cedricpark

cedricpark

Hi, it seems that there is a lot of doubt regarding BTC status. I just wish to say that the correction is largely over. Double bottom took place - and our rally is just starting over. Of course, I am just speculating. But altcoins' strength and the lack of FUD - except for a few rubbish which says Mt. Gox idiocy and ECR20 multiplication - shows that we are...

cedricpark

Hi, it seems that the bulls aren't slowing down! As predicted, after a little dreary moment of consolidation, the bulls successfully penetrated the 9-9.1k resistance. Now many would be thinking - what do we do now? Since the target has been met should we close our positions? I cannot say for sure - a lot of the indicators show that BTC is currently overbought....

cedricpark Updated 

Hi, it seems that the call that correction is over was correct - we are not seeing any violent move downwards nor upwards but only consolidation. There can be some more sideways action but a breakout above 9k seems inevitable. Note that EMAs are showing multiple golden crosses. EMA20 surpassing EMA1200 is rather insignificant; however, EMA50 and 100 penetrating...

cedricpark

Hi, it seems that BTC correction is over. As I have said before in my TA, the correction was unlikely to be violent - it did slightly break the EMA1200 (daily 200) but stopped at 0.382 retrace level. Overall the market is very strong. All indicators show that there is a lot of rally left. The question is how far: I would suggest that 9.4-9.5k level resistance...

cedricpark Updated 

Hi, it seems that the bulls aren't exhausting! I did expect the overall downtrend line to be broken and EMA 1200 (daily 200) to be surpassed but did not expect it to be done without a proper correction. Anyhow, we can see RSI very overbought and the lack of a proper correction so far will lead to many investors (especially those who aren't very sure that the...

cedricpark Updated 

Hi, BTC is slowly but steadily heading towards the aimed 8.6k. It has the downtrend line ahead, where a lot of resistance lies, but so far so good. The inverse h&s pattern and the projected elliott wave is well intact. I do want to mention that there may be small corrections. We are about to face small corrections since buy volume is not as strong as we would...

cedricpark Updated 

Hi, it seems that I first need to make a correction on my previous analysis. I did get it right that there would be a downfall - it's just that the bullish whales would not let the price drop any further down! Bitcoin only went as low as 7.82k, which was quite surprising given the H&S pattern and the breakdown of the bearish flag. We've seen a bounce with a...

cedricpark Updated 

Hi, as I have mentioned in my previous TA, BTC inevitably failed to break the 8.4k resistance level and is now having a correction before it can go higher (I believe that BTC is bullish overall). The question is how low? As many predicted, EMA20 was a very weak support to withhold and we are currently forming a bearish flag right above EMA200. I would say that...

cedricpark Updated 

Hi, BTC has spiked once more since I wrote my TA to enter at 8.75-85 level (for those who haven't bought at a lower price). I think now is a time to short and re-enter. Considering the increasing FOMO, I would not expect a full retrace to EMA50-100 level (7.55 level). I would start buying very small portion at around 8k and buy more after checking whether...

cedricpark Updated 

If you haven't been joining the rally so far, it's nice to enter now - EMA 200 seems to be holding (recent fall is a natural correction if you check RSI). If you wish to be more conservative, enter if BTC -0.22% holds above 7.55. In other words, set the SL at 7.55 if you enter now (or have entered).

cedricpark Updated 

First bear flag led to a perfectly estimated drop to 6.8k. Now a new bear flag is forming. The recent volume is high but insignificant to be a signal for a reversal. Prepare for another drop at least to 6.2 - 5.8k.