Short-term time frames give hope for another re-test of this resistance line. But, indefinitely, i think that we continue to finish this triangle before we head up north to our next targets.
MACDs and Stoch RSI are working against this current trend, but we have a strong enough support that will keep this overall trend bullish.
We only saw about a 10% loss after the Futures expired the other day. But I don't think it means much, like I said, I thought it could be very bad or just uneventful because of the lack of volume on the CME trading desk. This was pretty uneventful. I like where things are headed in this very short-term run. The next few days will probably be very boring.
Right now, since my time is limited, I'm just swing trading into strength. I will continue to try to give updates as much as I can, but my other commitments are taking over again.
What I'm just getting from the market right now is that there is some room from Alts to start to hit new all time highs. But this does NOT mean that Bitcoin is done correcting. Any time you trade another coin, keep a tab on what Bitcoin is doing. Because Bitcoin has the power to ruin any evil plans that you may have. Good luck guys!
MACDs and Stoch RSI are working against this current trend, but we have a strong enough support that will keep this overall trend bullish.
We only saw about a 10% loss after the Futures expired the other day. But I don't think it means much, like I said, I thought it could be very bad or just uneventful because of the lack of volume on the CME trading desk. This was pretty uneventful. I like where things are headed in this very short-term run. The next few days will probably be very boring.
Right now, since my time is limited, I'm just swing trading into strength. I will continue to try to give updates as much as I can, but my other commitments are taking over again.
What I'm just getting from the market right now is that there is some room from Alts to start to hit new all time highs. But this does NOT mean that Bitcoin is done correcting. Any time you trade another coin, keep a tab on what Bitcoin is doing. Because Bitcoin has the power to ruin any evil plans that you may have. Good luck guys!
Note
Still some more correcting to do with Bitcoin. It'll probably lolly gag around for the rest of the day until it reaches near our support line. Today should be quite boring.
In other news, I did some analyzing of Bitcoin, and there's some good news and bad news. It's possible that we are nearing the end of this correction, if THIS isn't the end. And we could head to our next target of about $28k. Bad news: I don't think we've seen the big kahoona yet.
Note
Bitcoin. You are an ass.
Alright, it broke our support! Right now, it doesn't look quite good for Bitcoin. The yellow dotted line is where we need to close above on the daily chart. If we fail to do that, then "uh ohhh" we may head lower.
Each green zone is a support level. I think we could fall to as low as 8k, but there isn't really a fundamental catalyst to cause that right now. But what happens in the next few hours is VERY important. If we continue to stay in this zone without pushing up, then I will most definitely sell off and just wait to see what happens afterwards.
Bad things: Daily MACD is pushing down with bearish indication on many indicators.
Good things: Short-term indicators are showing bullishness. I think over the next few days we may slide down to these support levels, but in the short-term we MIGHT kick it up here.
Every freaking time I say I have a bad gut feeling, something bad happens. I need to listen to that more.
So, currently all open trades of mine are halted/closed. I cannot say this enough:
IF BITCOIN GOES DOWN, WHATEVER COIN YOU HOLD IS LIKELY TO GO DOWN WITH IT. So... If you think your coin is already at a low level, and Bitcoin drops down to 8k, then it is VERY likely that your coin will STILL go lower. Good luck guys!
Note
I just noticed this support line that we have formed for the Daily Close, this would create a descending wedge. So if you are bullish on the strength of Bitcoin, then the green line is for you, if you are bearish, the the red line is for you.
Could we go as low as $8000? Sure! Could we go as low as $6000? Sure! But these are likely to be flash crash targets, I would expect a VERY fast rejection if it hits these support zone.
We failed to close above the yellow line, so keep that in mind. We also are back tracing on the Stoch RSI. Our Weekly stoch RSI is very oversold right now, so it is possible that we do bounce, we are also halted at the 21 Week EMA. So i'm a bit conflicted on how to feel here. BUT, I am taking precautionary measures, such as moving my money into GDAX and trading from there. It is honestly a 50/50 shot on what happens here, there is enough support to back up both cases. Good luck!
Note
Alternate wave count!
So instead of an WXY correction, this could very well be an ABC Flat correction. They happen in the order of a 3-3-5 combination with 3 waves down, 3 waves up and 5 waves down.
In this last stretch here, I think we could count this as a wave 5. Wave 3s are usually the most impulsive and destructive, and we saw that last week with that really big red sell-off. There could be two scenarios of a truncated 5th, or an extended 5th that takes us lower. But TYPICALLY, 5th waves fall short of the target on corrective waves. They quite often fall short of the extension of wave 3. We could get that here, where it takes us to the $9300 range and that be that.
As you see in this drop by doing a simple color candle count, you see that there is much more green than wave 3. It's a slower paced, weaker hand washing, more finicky drop than wave 3. It would take bad confirmation to finish it off. Right now we just have rumors of sell-offs based on fear.
I'm really not worried right now, I'm just very cautious and analyzing this as many ways as possible. Being cautious does NOT equal fear. Fear is panic selling while blindly ignoring your indicators. Don't fall into fear, be patient and know that this market is bi-polar and belongs on Shutter Island.
More updates to come if I find interesting things that pop up in the charts. Also notice that if we have a 1-1 extension for wave 5 to 3, then we end up around the low 8k range.
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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.