I personnally believe that thats quite likely! I want to see how Bitcoin will move in the next 50 hours in order to confirm its new bull run.
I tried to keep the chart as clean as possible this time. On your left you can see some fib levels. They have the same starting point but 2 different points as fib 1 level, so dont get confused. Why dont u see all fib levels? I removed the majority of the retracements and kept the ones that have a bigger impact. Each level left is a short term resistance and it will turn into a potential support once its hits the next fib resistance.
Some thinks you should keep in mind:
- Slow is MADLY , but that doesnt mean that we wont see another dip - hopefully no lower than the red lines.
- Historically, after a correction like this, RSI tops between 42-52 before we see the first red candle appear.
- EMA 50 and 200 are also short term resistances. Historically, when it breaks through them with brute force is the perfect sign of a good uptrend starting.
A few numbers to keep in mind for the next hours:
- 9.5k - 10k => its the area of WMA200 on 1D and WMA365 on 12H, possible last chance to get it on discount
- 11.5k => first short term test, it needs to go through and hold it as support line
- 13k => here is the real test, it used to be the support for the past month, now its a huge resistance
This is failing to go past the EMA25 for a 3rd time. As well as the November's trend line, the one that triggered the panic selling few hours ago ( its not in the chart but you can see it on my previous post).
That might be because the Slow Stoch gave a sell signal on 1H bars, but that may be enough to trigger another round of panic selling.
The market is quite vulnurable right now. I will have a close look on this for the next 2-3 hours and post another update.
Hold tight this will be painful to watch!
I will try to give a last update within this hour, hopefully i will give another one while its approaching the last dip, but dont quote me on that...
ETA for panic selling round 3 : less than 3hours
Hopefully i will update again while its around the end of Wave 3 or 4.
I saw goldbug1 did but i think its the HUGE wrong move. I want to see it stabilize above 12.1k to consider a long entry.
5% profit at best is not worth the risk! There is a surprise after the next turn waiting for you...
Either way... my idea is still the same, i just corrected the numbers.
The bears are hidding...
I guess we will all find out in 12hours from now how this will end. Sub-wave 3 has a potential drop around the WMA365 on 12H bars ( 11350 ). It may cause panic selling and go lower, but i doubt it. I expect the panic selling to happen at the finale.
This wave has touched the fib line and it may move even lower for this wave to complete. Currently buyers on GDAX are trying to hold the line at around 10.3k.
Now, this is even a reversal OR a little bait. So enter at your own risk if you believe that its a reversal.
An approximation of the bottom is 8k, so its still within the zone that i provided above. I will run the numbers again to get something more approximate as time goes by. In the mean while you can check his post.
Last time they removed them a panic selling started. Will this time be the complete opposite ? Only time will tell...
Im a big fan of volume and momentum indicators. VFI is one of my favorites and i use it with different settings. The VFI below is more of a short term one and as you can see it follows the movement. BUT! The one above is for longer trends. There is a small DIV but not that serious, and as you can see its trying to go above the average. BB is squeezing in so we will soon see a movement. Either up or down. Market cap seems to be increasing slowly and steady. IDK if thats related to the site adding KRW prices again so dont quote me on that.
GDAX has a maintenance in about 30 hours from now, so be alert in case something pops out during that period.
Also, big thank you for the 1k views !
It helps on a better retracement ( higher lows ) and creates a convergence on RSI and Stochs.
buy orders and buy it lower than expected initially and then they will sell it higher while they have conviced you its a "reversal".
This WILL reverse. Its not the time to make a lower low, not yet.
Sell wall moved lower to 8035. Last bluff! Tick tock!
Im pretty sure all those famous analysts celebrities that you see on media are "too good" and "too experienced". Think again!
I will give you a hint! I see a "convergence" between them and the FUD appearing at the right time. Bring the last FUD, the bulls are warming up.
But i would never think of something like that...
I was working on a chart of whole Bitcoin's history since the beginning. Its not ready yet and idk if i will ever make it public. But i would like to share a screenshot of it for now. The area it landed today was no random at all. VPVR support (not shown on the pic) , 1.236 of wave c and a 5.618 from one of my fib levels. Save this picture just in case, it may be useful if Bitcoin doesnt make a new ATH within the next months.
Those that make the rules play in the shorts.
We had an increase on longs before the last dip few days back and a spike after bouncing of. The last 2 out of 3 hours they dropped by a lot and a lot lower than they used to be before the dip. I hope it looks better in this pic.