IN THE WOODS : BTC downtrend update.
Updated
Hello ladies and gentlemen.
Some days have pasted since i closed my last chart from 2 weeks ago where i have called an ABC correction to 8100$.
The dip have achieved and even exceed my target and rebound strongly on the 0.618 Fibonacci level (around 7635$), who is now a crucial support.
So what now ?
We can see on the chart the near bottom of the descending triangle... if we don't break the Fibonacci support and make a breakout of the channel we could resume with the uptrend for higher highs as a lot of optimist traders are hoping.
But with the massive FUD and bad news (regulations, tether, etc...), bulls remains weak and i think we are still in a massive bearish trend, if we close the week (and this is very likely) under our crucial 34WMA support (purple line) which act now as a resistance we will most probably test our 89WMA (yellow line) support (around 5200$).
- For the first time since a loooong time, RSI enter in a neutral/bearish zone with the break of his major support.
- MACD shows the beginning of a huge correction too.
All major Altcoins should follow him with different degrees of resilience.
Remember : I'm not an financial advisor and not even a professional. I do TA for my entertainment and my personal trading. Always do your own research.
I hope it will be helpful or interesting... bearishtrends are often more difficult to predict and trade than bullish ones.
All comments are welcome, feel free to agree or disagree with constructive arguments.
Cheers everyone and good luck in the woods ! :)
Some days have pasted since i closed my last chart from 2 weeks ago where i have called an ABC correction to 8100$.
The dip have achieved and even exceed my target and rebound strongly on the 0.618 Fibonacci level (around 7635$), who is now a crucial support.
So what now ?
We can see on the chart the near bottom of the descending triangle... if we don't break the Fibonacci support and make a breakout of the channel we could resume with the uptrend for higher highs as a lot of optimist traders are hoping.
But with the massive FUD and bad news (regulations, tether, etc...), bulls remains weak and i think we are still in a massive bearish trend, if we close the week (and this is very likely) under our crucial 34WMA support (purple line) which act now as a resistance we will most probably test our 89WMA (yellow line) support (around 5200$).
- For the first time since a loooong time, RSI enter in a neutral/bearish zone with the break of his major support.
- MACD shows the beginning of a huge correction too.
All major Altcoins should follow him with different degrees of resilience.
Remember : I'm not an financial advisor and not even a professional. I do TA for my entertainment and my personal trading. Always do your own research.
I hope it will be helpful or interesting... bearishtrends are often more difficult to predict and trade than bullish ones.
All comments are welcome, feel free to agree or disagree with constructive arguments.
Cheers everyone and good luck in the woods ! :)
Note
Fibonacci is now clearly broke. Good luck and play it safe.Note
BTC is searching for a bottom after a sudden drop to 5900. Maybe, just maybe the bottom is in. Break the 89WMA would be a good signal of reversal (9350$). If we are rejected my target still valide.Trade closed: stop reached
BTC is forming a bottom : reverse candle on weekly chart, huge bullish divergence on 4H MACD, RSI becoming bullish again, TRIN shows a monster reversal signal, the inverted H&S confirmed by volume has succeed to break the neckline and break the 89WMA... TA is not exact science but i think we have more than 80% chance to have reach the bottom at 5900$ (unfortunately for my target at 5200, but not so far). Now we need to keep in mind a further correction in the weeks/months but not before a good recovery.
I'll do a new chart in the comings days to keep you updates.
Cheers everyone !
Note
As i said we saw a pretty decent recovery : 7200 or 6100 need to hold for short/medium term.We will probably see lower lows in the comings weeks.
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