WHAT ABOUT BITCOIN'S CRASH IT'S OVER OR NOT?
Updated
Hello traders,i wish you MERRY CHRISTAMS to all with health,love and luck!
Let's get the cryptos again after a while.Last time i traded cruptocurrencies my targets were reached of course but i can say i was a little bit pessimistic as you can see at the articles below.
Now of course the market cap got enormously bigger and the prices have risen more than 1000% but is there any space to run even more?
Let's focus on Bitcoin because is the first cryptocurrency in market cap and of course the most expensive in price.In other words is the leader of the cryptocurrencies market and it has great influence on the other cryptos,fact which if you look the charts of other cryptos you can easily understand.
Now recently Bitcoin had it's biggest fall since it's creation from almost 20k to 11k fact that shocked the crytpocurrency market,but let's examine is that move to the downside over or not?
FUNDAMENTALS OBSERVATIONS
1.A high ranking European Union official has dismissed suggestions of the EU looking at regulating bitcoin markets and exchanges.
In an interview with Bloomberg, Pierre Moscovici – European Union Commissioner for economic, financial affairs, taxation and customs, played down talk of supposed EU-wide bitcoin regulations while revealing the EU’s view of the cryptocurrency.
“At this stage, we do not consider [bitcoin] as an alternative currency,” Moscovici said, comparing the world’s first decentralized cryptocurrency to EU’s fiat currency, the Euro.
So fundamentally we have a bearish climate.
TECHNICALS OBSERVATIONS
1.First of all we have to observe that evrytime Bitcoin makes a big correction we have a two-wave correction before the upward continuation.
2.We can see at the chart the long term ascending blue channel and the red short term descending channel.
3.At these levels around 13.750 we have a very good support from the 200EMA which is well respected.
4.We have double bottom with RSI and Stochastics bullish divergence as i show with the green line.
5.If we take the Fibonacci levels from the last swing to the last high we can see how Fib levels coinciding with the price structure levels.
6.We have also a bullish advanced pattern with completion around 11.250 level which comes exaclty at 1.272 Fib extensions.
7.Downtrend still in play as we have no higher high formed and the red descending trendline is still intact.
CONCLUSION:FOR ALL THE REASONS MENTIONED I EXPECT A LITTLE FURTHER TO THE DOWNSIDE BEFORE WE ENTER LONG.BUT IN CASE DOUBLE BOTTOM HOLDS WE CAN ENTER BEFORE THE BREAK OF THE TRENDLINE WITH A TIGHTER STOP LOSS!
THANK YOU FOR THE SUPPORT!!KEEP FOLLOWING FOR MORE PROFITS!!
Let's get the cryptos again after a while.Last time i traded cruptocurrencies my targets were reached of course but i can say i was a little bit pessimistic as you can see at the articles below.
Now of course the market cap got enormously bigger and the prices have risen more than 1000% but is there any space to run even more?
Let's focus on Bitcoin because is the first cryptocurrency in market cap and of course the most expensive in price.In other words is the leader of the cryptocurrencies market and it has great influence on the other cryptos,fact which if you look the charts of other cryptos you can easily understand.
Now recently Bitcoin had it's biggest fall since it's creation from almost 20k to 11k fact that shocked the crytpocurrency market,but let's examine is that move to the downside over or not?
FUNDAMENTALS OBSERVATIONS
1.A high ranking European Union official has dismissed suggestions of the EU looking at regulating bitcoin markets and exchanges.
In an interview with Bloomberg, Pierre Moscovici – European Union Commissioner for economic, financial affairs, taxation and customs, played down talk of supposed EU-wide bitcoin regulations while revealing the EU’s view of the cryptocurrency.
“At this stage, we do not consider [bitcoin] as an alternative currency,” Moscovici said, comparing the world’s first decentralized cryptocurrency to EU’s fiat currency, the Euro.
So fundamentally we have a bearish climate.
TECHNICALS OBSERVATIONS
1.First of all we have to observe that evrytime Bitcoin makes a big correction we have a two-wave correction before the upward continuation.
2.We can see at the chart the long term ascending blue channel and the red short term descending channel.
3.At these levels around 13.750 we have a very good support from the 200EMA which is well respected.
4.We have double bottom with RSI and Stochastics bullish divergence as i show with the green line.
5.If we take the Fibonacci levels from the last swing to the last high we can see how Fib levels coinciding with the price structure levels.
6.We have also a bullish advanced pattern with completion around 11.250 level which comes exaclty at 1.272 Fib extensions.
7.Downtrend still in play as we have no higher high formed and the red descending trendline is still intact.
CONCLUSION:FOR ALL THE REASONS MENTIONED I EXPECT A LITTLE FURTHER TO THE DOWNSIDE BEFORE WE ENTER LONG.BUT IN CASE DOUBLE BOTTOM HOLDS WE CAN ENTER BEFORE THE BREAK OF THE TRENDLINE WITH A TIGHTER STOP LOSS!
THANK YOU FOR THE SUPPORT!!KEEP FOLLOWING FOR MORE PROFITS!!
Note
Price action as expected so far..Trade active
Advanced pattern completion..At this level after a good bullish daily close we can enter long and happy profits..Note
Nice price action as we expected the bounce at these levels...Trade active
Trade closed: target reached
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