Bitcoin Analysis - Your Daily Programming Will Resume ShortlyBitcoin Analysis:
1. We have hit all 3 targets as predicted and stopped at 61.8% retracement from ATH to ATL, R3 W1 pivot, pitchfork's warning line
2. We are still in up trend and correcting on a higher timeframe
3. Possible top with further bearish continuation
4000 years of peace have passed in the Galaxy under full control of the Empire and basically nothing has changed with this move.
This price drop is just Princess Leia being rescued by Luke Skywalker, Han Solo, Chewbacca, and Obi-Wan Kenobi, who then deliver the Death Star's schematics to the Alliance while Han and Lando smuggle in much waited Bitcoin supplies to the resistance. It's too early to tell whether the Resistance will win the battle of Yavin.
There are 3 wave counts on the chart:
1. Bullish (green, blue) - wave (3) is in, correction in wave (4), continuation of the up trend in wave 5 (circle)
- green - implies an extension in wave 5
- blue - variation, implies an extension in wave 1
wave 4 will form a triangle and break up
D1 RSI is still in neutral/bullish control zone above 50
Staying above D1 EMA12, EMA26, pitchfork's median line, W1 EMA 12 and range median line is bullish
if D1 EMA12,26 and pitchfork median hold - expect a sideways ranging action, with consolidation and break up
V-shape recovery is low probability
Alts have already broken D1 EMA12 and may continue to W1 EMA12. This is normal.
If Bitcoin has another leg up alts will go down, if it consolidates alts may have a change to hit their targets.
Watch BTC Dominance to confirm the start of the alt season. When it goes up - alts consolidate and bleed out down
When is declines/consolidates some key alts may go up.
Bull targets:
- 16300 - -0.236 algo target
- 17000-17400 - wave0-3 1.618% fib projection
- 20300 - -0.618 algo target
- 23000 - wave0-3 2.618% fib projection
2. Bearish (red) - wave (5) circle is already in, major correction in ABC or reversal/down trend
unfortunately, wave0-3 100% fib projection and EWO also seem to support this scenario
we had a very long wave 2, so according to the rule of alteration, we can expect a sharp ABC zigzag down
A W1 close below D1 EMA12 will confirm the move to D1 EMA26
getting back inside the range below 11800 is bearish, breaking up - bullish.
We have D1 RSI and EWO divergence with confirmed top with a close below prev bar low, shooting star candle and volume
if D1 EMA12 doesn't hold - expect a drop to D1 EMA26, EMA50 or possibly W1 EMA12 followed with a bounce
The up trend is not over until we get a EMA12,26 cross down, and after than it can still bounce off of W1 EMA12 (Weekly is in up trend) and regain D1 EMA12 support to move higher
And if W1 EMA12 fails there's a Mo EMA12 below (also in up trend) at 61.8% retracement providing more support to the up side.
Bear targets:
- 9600-9750 - 38.2% fib retracement
- 8500 - 50% fib retracement
- 7000-7250 - 61.8% fib retracement
Key levels:
- 11800 - top of the 2018 range
- 8300 range middle line
- pitchfork median line (red)
- D1, W1 EMA12,26, Mo EMA12
Good Luck! Trade responsibly. Not a financial advice.
