BTC - Its Now or Never.
Updated
Hi all cryptopeeps, here I like to give punters a short to medium term view of the BTCUSD trajectory. That can be anywhere from 24 hrs to 1 month.
Well BTC has shown us this week it has a mind of its own sometimes. At the moment the lack of movement and indecision might be driving some of us crazy, but we should see some action in the next 24hrs to 48hrs and here is where I think BTC is heading. Also I have done something different and am using the powerful ichimoku cloud indicator. We have bitcoin making this huge correction of the 10k high down to $8100. We have a series of nearly 6 indecision candles indicating a lot of pressure on a squeeze. On the daily chart the big daddy ichimoku cloud BTC is sitting right in the middle of a resistance cloud but it appears thinning and reversing in the future cloud indicting uptrend to the low to mid $9000 in 2- 3 weeks. As for now on the 4hr Ichimoku cloud price has broken the tenkan line similar to a 9 day MA, but it does not indicate a higher move confirmation until the tenkan line actually moves back up through the kijun line. Then there is more resistance zones at $8658 from the 55 EMA, 1200 EMA and the thickened cloud. I would be comfortable in a short term long position once the 55 EMA is breached. Also keep an eye on the up trending channel, a move outside this channel will partly confirm the next 24hr trend. Due to the thickness of the cloud it is unlikely BTC will stage a reversal in the next 24hrs as it will need to hit $9000 to confirm this accurately. However, a smaller move up over the long term resistance white line at $8650 will put the bulls back in control. So, overall the data has been clear that this correction is deep and probably not over. If BTC falls to a new short term low under $8050 it will confirm further drops. At that point we can go even lower to retest the whole market structure, but at this stage less likely. It is obvious BTC is at crossroads in the market and needs to fire in the next 48 hrs or flop like a dried up flower.
*Each individual trading position is unique and this information should not be used to formulate any type trading plan.
Well BTC has shown us this week it has a mind of its own sometimes. At the moment the lack of movement and indecision might be driving some of us crazy, but we should see some action in the next 24hrs to 48hrs and here is where I think BTC is heading. Also I have done something different and am using the powerful ichimoku cloud indicator. We have bitcoin making this huge correction of the 10k high down to $8100. We have a series of nearly 6 indecision candles indicating a lot of pressure on a squeeze. On the daily chart the big daddy ichimoku cloud BTC is sitting right in the middle of a resistance cloud but it appears thinning and reversing in the future cloud indicting uptrend to the low to mid $9000 in 2- 3 weeks. As for now on the 4hr Ichimoku cloud price has broken the tenkan line similar to a 9 day MA, but it does not indicate a higher move confirmation until the tenkan line actually moves back up through the kijun line. Then there is more resistance zones at $8658 from the 55 EMA, 1200 EMA and the thickened cloud. I would be comfortable in a short term long position once the 55 EMA is breached. Also keep an eye on the up trending channel, a move outside this channel will partly confirm the next 24hr trend. Due to the thickness of the cloud it is unlikely BTC will stage a reversal in the next 24hrs as it will need to hit $9000 to confirm this accurately. However, a smaller move up over the long term resistance white line at $8650 will put the bulls back in control. So, overall the data has been clear that this correction is deep and probably not over. If BTC falls to a new short term low under $8050 it will confirm further drops. At that point we can go even lower to retest the whole market structure, but at this stage less likely. It is obvious BTC is at crossroads in the market and needs to fire in the next 48 hrs or flop like a dried up flower.
*Each individual trading position is unique and this information should not be used to formulate any type trading plan.
Note
The channel has been broken on the downside but is now recovering. In this case we wait for the next 4 hr candle and that will be final confirmation of trend for the next 8-12 hrsNote
A break below 8220 by the days close will almost certainly signal a retest of the $7800 support level.Note
Note
Note
Well the $8220 was breached and bounced off the $7890. Could be dead cat bounce ATM. Falls below $788 will be testing $7200 levels
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