Bitcoin, long term ABC examples, Part 2
Updated
An update on that post i did on 30 Jan, where i tried to show some objectivity on the current stage of the market. If you want to know more about it, read the previous analysis about this.
As you can see, i have drawn yellow circles on what i think were Bitcoin currently is. Just to give a picture of what could happen the coming period. It's still not clear if this is just an ABC correction or an impulse wave up to start a new trend. A lot will depend on the coming week i think keeping an eye out for volume and conviction.
The 3700/750 is still a big level to break, we can compare it with the 3650 (bitfinex) back in Dec. If that zone breaks with good volume again, chances will be much bigger for a continuation of the rally. But we have to see it break soon, would be best if it happens on Monday already. So far Bitcoin is holding it's levels above 3600, alts look very stable as well, so it's looking all very good at this point.
If we look at the others, none of them crossed the 3450/80 level/zone Bitcoin has now. In other words, this whole picture will fail if that level breaks again. Markets needs to keep it above that level, but preferably even above 3570/50
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Current analysis:
As you can see, i have drawn yellow circles on what i think were Bitcoin currently is. Just to give a picture of what could happen the coming period. It's still not clear if this is just an ABC correction or an impulse wave up to start a new trend. A lot will depend on the coming week i think keeping an eye out for volume and conviction.
The 3700/750 is still a big level to break, we can compare it with the 3650 (bitfinex) back in Dec. If that zone breaks with good volume again, chances will be much bigger for a continuation of the rally. But we have to see it break soon, would be best if it happens on Monday already. So far Bitcoin is holding it's levels above 3600, alts look very stable as well, so it's looking all very good at this point.
If we look at the others, none of them crossed the 3450/80 level/zone Bitcoin has now. In other words, this whole picture will fail if that level breaks again. Markets needs to keep it above that level, but preferably even above 3570/50
Please don't forget to like if you appreciate this :)
Current analysis:
Note
Note
I have put the Dec rally bull flag next the this one, we can see that this one looks more stable, but i am not sure yet if that is a good sign. When looking at the volume picture, we can see a difference. But that is also because this rally was 300 points and Dec 200 points. In this rally the short squeeze part was bigger than in Dec. But the volume now inside the flag looks much lower compared to Dec, but it could also be because it's weekend. Also giving the explanation to why this bull flag is bigger in time as well. Bulls need to show a bit more conviction here, we need to see them being able to touch the 3650/60 again soon. On the right we can see another channel inside of the flag, if the bulls want to show themselves, they should break this channel on the upside.
Note
Good, we made that push up (as i showed in the ETH analysis as well). Based on the Dec rally, we could be in the yellow circle now. Meaning it could drop a bit again, but has to stay above the 3620/3600 from now on.So this whole rally is looking good and healthy again so far
Note
That move came out of nowhere, i would be careful now, doesnt look like a Bart, but starting to look like they are trying to make one here. I have seen many moves with Bitcoin, but this one was a 100% intentional dump, trying to crash the price. I could see a spoofing on the sell side on Bitmex. But they did not work at all, so could be that it was a desperate attempt to stop the rally that was about to happen. This is a coin toss at the moment, just be careful now. If the bull can hold the 3600ish, would be a good sign.
ETH took a very big hit on Bitmex, from 125 to 115, i did not see if ETH ot BTC got dumped first. If it was ETH, could be that their goal is already reached
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Update Bitcoin:
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