Bitcoin – huge crash changes everything!
Hello, everyone!
I was sure that the Elliott Waves structure is going to play out, I told you that the last wave 5 is going to start. When the price broke down the $53000 level (Wave 1 top), this analysis was invalidated. To be honest I am the novice in trading chaos. I just need more practice in the Elliott Waves analysis. Let’s turn back to classical trading methods in which I am professional.
First of all I want to remember you the last strongest bearish signal of classic TA which I gave you(link into description). I opened short at $65000, but unfortunately, closed at $56000 and executed long trade, which was unsuccessful. The long signal was given by trading chaos, while the classical analysis did not flash any bullish signs.
Now I want to introduce to you 2 indicators, which show the institutional activity. The first one – Modified Money Flow Index. The second – Big Guy. Let’s look an the chart, whenever we saw the green zones on the MFI, at least the small pump followed after that. The Big Guy has the same signals. We can see that now both indicators told us that the institutional bought a lot at the current dump.
Pivots S1 and S2 for December month is going to be the strongest support and resistance for the further price action.
I want to see the accumulation with the range and the true divergence with MACD on the daily chart to execute long positions.
In the short term I anticipate the relief rally the the $50000 and the dump to $40-42k.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.
I was sure that the Elliott Waves structure is going to play out, I told you that the last wave 5 is going to start. When the price broke down the $53000 level (Wave 1 top), this analysis was invalidated. To be honest I am the novice in trading chaos. I just need more practice in the Elliott Waves analysis. Let’s turn back to classical trading methods in which I am professional.
First of all I want to remember you the last strongest bearish signal of classic TA which I gave you(link into description). I opened short at $65000, but unfortunately, closed at $56000 and executed long trade, which was unsuccessful. The long signal was given by trading chaos, while the classical analysis did not flash any bullish signs.
Now I want to introduce to you 2 indicators, which show the institutional activity. The first one – Modified Money Flow Index. The second – Big Guy. Let’s look an the chart, whenever we saw the green zones on the MFI, at least the small pump followed after that. The Big Guy has the same signals. We can see that now both indicators told us that the institutional bought a lot at the current dump.
Pivots S1 and S2 for December month is going to be the strongest support and resistance for the further price action.
I want to see the accumulation with the range and the true divergence with MACD on the daily chart to execute long positions.
In the short term I anticipate the relief rally the the $50000 and the dump to $40-42k.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.
Comment:
Hello, everyone!
Bitcoin price bounced off the S2 Monthly Pivot ($44000) and is trying to break through the S1 Pivot ($50360). Last daily candle closed above it, which is bullish sign, but I don’t like it’s form. It has the long wick to the upside, which tells us about the bearish pressure.
If we take a look at the Modified Money Flow Index, we can see the bullish divergence. Moreover the whales bought this dip, as a result we can see the weak buy signal. If the current daily candle will close above the S1 Pivot, the price has the potential to grow to $53000-$54000 (CME gap).
What shall we do now? I think that the flat scenario between $45000 and $53000 is in the priority. It means that I am going to close most of my positions when the price reach $53000, and buy at the $45000 again.
Bitcoin price bounced off the S2 Monthly Pivot ($44000) and is trying to break through the S1 Pivot ($50360). Last daily candle closed above it, which is bullish sign, but I don’t like it’s form. It has the long wick to the upside, which tells us about the bearish pressure.
If we take a look at the Modified Money Flow Index, we can see the bullish divergence. Moreover the whales bought this dip, as a result we can see the weak buy signal. If the current daily candle will close above the S1 Pivot, the price has the potential to grow to $53000-$54000 (CME gap).
What shall we do now? I think that the flat scenario between $45000 and $53000 is in the priority. It means that I am going to close most of my positions when the price reach $53000, and buy at the $45000 again.
Comment:
Bitcoin now is on the critical point before choosing one of two possible local scenarios. First of all I want to show you that Bitcoin price formed local zones of Supply (~$53000) and Demand (~$49000). These zones are not the usual support and resistance, they formed buy the increased volume before and after the zone (you can see on the chart).
Now the price is trying to break down the Demand zone. If it is able to do it, we can see the Scenario (2). If the price bounce from here we will probably see the $53000 (Scenario (1)). Remember about CME gap at the $53000.
Now the price is trying to break down the Demand zone. If it is able to do it, we can see the Scenario (2). If the price bounce from here we will probably see the $53000 (Scenario (1)). Remember about CME gap at the $53000.
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Hello, everyone!
I demonstrated that the institutional investors accumulated their Bitcoin positions in the range $43-$50k. The are “big” money and require the ranges to accumulate more Bitcoin. I told you that the $44k (Monthly S2) will be reached again before the price growth. But here we have 2 scenarios.
The most preferable scenario is the relief rally to Supply Zone ($53000). It allows us to close the positions which we opened during this crash. Another scenario is the relief rally to the Monthly S1 ($50000) and another crash to lower band of range. In my opinion $53000 is a great level for short/sell, $44000 is a nice level for buying.