Short

Updated

BTC/USD - A revised idea on Bitcoin

Notes:

You are looking - as per always - at a log chart.
This is a revised idea of my inital one ( tradingview.com/chart/BTCUSD/u454UbKR-Bitcoin-expected-to-drop-during-the-next-few-days/).
Its based solely on Bitcoin's rally over the past year.
Interesting ideas to check:
As far as i know, tradingview has a bad precision on angles, i think it could be a lot better if it was possible to show at least one decimal point on them.
Max resolution i could use was around 30min to 1hour bars.
The purple line is also a possibility ( worst case scenario ) for the last dip point. As per now, 17:00 EET, the lowest possible point is around 12.3k ( slowly increasing as time goes by of course ).

So, Bitcoin, doesnt look well the past weeks. There was an increase on Ethereum , Ripple and Altcoins dominace making Bitcoin look pretty weak. Something like that has happened before, as you can see at the first recommended idea. BUT! Im still bullish on this! I think its gonna have, at least, another All Time High during the upcoming months ( till the end of Q1 2018 ).

I expect this to be over around this weekend, or a little earlier. If not, im afraid that the rules have changed !

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In case you didnt know: you can drag your mouse to the bottom of x axis (time) and to the right side of the y axis ( price ) to have a better, more zoomed in, view of this. Sorry for the bad initial zoom.

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Interesting correlation between RSI and Heikin Ashi candles...

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Last update for tonight.

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Sorry for the confusion in the title, i though that "short" was used for the period of time and not for bearish! Woops...

I belive that this is still bullish BUT! Its still in the neutral zone...

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Wait for the volume for confirmation....

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Volume coming in !

UP UP UP !

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It seems like its slowly getting away of the danger zone.
First test is at 15.8k and the second one at 17.1k !
Note that those are not absolute numbers, it can go a bit above and then come back down!
If it passes through the second one with ease, then you better fasten your seat belts!

Most likely, I wont be updating this if it keeps going up. My initial purpose was to find the last dip before going up to see if history and maths have any use on the crypto world.
Good luck with your trades!

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Last picture for the album! Its in the upper channel of the uptrend after the inverse H&S. So maybe thats a good sign...

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A quick update on this. Its seems like its testing the red area again! Yes, it might look bearish for now but it doesnt mean that it will continue to be! I pointed out some interesting numbers to keep in mind.

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Also, take a look at this idea of a fellow trader and our conversation. This is not FUD! Just a little food for though! :)

Comparing BTCUSD sell-offs and what to expect now.

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I made this little picture to sum up what happened in the last 24hours.
According to my opinion - ONLY - both stochastics gave a sell signal, followed by the EMA50 crossing down EMA200, which is a bearish indicator. Thats what caused the huge drop within 12hours. Now, the good news, the trendline barely managed to hold. RSI is still bullish and stochastics are about to give a new buy signal soon(TM).
As time goes buy i strongly believe this is a test for the week hands. Either whales or more experienced traders are testing the week hands in order to get a better discount on Bitcoin, cause they know that sooner or later it will start another rally.
Remember, were money is involved there is a lot of greed.

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Hello traders!
Tonight i wont try to predict the outcome of Bitcoin for the next hours because i dont want to jinx it !
So here are just my observations.

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Honestly i dont understand why people "Panic Sell" so much... Doesnt feel weird when you do that and there are so many buyers picking it up? Doesnt that ring a bell?
That being said, Bitcoin did its big average correction of around 40% after a big ATH.
Seems like buyers are slowly picking up from here, but if panic sellers continue to grow, they will pick it up from even lower! RSI reached at 18, even lower than Christmas. Order book at Coinbase is so empty even with 10$ aggregation... So it can go even lower or even higher depending on people's emotions. :)

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Strong hands hold it above the 15 Sept line as soon as it goes below 11850 price line.
This is not over yet. And it seems like panic has the upper hand, for now...
Marketcap is steady at around 570B the last couple hours with Ripple taking the 3rd place on 24H volume - Tether was there for at least a week now.

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This is going down really fast, a lot faster than i expected tbh.
The suport level for now is 10.3k and if it gets through that we would watch it get closer to 8.1k

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ALSO! WMA200 on Daily candles is supposed to be a mean reversion on Bitcoin. Currently at 9.5k

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Alright guys, i hope that the correction is almost over, just not there yet.
I have pointed out some potential entry points if you are on the sides and watching.
Also, i wouldnt be surprised if some FUD news pops out from nowhere just to shake the week hands a little more and drop it to 8.1k. Keep in mind that the false break out almost 2 weeks ago was caused by fake news!
I believe we need 1-2.5 more days for this to end.

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In case you missed it, i have updated this idea after the last dip.

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Acel

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Acel

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