Short

Updated

BTC - the DICTATOR of the market

Hi there!

It's been more than a month what I posted my vision of the BTC -0.44% correction and this correction has been fulfilled.
So I dediced to post a new vision of the possible moves of our dictator BTC -0.44% .
On this chart you can see all the trade channels I can see now. As well as the approx. estimate of the single movements and the accumulation/demand zones.
All supports/resistances are marked on the chart also.

Yesterday we just got the FFS report about the Tether...and what to say..
This report can help the market in these hard times and bring some buying taste, BUT I dont think it should be enough to reverse the trend to bullish. Maybe I am wrong. We shall see.
We need more of these positive news which could affect the market and change the mood.
Otherwise, nothing will change and we continue downwards until the accumulation occurs.
After that a good buy impulse can come.

If you want an update of this hit me some likes for my motivation.
...and ENJOY!

Note

Zoomed in.

Inside the bull flag.

Note

We have broken out of the channel. Now it looks nasty for the bulls. We have two support lines below us and one respected downtrend line (red one). If we can break this line then it will be more than nasty.
Indicators are oversold.

Note

Long shadows at the candles. Is that time for the correction move ?
What do you think ? Share your opinions.

Note

Long legged doji so far. Daily indicators oversold.
I think this is the right time for expected correction.

Note

Bull flag.

Note

Almost there.

Note

We break the first resistance.

Note

Consolidation inside the bull flag but there is bearish divergence at 1H tf.
I expect something like this. Just down a bit and then up but it's still too slow so we also could drop more.

Note

New active channel should be in play in case that 6030 will hold.

Note

If bulls wanna go higher they have to push it through the MA50. I think there is still chance to handle it. We are still closer and closer. Lets do it.

Note

We are out of the channel and now we are consolidating in the symm triangle.
50% : 50%. Just bear in mind that fake out is possible.

Note

Wrong copy. Here is the good one.

Note

Seems the cross is near. Daily chart.

Note

So the bulls were too weak to push it through the MA200 and we break downwards.
Now we are in the accumulation phase 1. This may take some time..
There is a key lvl at 5757 and this lvl must hold or we can go more deep to lower line of the first accumulation phase.

Note

Also I keep an eye on this ascending line I mentioned before.

Note

I can not say any wrong or bad words for this.. I am absolutely go on with this and I am awaiting for this for a long time ... Yes its easy to say now..but I am still in that and ready to go.

Note

We are currently at the edge of dtline in the bull flag formation. If we wanna go up we have to break this strong resistance of this line and there is also the MA200 of 15min chart and the MA 30/50 of 1h chart.. so.. 1h candle closed above this line can show us more.

Note

Seems pretty good. Even if its just a 15min candle but usually this is the start.

Note

Right now I see two possible ways. The first one is faster and the second one can takes a bit longer. I personally choose that faster one but we shall see anyway.. On the our way up there is a resistance the MA200 and upper line of the new possible channel.

Note

Still look bulish.

Note

So far we are still in the channel 1 but we can pass through the upper line of him and get to the channel 2. Now we may encounter resistance at 6755 of fib. lvl or also the MA 200 on same spot.

Note

Steady slow growth. Same situation as before. There is still big room to go higher.

Note

So the things have become a bit nasty not as I expected. But bear in mind that there is still possibility of formation an Inverse Head And Shoulders...6230 must hold. Further, we are still hanging out on the edge of the channel as well.

Note

So I see now :
- bullish div on daily which is very strong signal.
- 4H is oversold that is also good signal to go up.
- H&S still in play.
Summary : most of the indicators are showing up.
But we have to count with everything...because behavior of this market is sometimes insane as we know well..

Note

So the first little step should be there. Wait for the 1H candle confirmation in 5min.

Note

Well, we bounced from downtrend line. All this we have seen could be just throwback and we have already retested this line and we can go ahead up. In case that we break this line (red) and then 5880, so then hands off and short again.
Good luck!

Note

We have some nice buy volume right now. It would be nice to reach the X point which can bring us to validate the inverse H&S pattern. I am curious whether it could happens or there will be some nasty game from bigger players.

Happy trading :)

Note

Possible scenario. Probably the last dump of this bear market can be close.

Note

Bitcoin dominance is increasing. Just now 45%. Thats why alts so bleeding.

Note

Bitcoin dominance is 45,9%. We reached the important lvl but we still can go for 61,80 % of fib.

Note

We are very close to long term dowtrend line. I'm curious if we can pass through this important border. Weekly MACD crossover is near by which is pretty good bullish sign. Watch closely the price action.

Note

We reached the 61% fib. Could we get more ? Its looking stable for this moment.

Note

Daily MA30 as support or then MA50 is the last chance to hold.

Note

Still in trade channel.

Note

Bullish div 1h tf.

Note

Its time for some price action and the bulls show must go on.
We are sitting on the edge of channel with 61,8% fib lvl.

Note

Well, SEC’s decision to extend time regarding the approval BTC ETF has impact to market and is driving a whole cryptocurrency market.

Note

There are two conditions which should be fulfil if we would like to talk about the uptrend and end of this bear market :
1. break the daily MA 200
2. make a new daily higher peak

Its so simple but so far at the same time.

tommyelltom

Also on:

Related publications

BTC - FUD is back in game

by tommyelltom

EOS - so what ? UP or DOWN ?

by tommyelltom

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

tommyelltom

Also on:

Related publications

BTC - FUD is back in game

by tommyelltom

EOS - so what ? UP or DOWN ?

by tommyelltom