Currently held by the 30 times moving average a death cross soon would confirm major correction and trend reversal otherwise breaking $12300 successfully within next days and holding it should cancel the idea of a capitulation back towards sub $3000!
1.618 is our golden number here
With the high in December 2017 Bitcoin had just ended it's largest Elliott fractal (big blue wave) which had taken about 7 years plus to form.
There is evidence that Bitcoin currently sits in a major correction that is not only correcting the 2017 bull market but the entire 7 years bull market which could possibly extend the bear...
Bitcoin's Network Value to Transactions Ratio is on a critical point here!
If you are interested in learning more I highly recommend to check out Willy Woo's blog where he goes in full detail on this particular method.
wouldn't trade against the trend which overall remains bearish but if u looking for a quick risky long here some notes, I would advice to wait for the head & shoulders to fully realize and buy its breakout with taking profit shy below $5000. Be careful today's candle already has a bearish poster, wait for the close!
Conservative speaking you really should remain NEUTRAL here, we have a lot of resistance yet to break before taking on bullish trades, gotta get a daily close above $12000!
However with the case of each ressistance getting broken the pressure to new highs will increase and the breakout could be violent leaving any bearish trades left behind giving u a bloody bear...
slowly getting wet here, support is weakening .. selling seems excelerating.
at this point it's likely that we test prior breakout at $7500 take notice 200ma has been catching up perfectly to it, that bounce gotta be epic.
So we just broke a major resictance here (purple striped line) which should and kind of already turned into major support possibly setting us up for unpresidented levels.
We might hang out here for a bit, if everything stays in tact, within the triangle .. our 10k flirting range!
assuming we finally break resistance comming targets should be $8800 based on the prior ascending triangle that we broke followed by backtest to prior resistance line or eventually 2.618 fib followed by either a crash or blowing off 3.618 rise to $10200 which might be the top for 2017, otherwise if support holds along the purple striped line we could se another...
SegWit2x hard fork has been cancelled profit taking has started, we had a textbook reversal doji with a red 9 couple days ago, if this days candle closes as a gravestone doji there would no better indicator for trend reversal.