Bitcoin (BTC) trading analysis for March 9th, 2018. In this short term trading, we take a look at Bitcoin and what might happen in the near-term. I break this down by going step-by-step: trendlines, volume by time, Relative Strength Index (RSI), momentum, volume profile, and Fibonacci retracements.
The volume profile indicates that BTC was able to pass-through the most recent low-volume area. And now the next area of high-volume is around the $11,000, which I predict BTC will touch, barring no new negative news. In my estimation this should happen within the next few days. Once BTC hits the $11,000 we should see another area of consolidation as institutional...
Bitcoin faced strong accumulation around the $8,000 level, and the P.O.C - Point of Control - on the Volume Profile is between $10,000-10,200. Therefore, I see a return, at least short term, to the $10,000 mark. That's up $700 from our current price of $9,300, for a (700/9300) = 7.5% gain.
I caution that this is a short term price target, and I am not saying...
All of the necessary text is on the chart.
I forgot to mention I also see dash in a rising wedge, which is usually a bearish sign, but it's a particularly weak chart pattern. But, if there's a downward break from the rising wedge, expect prices to go lower, but probably pulling back quickly.
BTCUSD has reversed 17.5% in very short order follow a v-bottom, showcasing a powerful bullish engulfment candle on excellent volume. Price then breaks out of its recent downchannel, and has now formed multiple pennants.
RSI is also trending up though still below that 50 line.
Momentum has double-bottomed but still below that zero line.
My hunch is that...
Please refer to my previous chart for the chart with just the broadening descending wedge, which did indeed make a bullish breakout and is charging towards my price target.
Now, I see a bull flag forming on XVG, and we're awaiting a breakout.
I am not going to place this as a long or short position, because this is just speculation.
But on the weekly, bitcoin's "crash" really is nothing more than a normal consolidation - thus far.
But could it be a high and tight flag?
Well it certainly looks that way.
I placed BTC's major support at 12650. It has broken below on strong volume. We're in freefall now.
NEXT LEVELS OF SUPPORT
BUCKLE UP FOLKS, WE'RE IN FOR A BUMPY RIDE!
A broadening descending wedge performs decently as a price trend reversal, reversing the downtrend 55% of the time. 79% of BDW's reach the target price of the formation peak. Here, the target would be 1075 satoshis.
Watch volume carefully and watch for a partial decline. A p.d. indicates an upcoming upward breakout.
Also, take note of the potential double bottom...
Funfair finds itself in a falling wedge pattern, which breaks upwards 61% of the time but is a general poor performer. If FUN can break above, the top of the pattern - 1400 satoshis - will be the price target.
God help me and other FUN holders if we break below.
LTC entered a bull flag following a steep run up. It then squiggled out, failing to make either a strong move up or down. Now, we see that LTC trades on extremely low volume, the market indicating massive indifference. Meanwhile, RSI and Momentum confirm a small recent uptrend in LTC.
If the general price trend is up - of course - and a bull flag a continuation...
If Dash can form yet a new bottom we could be seeing a multi-bottom or a "Big W" depending on how you see it. It doesn't really matter, the formations are similar. It does look like DASH is trying to form a bottom to me. I've added a traditional price target. Stay tuned.