The BTC Project 2019, Phase 01, Edition 06 (critical stage)
Updated
Observations:
On the 4 hourly:
Still in the bullish trend although it is showing signs of fatigue with its sideways movement within the triangle pennant.
If we drop out of this pennant support towards the confirmation region, then this will complete the DoubleTop and drop significantly towards the weakly supported area 7100 range.
It is then likely to fall into the volatility area.
On the Daily chart:
With the candlesticks, we have a lower high and the lower lows are approaching.
The last daily sell off candle has engulfed the previious bull candle, putting a doubt to a rally and pointing towards the confirmation zone for a drop.
BTC Dominance:
Currently moving sideways what seems to still be an uptrend of BTC Dominance.
Value 58% with a retracement between 0.618 and 0.5 retracement.
RSI moving downwards to indicate weakness in the trend.
Giving no clear message as to which direction for the short time, if BTC or ALT coins are favoured.
I'm leaning towards BTC increasing dominance as it seems the ALTS have peaked already.
But one must also look at the BTC pairings to be specific.
Conclusion:
I don't see BTC falling into a down trend but only a correction as it doesn't suit the whales for that drop surprise, not via a slow drop.
I would expect them to keep up the trend upwards, in order to leu more FOMO people and then do the sudden selloff.
If the pennant holds, I expect it to rally towards the 8500 which could be the range for the dump but my guess is the next range of 9900
DAILY CHART:
4 HRLY CHART:
BTC Dominance CHART:
On the 4 hourly:
Still in the bullish trend although it is showing signs of fatigue with its sideways movement within the triangle pennant.
If we drop out of this pennant support towards the confirmation region, then this will complete the DoubleTop and drop significantly towards the weakly supported area 7100 range.
It is then likely to fall into the volatility area.
On the Daily chart:
With the candlesticks, we have a lower high and the lower lows are approaching.
The last daily sell off candle has engulfed the previious bull candle, putting a doubt to a rally and pointing towards the confirmation zone for a drop.
BTC Dominance:
Currently moving sideways what seems to still be an uptrend of BTC Dominance.
Value 58% with a retracement between 0.618 and 0.5 retracement.
RSI moving downwards to indicate weakness in the trend.
Giving no clear message as to which direction for the short time, if BTC or ALT coins are favoured.
I'm leaning towards BTC increasing dominance as it seems the ALTS have peaked already.
But one must also look at the BTC pairings to be specific.
Conclusion:
I don't see BTC falling into a down trend but only a correction as it doesn't suit the whales for that drop surprise, not via a slow drop.
I would expect them to keep up the trend upwards, in order to leu more FOMO people and then do the sudden selloff.
If the pennant holds, I expect it to rally towards the 8500 which could be the range for the dump but my guess is the next range of 9900
DAILY CHART:
4 HRLY CHART:
BTC Dominance CHART:
Trade active
RSI indicates room for more to go down at this weak support areaTrade active
verified by the fib. circle (which is from a hierarchal perspective) Note
Fib. setup from a high overview on the 1 day chart (to fill in the gaps of the previous chart lines if your wondering)Trade active
Looking close up in the 30 min. RSI has hit bottom however that is not to say we won't have further drops... Who's to know which level as per chart.Note
I have placed buys at the 6700s range.Trade active
Target price for the double topTrade active
Based on the $2200 correction on bitstamp, Peter Brandt says its should prove to be a swing trade buy in place.Note
Further thoughts that makes sense to me. The green channel and the lines in there would have what I thought would be organic. The parabolic breakout in my opinion was orchestrated prior the April breakout, which was easily seen as unnatural followed by reports of a 100 Million new money. The Bitstamp execution was the result. I chose to believe these are all related. Having said that, I see this move fast track BTC and we will not have new bottom but a retraction to 5000 range to continue the uptrend, otherwise 4200, eventually. Its a hypothesis, yet to be confirmed as we go along. Note: The Fib Fan\Gann Fan 1/1 is acting the resistance wall until we go back to the green channel. If H&S plays out, the quicker we will get there.Note
The bigger picture:
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This community has signals now but with no risk management comms.
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