As we can see BTC is loosing its impulse.
Market has seen a steady increase in volume for past weeks, especially on the buy side.
From this point we could still see a spike to 9k before the next major dip, higher seems unlikely yet.
As you can see, on the previous rally we touched the trendline before making major movement down.
Nothing is suggesting that this time will be different.
A bounce from here will fit fine on the RSI trendline.
If the bounce from here is confirmed (break of $280 and stabilization around $270), the target is $305-$315 level.
But a breakdown of the 250 level could...
Don't be fooled by the bears, we are still above the kijun of the daily cloud and above the trendline. We are in this uptrend from mid-january.
We are above a small trendline that suggest a new leg up coming today or tommorow.
But we can also correct to the major trendline in the 255-262 area, that could be a perfect place to buy in with a stop loss below the...
Price brake through the daily cloud, the lagging span has still to pass through it but is facing a small resistance that shouldn't impact the overall bulltrend.
I expect a retest of the bear trendline, still too soon to pronostic a break or a fail from this point.
TL;DR : take a long
As we can see on the graph, the price touched the trend line coming straight from $166, on chinese exchange this trend line has be broken but the price is trying to bounce back on.
Resistance is forming and $248 appears to be the key levels to break for the bulls.
I advice you to stay out of the market while price is in this area and to wait for a break out one...
The price seems like stuck below the kijun (purple line), which is proving the weakness of the bulls and their lack of motivation to try to reverse the trend at this level. The next key support is the 150$ area and then the 100$ area.
There is a little possibility for a bullish outcome if the price finaly cross the kijun and close above, the cloud resistance is...
As you can the daily have clearly some room to go up, we get down without any major retrace. 540-560 is a legitimate target if can break above 515-520 (A). From there (B) we can retest the midterm downtrend trendline, break above will push to the high 500s maybe to retest 600 (C), if we fail to break above 600 we can expect then to get to bottom of the pennant in...
What we saw earlier was the bitfinex algorythm in case of margin call cascade.
This is the explanatation of how it work (not official one, just guess).
There is a limit for the margin call cascade of about 10% drop in 1 minute. Then the algo stop market selling the bitcoin, and let the buy order to fill the gap. Then it sell again to the previous limit and repeat...