Hello guys, Bitcoin is heading toward the last stage of it's correction. It looks like it is following an ABC / Complex correction, that it is going to momentarily brake support* before it starts a new market cycle towards 30k+ after it brakes resistance**
So, using Bitmex I am putting lots of small buy orders between 11000-12500 and I keep my liquidation price below 7k
Have fun and stay profitable! If you find these information useful please don't hesitate to donate some bitcoin!
* Support in this case is 1) the long lasting previous resistance bitcoin was following since October 2016 (pink line) 2) the exponential moving average (length = 60, source = low, offset = 0) which is working almost perfectly as a support, since Bitcoin's recovery at late 2015 (thick blue line). The arrows are pointing all the times BTC went below this line. 3) the red line which is the average price of the previous trend that lasted for about 10-11 months
These 3 supports are keeping the price between 10800 and 12300 usd
Now if the price goes further down (low probability) the next strong support level is waiting approximately at 8500 usd. That is why I suggest that if you place a long position o btc keep you liquidation price below 7k
** the resistance at this instance is the first mustard lines which is an "ancient" trend line coming from the "early days" of late 2011 to early 2013 and it was working as a reliable support. It's strong significance got reaffirmed when it was broken at early 2015 and by mid to late 2015 a new market cycle had began.
In addition the RSI s appear to have some more room downwards.
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Ignore the "RSI Strategy Report" panel. I have no clue about these numbers.
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RSI in 3 day candle sticks. it shows strong support at 55.5, thus adding the proportion that the bottom is close.
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As predicted, Bitcoin is going down and our buy orders are getting triggered! Get ready for the pump over the coming weeks!
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Nicely bouncing on my lines (pink ad red), 1 minute candle sticks. It will probably brake the red one too.