BTC - Backward in coming forward.
Updated
Hi all cyrptopeople, since the last TA BTC price has dropped below the 0.786 Fib line without a rebound, so unfortunately there will be little support under this until at the $7000 mark. On the hourly charts there have bear flag galore on the way down and now in an extending and descending 5th wave.The good news is the bottom of the descending triangle is in the $6900 zone and we expect a breakout and major rebound at that point. On the Ichi indicator the candles are well below the cloud, while the future cloud is also also starting to coalesce. The chikou or lagging span in pink is placed below the price action confirming decline. Finally on the Ichimoku indicator lets look at the Tenkan (conversion line in blue) and Kijun (base line in red). The Tenkan is below cloud and under the Kijun. When there is a cross between the two a Tenkan (blue line) needs to be on top to indicate a rally. The gap is narrow at the moment but cannot confirm a reversal until the cross happens.
The scenarios for the next 24 hours is
-a gradual fall to test the $6900 and then rebound.
-test of the $6900 and then fall to test the $6700 which will be the final support , rather than the $6000.
- why do I think it will bounce at $6700? The big players would not want to get close to testing the$6000 market structure, in case there is panic.
There is a lot of pressure at that point for the price to go up because of the $8500 USD price tag to mine 1 BTC. It often happens in the gold and metals. When production costs are high there are less miners leading to scarcity and price increase. There are signs that we are near the bottom but I think it will be another 3-4 days ups , downs and sideways until FOMO is activated. Finally, when the bottom is found now , BTC will have formed a powerful triple bottom $6000 $6400 $6700 while making higher lows. Very strong signal that.
Please let me know if you need clarification and follow/like if you agree.
*Each individual trading position is unique and this information should not be used to formulate any type trading plan.
The scenarios for the next 24 hours is
-a gradual fall to test the $6900 and then rebound.
-test of the $6900 and then fall to test the $6700 which will be the final support , rather than the $6000.
- why do I think it will bounce at $6700? The big players would not want to get close to testing the$6000 market structure, in case there is panic.
There is a lot of pressure at that point for the price to go up because of the $8500 USD price tag to mine 1 BTC. It often happens in the gold and metals. When production costs are high there are less miners leading to scarcity and price increase. There are signs that we are near the bottom but I think it will be another 3-4 days ups , downs and sideways until FOMO is activated. Finally, when the bottom is found now , BTC will have formed a powerful triple bottom $6000 $6400 $6700 while making higher lows. Very strong signal that.
Please let me know if you need clarification and follow/like if you agree.
*Each individual trading position is unique and this information should not be used to formulate any type trading plan.
Note
BTC has broken out spectacularly out of the descending triangle as expected but sooner rather than later. This is THE PUMP .........the market was waiting for. Not out of the woods yet...need to hitNote
$8000 to confirm bullish reversal
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