(Video Analysis) BTCUSD: Is Correction Already Over?

BITSTAMP:BTCUSD   Bitcoin / Dollar
Traders, welcome back to our new Video Analysis on bitcoin . The question is.. are lows in place, or are we going down for 8k? I think it can be too early to say that lows are in, simply because we do not have enough of upward impulsive structure and bullish momentum that are needed to confirm resumption of an uptrend.

I will stick to 8k, or just simply wait on five wave rally above 14k before we may say that lows are in. Check out video for more details.

Again, I would appreciate your feedback in the commentary box below!

If you have any questions let me know.

And remember, trade with your stops in place or you can go broke!


p.s. I have no position open, and this is not an investment advice. Please do your own research!
Kommentar: welcome back everyone. A lot of you asked for an update so here it is:

we have seen move up towards 13 k recently, but noticed that recovery is clearly in three waves, also retraced by a recent break beneath the channel support. This looks like a temporary bounced, therefore, it would be too soon to turn bullish. I still think new lows will be seen.

Kommentar: Recent price move confirms an important fact that bulls are having hard times breaking above the upper side of a trading range. This now looks like a triangle in wave four, so bias remains unchanged; looking for another final leg down. Be aware of some volatility during weekend.

Kommentar: BTCUSD is again back below 11k. There were a lot of attempts for a breakdown. "Longer in time is consolidation, sharper and faster is a breakout in price" which normally happens from a triangle.

Also, when others will realize that BTCUSD is not that "slow anymore" traders will try to act on that breakdown, but it could be too late then as will be time for a bounce.
Kommentar: New lows... if someone did not notice :) New video update coming soon, not today but soon.
FX and Crypto Service:
Thank you for the update
20% down since my alert yesterday :)

Thanks for your very clear and data-driven analysis!
what do you mean? is correction over?
Thank you
TomPower Danielkh
@Danielkh, daniel not yet looking for a minimum 9k , possibly 7.5k , thats your buy zone. we're not there yet, but what usually happens while i'm asleep , news will come, spike down there and then spike right back up. if u're looking to buy keep a sharp eye on it.
Danielkh TomPower
Thank you for the feedback @TomPower, Yes I am still flat here. I will not make same mistake i did with ripple where i am still stuck with a position @ 2.2$
Hope the whole market will recover asap and enough losses :)
anyone here concerned about USDT???
hourly RSI is oversold now, we sit on the bollinger bands and daily MACD is curling up...we will see 14K.. bulls are waiting for todays futures ending in the afternoon. once that is done the line will be broken, i wonder what adaptation you will make then.
ew-forecast retiringsoon1
@retiringsoon1, i hear you, but just one thing I would say here.

First is the price, 2nd is indicator. You cannot get price out of indicators, but you can get indicators out of price movement. Thats how most of indicators are actually working; they are calculated out of a price that why I suggest to focus on structures more than anything else. But of course indicators can be helpful, I also use them but only to confirm the price move,and not the other way around.

+3 Antworten
retiringsoon1 ew-forecast
@ew-forecast, we have seen many many times a symmetrical triangle can break both ways, indicators can help to decide which way. we agree on the destination but i believe the route will be different.

My theory is much simpler, we are simply going through a bull flag. We will touch the ABCDE of it and be done with the correction. Right now we completed C and working on the D.
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