Clear EW fitting with H&S, could bounce on the rising at around 10.5k or less like 8k for the bearest (3k is dreaming, but we never know)
I believe we will hit around 14.5k - 15k after todays drop (12.8K), then we could go to 61.8% fib level (10950 USD) which will serve as a new support at which if it holds we will most likely see sharp move up (and consider this to be end of correction phase).
Good Luck BTC investors. The party is over. MACD confirms it's dying out! Yellen: bitcoin plays a very small role in the payment system, "is not a stable store of value"
BTC looks like it wants to correct. The order books look like they are being propped up with buywalls and they aren't seeming to hold. Volume has lowered, and the last impulsive move as tagged the 78% retracement upward from the last fall. BTC correction zone based off of Fib extensions and Gann support zones
Extensions to extensions. Short term prediction for btc
This correction is turning out to be quite complex. Prior targets remain achivable and potential lower lows are coming. RSI is looking bearish, last pump has had no volume at all and bearish konkorde's cross is very relevant. Strong hands had taken their positions already and the dump is gonna become a reality now. Last drop is in all media and as expected,...
LTCEUR-M30-DOWNTREND SHORT TERM
The bears are losing a little bit of steam in the short term. RSI is consolidating and MACD indicator is slowly reversing. If RSI gives a bullish signal We can look for profit at the 38.2% and 50% fibonacci level. this is a short term trade and if my analysis follows the market we can expect profits between 1 and 1.5 weeks.
Based on my very rudimentary chart analysis using Elliot Wave Theory principles , it looks to me like BTC can reach 7200$ USD as a relative high. Again, this is my first application of Elliot Wave Theory and by no means am I an expert nor is this advice on investing. Simply my view on where BTC is headed in the next 24 hours or less.
Target 1: Support @ 6160 Target 2: Projected @5650 The technical method used to derive #2 is proprietary, but target 1 is a simple support line.
Why? 1. 4H shows RSI bearish divergence. 2. According to that gann square, it's between 4th and 5th arcs and it's shown a lot of resistance. 3. There's a head and shoulders on the making. 4. Volume is getting lower which may indicate that the bull run is coming to an end. 5. There's a lower high which retested 6k. 6. Daily MACD crossed down and RSI is overvalued.
classic H&S pattern about to complete
subb cycles look like 335 structure so im watching for a possible C leg right now, if we dont break ath. Target is 1.61 of wave a, which converges with the .382 retrace of the leg from 3k.
Its in the title, everything from potential loss of bitcoins to legitimate fragmentation within the core bitcoin community, of which, in potential, is much greater than anything before. I wrote beyond TA but we are also at a double top with eyecandy outliers.
Green and red best case, from 3900-4200 range. Blue and yellow worst case , but still ending around 3900-4150 range.
It looks like BTC broke out of an ascending wedge after a strong upward movement for 10 days, The next support level is in the 4000 range. # If the 4000 support holds strongly and we get a strong bounce with a nice volume then we'll likely continue up to the 4800-5000 range # If the 4000 support doesn't hold and we break below it & below the cloud then we'll...