Trying to defend this line looks hard for Bitcoin. It´s not really obvious what´s going to happen next, but we don´t have the demand (well not obviously) to be able to just breakout like that and everything will be fine.
I am a sceptic and slightly on the bearish side tbh.
The bitcoin chart looks like a complete no-brainer, and that makes it tricky, after those super silly
whale candle yesterday it could still go either way. Up makes more sense now, before critical decision price reached.
We have seen this setup recently quite often on altcoins before they broke up.
Without saying, this will definitely happen I am only showing up the way it possibly can go if
we keep this momentums mentality. Keep an eye on the Trendlines. A slow crawl up would be short-term bullish for
the entire market until we reach the critical area again, around $4100-$4200.
It´s a rather close situation for Ethereum at the moment, it does look the same on the other exchange´s charts.
For now we did bounce off, and the potential gain of around 18% came closer. I am still not a huge fan of this setup, it can go either way.
Anyhow this being sort of stable, also Bitcoin, altcoins will likely see some more action.
A comparison between Finex´ BTCUSD and their Longs is showing us a significant relation, we did have before.
The expression is becoming less volatile, due to decreasing volume. The triangle / wedge (could be both, bearish AND bullish right now)
comes back into play and the further we will dangle here, the more likely will the retrace happen into the $3500´s, maybe...
Very good point to secure profits now and simply wait for the next move, which could be both ways.
Blue lines are marking the crucial limits to break. Due to the bearish engulfing on 6h I see a more significant
down-potential as a short correcture of the recent jumps.
Bitcoin on tight Bollingers and so far not dissolving down and defending 4k, probably gives a more bullish outlook.
In case we don´t see 3 as a Double Bottom, or maybe even lower and fall through, we might see a high probability
Adam and Eve with a neckline to break roughly around 4050. Also the 3day Stoch is quite low.
Not losing faith currently, bullish clear...
Couple of scenarios possible right now:
Adam and Eve Bottom
Descending Triangle with possible breakdown
Repeat of history and break-up before total apocalypse and recovery
This is building setup is true trader´s dream, not only the Volume is a match, we have bulldivs on daily and 3-day, also the confidence BTC gained from the last
break-out of an inverted H&S within the full year of consolidation are signs AGAINST this being a Bulltrap. This is so crazy obvious, I wonder if that will be the reason for a total
fail of this Beauty....
With a new local low from last night and now testing around the marked resistance area, Bitcoin is losing one after the other battle, and I am honestly afraid, that we are out of consolidation and in a proper downtrend. Currently, I am not really looking for buy-entries, at least not yet or short-term orientated. To break this, we need more than up-volume, we need...
For me, unless BTC does a breakout of this descending wedge in whichever direction, I am not going to place trades.
We need some serious up-volume, we already failed to form a good iHS and now face a lot of accumulated resistance.
Take care of those yellow trendlines and the orange accumulation zone. Trade safe.
Looking at this, currently gives me stronger bullish feeling, very much depending on how scared the shorter´s are at this point
making a retrace to the mid 5k$ a fair opportunity for short-term recovery. I am not 100% convinced yet, but it is a possibility.
It basically all depends on the wick-to-wick resistance from log chart (last one keeping us from further...
If we fall through the yellow box firmly, the 3000 or just below 3000 USD become likely. If we don´t it´s fairly possible we see another prolonged flat correction
in form of a descending triangle (or similar) before show down. The first hurdle to take will be the green EMA 200 in ANY move up.
Reviewing today´s market moves, it turned out there´s a slight chance we might finish wave 5 (?) with the help of a currently forming
reversal Diamond Bottom. We should keep an eye out. It could shoot us back up to where we came from yesterday and today and most importantly back above the weekly EMA200.
If this resolves bearish or in further sidemoves, I don´t...
After we hit target perfectly yesterday, I decided to extend my "bottom" theory a bit.
Yesterday was not violent enough, it was still tradable and simply didn´t feel like bottoming. So
I tried to figure out what would feel like a bottom? A very violent parabolic drop. I assume it´s possible
the last wave could be a wick and mark the end of the 2018 consolidation....