Okay Bitcoin, is it going to be 4200 or 5200? Part 8
Updated
Finally, some good movement again, from Bitcoin' and alts. Volume has increased a bit, OI on Bitmex has increased (despite the liquidations), several alts made good jumps up as well. But we are certainly not there yet. The real resistance levels are still above the market for Bitcoin' and many of the alts. We can simply still make a lower high at 4100ish. If we would stay below that level for several days for example. As predicted a week ago, we would stay inside the 3950/3600 range because of the holiday's. Actually happy it turned out that way, gave everyone some extra free time as well :)
The reason why we need to see a real volume increase, is to prevent this inverse H&S turn into a big bearish wedge. This is really important, for us to think the second leg up for the big upwards correction will happen or not. The one we have been waiting for since the 3200 low. If you remember, i talked about a big ABC correction. That is still the game plan. Many people ask me, but what if this is the long term low? Well, i don't care if that is the case or not. The position is in and i will judge it when we get in the 5K zone (if we get there), to increase or decrease the position. Trying to pick the long term low here, will most likely get you in trouble. Just plan ahead, set your goals and work within the guidelines you give your self.
In my previous analysis, i showed you live what was going on with ETH. There was a lot of continues spoofing going on there, with the most likely scenario that these whales were planning to push the price up. This time it worked out perfectly, but it's not always this easy. These people get better in hiding their footprints. I would actually not even try to trade on it (unless you know how to read the information), but the message of it all was: Ignore the spoofing, just trade based on the information you already have. Don't let the spoofing scare you!
You can see what i posted about it here:
I had this chart ready earlier today, before the break out, showing the higher lows and lower highs. But we got confirmation that the higher lows have won the fight. Ideally we stay above the 3950 from now on. We might even see a small push up to just above 4100 and drop again to test support arond 3950/4000. There would be nothing wrong with this scenario.
If we do just rally to the 4200ish zone, it will of course be a very strong sign and make the big inverse H&S much more likely.
Please don't forget to like if you appreciate this :)
Previous analysis:
The reason why we need to see a real volume increase, is to prevent this inverse H&S turn into a big bearish wedge. This is really important, for us to think the second leg up for the big upwards correction will happen or not. The one we have been waiting for since the 3200 low. If you remember, i talked about a big ABC correction. That is still the game plan. Many people ask me, but what if this is the long term low? Well, i don't care if that is the case or not. The position is in and i will judge it when we get in the 5K zone (if we get there), to increase or decrease the position. Trying to pick the long term low here, will most likely get you in trouble. Just plan ahead, set your goals and work within the guidelines you give your self.
In my previous analysis, i showed you live what was going on with ETH. There was a lot of continues spoofing going on there, with the most likely scenario that these whales were planning to push the price up. This time it worked out perfectly, but it's not always this easy. These people get better in hiding their footprints. I would actually not even try to trade on it (unless you know how to read the information), but the message of it all was: Ignore the spoofing, just trade based on the information you already have. Don't let the spoofing scare you!
You can see what i posted about it here:
I had this chart ready earlier today, before the break out, showing the higher lows and lower highs. But we got confirmation that the higher lows have won the fight. Ideally we stay above the 3950 from now on. We might even see a small push up to just above 4100 and drop again to test support arond 3950/4000. There would be nothing wrong with this scenario.
If we do just rally to the 4200ish zone, it will of course be a very strong sign and make the big inverse H&S much more likely.
Please don't forget to like if you appreciate this :)
Previous analysis:
Note
Assuming we don't get a dump right away, we will probably move inside a big bull flag. It is more like to form one and THEN fail, than dropping from here on out. The blue circle, is the zone where we want to see alts get stronger, preferably with some even breaking highs. So in other words, if Bitcoin moves sideways, we want to see alts go higher. This is very important for the mid-term. Showing the market has a lot of bullish sentiment.
Note
The green zones are level where we might see a correction to the coming days. Ideally we touch 4200 before touching the 3900ish, but both can work out for the bullish versionNote
It’s starting to look like we can make another drop. Could be a quick and maybe small shake out to maybe 3920/3890. Alts are still weak, have been all day. Alts need to move up with a sideways bitcoin, not dropping like today.Note
I moved the analysis to a new one:
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