Hello dear followers! Welcome to this update analysis on Bitcoin! First of all I want to let all of my followers and readers know that the fact that I´m being bearish since a while and still is not filling my forecast is not a meaning of a failing TA. My last 2 ideas after 9700 last high are pointing to a retest of the neckline at around 6800, and I still firmly believe it. Things doesn´t happened as I expected, since I wanted to see a pullback to 8-8.4k levels from Saturday to Sunday and is not happened yet, however my stop loss level is at 9850 and we had many swing movements since then. Anyway no analysis on the face of this earth, can tell you whether or not a formation is going to breakout or fail with 100% probabilities, that´s is not working in this world. All is about profit ratio and chances of reaching targets and the short opportunity that I´m forecasting here has an awesome profit ratio.
So let´s get right to what´s matters. Looking at the 2 days chart you can see how Bitcoin has formed a gorgeous ascending channel which has encountered huge resistance in a key point, log line + 0.618 fibo + kumo retracement point. All this factors together made that point impassable, and here we are, bouncing on the ascending channel and retesting the log line with bounces in specific day fibo levels. On the other hand the price has clearly found support in the 200 EMA but I´ve seen it many times, and after a few days, failing and resuming the downtrend.
Again some of you may ask yourselves how my main downtrend line is still intact, while many TA´s here shows other thing, and that is just because I´m using logarithmic chart and I ignored the wicks in the 1 and 2 days chart. 4 hours chart is useful for day trading, while higher charts are way more powerful for medium and long term vision. Wicks in 1 and 2 logarithmic charts are not taken into consideration.
While my take on Bitcoin is another retest of the neckline around 6800, we will see many swing opportunities to go long. If you see the fibo levels that I drawn, pay attention to all of them, since we will have a profitable bounces on those levels. Which is the first one to bounce? Most probably the 0.5 at 8100 will act as a good support to see a probably retest of the log line at 9-9.1k but we could see also a rejection at around 8500, I´ll be alert during those levels.
Any time Bitcoin goes down, any other alt follows it path, so this time is not going to be different. Yes we had an incredible bull run on many of them, and this year we will see uuuuuge profits from entering alts at the right time. Just be cautious when entering because there will be nice retraces on many of them during these days. A rebound of the price at 6800 will bring an incredible point to start entering alts, but as long Bitcoin is in a range like now, we will see some alts still skyrocketing, just take care!
There is a few rumours about institutional money entering this space, and most probably is true, the question is when is coming into the game. Those 21 billion of the many tweets we are seeing could be real and the entry on the market would be unexpected, so pay attention guys to the breakout of the log line at any level, because that will bring a nice bull run. The 6800 bounce will be quite powerful and it could be the point where big money will start entering this space, however just be alert, since we could suffer a deeper dip to 5800-4400 ranges, I doubt it but you never knows.
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So let´s get right to what´s matters. Looking at the 2 days chart you can see how Bitcoin has formed a gorgeous ascending channel which has encountered huge resistance in a key point, log line + 0.618 fibo + kumo retracement point. All this factors together made that point impassable, and here we are, bouncing on the ascending channel and retesting the log line with bounces in specific day fibo levels. On the other hand the price has clearly found support in the 200 EMA but I´ve seen it many times, and after a few days, failing and resuming the downtrend.
Again some of you may ask yourselves how my main downtrend line is still intact, while many TA´s here shows other thing, and that is just because I´m using logarithmic chart and I ignored the wicks in the 1 and 2 days chart. 4 hours chart is useful for day trading, while higher charts are way more powerful for medium and long term vision. Wicks in 1 and 2 logarithmic charts are not taken into consideration.
While my take on Bitcoin is another retest of the neckline around 6800, we will see many swing opportunities to go long. If you see the fibo levels that I drawn, pay attention to all of them, since we will have a profitable bounces on those levels. Which is the first one to bounce? Most probably the 0.5 at 8100 will act as a good support to see a probably retest of the log line at 9-9.1k but we could see also a rejection at around 8500, I´ll be alert during those levels.
Any time Bitcoin goes down, any other alt follows it path, so this time is not going to be different. Yes we had an incredible bull run on many of them, and this year we will see uuuuuge profits from entering alts at the right time. Just be cautious when entering because there will be nice retraces on many of them during these days. A rebound of the price at 6800 will bring an incredible point to start entering alts, but as long Bitcoin is in a range like now, we will see some alts still skyrocketing, just take care!
There is a few rumours about institutional money entering this space, and most probably is true, the question is when is coming into the game. Those 21 billion of the many tweets we are seeing could be real and the entry on the market would be unexpected, so pay attention guys to the breakout of the log line at any level, because that will bring a nice bull run. The 6800 bounce will be quite powerful and it could be the point where big money will start entering this space, however just be alert, since we could suffer a deeper dip to 5800-4400 ranges, I doubt it but you never knows.
····· If you find this report interesting please thumbs up and follow me ······
تعليق:
We got a situation here. ETHUSD is inside of the previous daily bar. That means, if Ether breaks yesterday high, it will look for breakout of the latest new high at 712. That makes me think that if ETH do it, BTC is also doing it, so watch out guys for a breakout on ETHUSD of the 700 mark. If that happens Bitcoin could be reaching 10400 easily.
تعليق:
Ok guys is happening! I´m expecting a bounce from 8.5k to 9k. Then we have to monitor the market, but honestly looks ugly for the price break 9760 without a serious correction, let´s see.
I´ll create another analysis with further info.
I´ll create another analysis with further info.
تعليق:
And this is how we start falling.
Just a word of advice, my 6800 scenario is something that may change during the way. We will see a coming dump and a bounce at any of the levels I drawn with a log line retest. The breakout of the log line will be taken into consideration for resuming the uptrend and therefore will be looking for new highs.