It does look like we have bounced off our support line earlier today. We do not exclude the possibility of it dropping down to 8K however it does not look likely in short term. Usually this market would stabilize by end of January or early February if we look at historical trend.
MACD has critical indicators where as RSI is positive. Watch closely!
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Remember that if support is broken we may see it drop between $7,700 - $8,500
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Even if 14k is reached within days, retrace can still happen unfortunately. Get your buy orders and sell orders ready!
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Really nice jump we had earlier. It does appear to be a fake pump, but if we reach over $11,600 within 48 hours we can start looking at Bitcoin slowly recovering. Remember that what we don't want to see is abrupt drops down or jumps up because all that promotes instability for Bitcoin and ALTS
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Short Term
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Short term it looks very good
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Bitcoin has 70% chance of reaching $12,900 - $14,000 by January 27 before next crash
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We have activated all short term trading, including day traders if we have any in our follower base
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THIS HAS A POTENTIAL TO SAVE BITCOIN ON JANUARY 26
This is just a thought that crossed my mind, so instead of sleeping I decided to update you guys on it. What if we are at the end of our Elliot Correction Wave of 3 Waves? Just like in prior 2-3 years, it looks like correction is over, no?
CLICK ON CHART BELOW TO GET ANIMATION
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Just so there is no misunderstanding, reason for arrows indicating upward movement is because if this is a Elliot Correction wave, then in most of the times the chart will indicate an increase up after the third wave - let me know your thoughts below
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UPDATED CHART VERSION 5.0 - BITCOIN
Appears to be an accumulation stage right now. This is a 1 Day chart for a better analysis and keeping track fo 0.00% this coin. It looks bullish in a bearish market. Remember that tomorrow, on January 26 we have CME futures contract expire which is a first, so no one can predict for sure which path Bitcoin -0.61% will take. At this point odds of it going down are just as good as odds of Bitcoin -0.61% going up tomorrow. Keep watch, tomorrow will be a very interesting morning!
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SHARE YOUR THOUGHTS, IDEAS OR NEWS BELOW - WE REPLY TO MOST COMMENTS
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Just like that we are downtrending again with massive BUY orders ahead of us
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SUPPORT - $10,149
FIRM SUPPORT - $9,420 - Double Bottom
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Notice that we are not hitting highs, but we are also not hitting out lows. Something is happening with Bitcoin and it does not seem to be related to futures contract expiration date. In addition to that, we keep finding new support levels which are higher then the previous ones... Very very interesting... keep watch
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You can disregard 99% of other charts you see from other users on here because 99% of it is either FUD or cluelessness, since many just follow the chart of 1 predictor and copy it as their idea. Remember that cryptocurrency is not like stock market, so we can't use all the math we would use with regular stocks.
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In our view this is massive whale manipulation that is closely been fueled by media and banks that want to delay the adoption of cryptocurrency by as much as they can by dropping prices, causing panic sells and more
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CHART UPDATE
MACD looks very intriguing, where as RSI looks beautiful on a 1W chart. 1D MACD looks positive.
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RESISTANCE HAS BEEN BROKEN - WE EXPECT RECOVERY TO $14,500
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We are moving up with slight resistance in our sight
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Stop loss $11,000
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Good steady up trend in motion
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We have positive MACD signs on both 1 Day and 1 Week Charts - let's hope tether won't screw us up
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This is an update to Bitcoin CHART - DO NOT F* PANIC
Dimmed out green lines are our short term support which are not important and are on chart for visualization.
Firm support are below $10,500 as see on chart - those are the supports we can't fall below, because if we do we may see another retracement back to out low.
With that said, we do not believe that we will see an all time low again. If you look at historical charts from last year or year before that one we will see that these dips are very normal so do not panic.
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Surprisingly our firm support is holding - most likely will be attempt to break in coming hours
@FilipVictor, Indian finance minister Arun Jaitley just said that the government will take necessary steps to eliminate 'illegal activities' done using blockchain. They did not say that they will eliminate crypto and blockchain.
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@CryptoManiac101, "dealing and trading in cryptocurrency is made illegal and to penalise entities and individuals who are involved in their trade and circulation". Shortly, blockchain is good, trading is not, results panic sell.
@CryptoManiac101, You can remove my comment if you wish. I was just showing one of the reasons behind the drop.
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@FilipVictor, No worries. And tradingview doesn't give me an option to remove any comments so it will remain here haha
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Hi guys, thanks for the update. in your recent update today you said 'expect it will attempt to break in coming hours'. Could you clarify...do you mean break the trend and go upwards or break the current support?
Thanks for the great analysis.