendline, high chance of testing .786 resistance zone. Decent entry for a trade @0.30 if we can manage to break out of 0.33$ resistance area. Also a high chance of getting spiked out with...

Detective_Conan

We did break out and closed above our blue trendline but with very little volume and follow through; thus forming an M pattern with .618 fib neckline. There might be some support at .786 of our fib but I don't expect it to hold the market very much. I also suspect that the green trendline support won't hold the market for long and will eventually break unless we...