I was thinking about the another transfer from Mt. Gox wallet and what it can trigger to the market.
Only fear and uncertainty is the answer.. This is a nasty nasty slap for bulls in bad moment.
After the long time of these many positive points we have a one big negative on the scene again.
Even though, it is just a one of the reasons for swing the mood from bullish enthusiasm to bullish worries.
Will it be enough ? Is it just a bad day ? Anyway, we will see..
Here I post my corrective vision. I will update it if I feel like you are interested.
Only fear and uncertainty is the answer.. This is a nasty nasty slap for bulls in bad moment.
After the long time of these many positive points we have a one big negative on the scene again.
Even though, it is just a one of the reasons for swing the mood from bullish enthusiasm to bullish worries.
Will it be enough ? Is it just a bad day ? Anyway, we will see..
Here I post my corrective vision. I will update it if I feel like you are interested.
Note
MA 200 is our support at this moment. Now its time for consolidation, so up to 8900-9000 would be good for reset oversold RSI.Note
We are heading to 8200-8000 without any doubts. Tight your belts.Note
Next short targets : 8000-7630.Note
I see a bullish divergence at STOCH RSI. I am waiting for a squeeze.Note
Once we break him that could be very nasty for bulls. If we close below him then we can extend our corrective wavepoint A at price lvl 7851 or even 7627.Note
We have broken 7600 and BTC is looking for some support at the moment. There are just some weak supports through the way between 7600 and 6900. Now it looks very very bad for bulls. Nearest supports where we can stop this fall and rebound are at 7200-6950. It is needed for reset oversold indicators.Note
STOCH RSI and MACD are showing bearish divergence at 15min, H1.Note
We are heading to 6930 most likely. There I am expecting a bounce and little more consolidation so far. Why ? Cause at this price is uptrend line which market respected before. But it will be different now as in that time ? Sure, its possible that we will pass through this trendline without any noticed. We have different mood now I guess.Note
Watch closely on the uptrend line on the chart above. If will be there a significant bounce or any kind of sign to turn the market over and start to correction up. In case that we close below this line there may still be an attempt to pullback. If not, we just break the line and go deeper to 6800-6600. We should know this at the end of this day I hope so.Note
Nice squeeze to reversal move. Bulls took over of some shorts. There is some good volume now, but indicators are already oversold on some timeframes. Lets see where we can close 1H candle. We are sitting at the 7400 resistance/support at the moment. Correction to 7600-7800 would be just healthy. Note
Bearish divergence spotted in the bear flag. So there should be some correction back to 7400 and then backup or bears push it through and we are back where the squeeze started. 1D candle looks good for bulls (engulfing) but I really dont know if there is still some buy volume and just waiting for the right time. Cause it has been a long time and we just saw that one squeeze and nothing more. Bulls should show us their real strength and desire to fight or they loose again.Note
Long target : 7900Short target : 7150
Note
If we break 7150 then we go deeper according to scenario as I mentioned before.We shall see whether on the uptrend line will be someone interested in this price. When not, then is quite possible to go down towards to 6600 with a few consolidation stops.
Note
Anyway, I dont think that is the end of the bear market.Note
Btw this is very important support for us. If we break under this support then we will make a new lower low.Note
Bearish divergence on the 15min chart spotted.Note
Hmm. Something is going on..silence before the storm. Market is really really slow.. I think it could be an accumulation phase and may be we are ready to make some rapid movement up or down. We have to break the resistance 6600 if we wanna go up. We shall see.Note
Bullish divergence on the 15min tf spotted.Note
Btw, the FSS reported all Tethers in circulation are fully backed by existing USD reserves. Thats good news.Related publications
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.