BTC move up ~55k (short opportunity) then leg down to ~39k (reaccumulation opportunity), with bull market still valid. Patience and #BTFD. Scenario invalidated if breaking above 55k and eventually ATH.
If are holding/long: you can risk holding to see if we get to 54, 55 (smaller green patterns suggest that we'll get there) or you can drop it now or around...
High positive BTCUSD - CNHUSD correlation in short term.
Beggining to fade or suffering a temporary disconnection.
Also of note, CNH was leading, now it shifted and BTC seems to be leading CNH.
based on idea from @martinlukeaof
Bitcoin is drawing higher highs on the 1h and volatility indicator is highly compressed. We'll likely see a small explosion in price soon.
My bias is defintely up and ABCD objective at 14400 would become higher probability if 11800 is broken confirmed as support.
Entry around 25 level (2nd fib) risking to fib base.
#BTC Weekly Review, for longer term positioning.
Looks like we could be setting some foundations here for consolidation but personally it is still too early to commit capital in a BTC long position. 100% in fiat until clearer signs emerge.
I had a look at the large down moves of 2018, Bitstamp BTCUSD.
The analysis of large drops in 2018 for Bitstamp BTCUSD shows that on price drops of 40% or more at least a 61.8% retrace takes place. In the 4 drops > 40%, 3 had at least 61.8% retraces and 1 had a 78.6% retrace.
Smaller drops had smaller retraces, out of the 5 drops below 40%, 3 had at least 50%...
BCHBTC went parabolic since yesterday due to the Bitmain IPO.
But it remains a fundamentals trainwreck.
Approaching fast long term resistance at 0.092 and oscillators showing the way to a juicy short.
But some elements are still missing confirmation, will follow-up.