1. I am not spreading FUD, I am just a technical analyst looking at the chart for potential turning points to make an investment for the long term.
2. Bitcoin is still in the bear market cycle, but we are nearing the end of this cycle.
3. However there is still the final down move to go before the bears go and hibernate.
4. Looking at the potential down move of...
1. The 8000-8200 support area is very important today.
2. It is the 50% of the upmove.
3. 100% Fib extension of this current downmove.
4. If price can form a bottom at this area, we would be seeing 10,000 in the near future.
5. If price crashes through then very easily we will see under 7,000.
1. The upmove from the 7240 low was due to G20 news which normally is just a correction.
2. The whole upmove is so sharp with no significant correction which makes me think that it is a short squeeze/bull trap.
3. Price got rejected at the bottom of the broken channel (touch back trade) and also the 38.2 retracement of the whole downmove from 11700.
4. Price is...
Does not matter if this is a big bullish move or the beginning of a bearish move, we are going down in the short term. It is hard to see a move like this can sustain itself without a healthy minimal 38.2 correction coming in at around 8437. The longer it does not do a correction, the faster the fall with people FOMO in with leveraged longs wiped out.
Not to spread FUD or make people close their longs, but we are at a very very critical point, we broke below the 200 EMA on the daily and is testing back to it right now. The Daily MACD is also at an important point, a sustained down move will open up the possibilities of $5000. Only a break above the 200 EMA can change this still bearish trend on the Daily.
We are at the top of this big downtrend channel. Waiting to see if price is able to break through. Watch out for a break of this upwards channel to the downside, the bear not out of the woods yet. Deciding point for now.
Despite the divergence on the MACD, price has resisted crashing and only doing a small correction to alleviate the divergence pressure. And being able to hold above 8300 is still bullish in my opinion. Therefore we may be seeing another run higher possibly to 9000 and above for this leg up. However if for some reason price drops back down to 8000, we will see...
The 1H MACD is showing a divergence between price and indicator. The fact that we are at 200EMA acting as resistance makes me lean to the downside more. The first test is the 8100 area, if it falls further then we might be seeing the next down leg.
Just an update as we are seeing the same thing that happened previously at the 200 EMA. A higher high with a lower MACD histogram peak. If history repeats itself, we are in for a fall. The market is fractal so it tends to repeat itself, but not all the time. Best to just watch this one closely.
1. Price bounced off the 78.6 retracement of the upmove from $6000-$11800
2. The proposed ABC correction may be over with an extended C wave
3. However there are a lot of resistances above
4. Price jumped on news and that is way too much emotions, I dislike a trend change due to news, too obvious, I smell a bull trap
5. But current price is definitely up for now,...
No matter how you look at this chart, no matter what indicators you throw in. There is no chart pattern in here that say up anymore for now. We will be testing the 7665, then 6000, 5400 and finally 2980 areas. We will look for a reversal in those areas and update. The same can be said for all alt coins. Just wait for the panic selloff.
XLM has reached a strong support area, it may go down abit more, but unlikely too much. The Daily RSI has finally reached oversold conditions, ripe for a bounce. Price is very very near reversal zone.
This bearish market is nearing the end, but we may go sideways abit more before the next bull market starts.
1. MACD turned up
2. MACD 4H Divergence normally takes a while to play out
3. Price got rejected at 8500 and perhaps preparing to have another try and hopefully break upwards towards 9000 where the 200EMA would be at that point in time
4. A break below 7950-8000 and we will see the abyss
Some observations I am looking at that supports my bullish view.
1. MACD is crossing up
2. Divergence on MACD
3. Everyone feels that we will crash further (including me)
But first we need to break that 8500 area, after that the 200 EMA is the problem. But in the short term we are actually going up! Hopefully it is a good upmove.
Note that we are still bearish...
Looking at how bearish the price action is, it seems more and more likely that we will be seeing a capitulation phase of the bubble. Yesterday's bar was a doji but price has started to crashed now in this early hours. We may be looking at a low of around $3000, that is the potential targets when using fib extension. With this fall, all altcoins will suffer even...
The 15m RSI is showing divergence, and that means we can expect a bounce incoming, where will it go? The first major resistance is probably the 8500 area. Can it crash more? Yes it can, but RSI divergence is a strong signal, so I am guessing the upmove is more likely from here.
Today there will be a SEC hearing, this was what I found on a website.
A notice posted on the committee's website states that the Capital Markets, Securities, and Investment Subcommittee hearing - entitled "Examining the Cryptocurrencies and ICO Markets" - is scheduled for March 14 at 10 a.m. EST.
So hopefully today can be a day of volatility and BTC can decide...
That big red bar on the 1H changed a lot of technicals perspective. Bulls would have become Bears for the short term. I like using the Alligator when a trend is in place but that one red bar broke all the lines and that is a very bearish signal to me. This downmove might be just the final down move or the capitulation phase if you look at it from a bubble...