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[10/04] Beast Trading _ Today's Bitcoin Analysis Beast Trading _ Today's Bitcoin Analysis Bitcoin has been continuing its crossroads recently. The fluctuation range is relatively small, and you don't see it hitting in one direction. I will analyze it from (22.8k) when Cpi presentation. During the Cpi announcement, the trend line from 69k was accurately hit and fell, and from 22.8k to 18.1k, it seems to have fallen to five waves. This whole thing has a high probability of being an A. Since then, it seems that long lateral/convergence adjustments (period adjustments) that mainly come from B waves are currently coming out. We're almost at the end of the convergence, and I'm thinking that it's going to hit the 69k trend line at the end of the convergence and fall again. If it falls strongly by deviating downward from convergence, it can fall by renewing the 18.1k low point line as well as the 17.6k low point line. At the end of convergence, you always have to prepare for volatility, and now the up and down movement is likely to end and the one-way will come out. You have to be careful when you enter the position
by BeastTrading_Sehyun
2
S&P 500 RECESSION ANALYSIS!1. LOWER HIGHS-LOWER LOWS: price action says the actions or pattern formed by the price itself. and the people who trade in the stocks makes up the demand and supply. therefore, this affects the inflation, and there could be a major correction, if recession is announced. 2. 3200 level is getting support by FIBONNACI RETRACEMENT(0.618 AREA) 3. RSI ANALYSIS: first i thought its a rsi divergence, but it looks like rsi is yet not completed its action fully, if the markets falls further, then RSI will correct itself, and will go in the around 22 level. to make my point prove, i have drawn one more resistance line, showing RSI's resistance towards it. the arrows what i have drawn in RSI, is to say whether it is a pullback of RSI or not, but to say so, it does not looks a like. 4. DEMAND ZONE: after a recession, the next phase is depression or expansion. it does not looks like, US markets will face a depression, so i will go with the 2nd option itself(expansion), which is also know as demand zone. so the indices will enter the demand zone, which says that markets would have reached its bnottom, and can have a fresh entries. 5. FIBONNACI RETRACEMENT & WAVE THEORY: supporting the wave theory with the fibonnaci, it looks greatly the index is supporting the fibonnaci levels, and thus forming a good corrective waves. the 5th looks way clearer, and no need to comment on it furthermore. FINAL STATEMENT: hence concluding my analysis, if theres a recession being announed, S&P will reach 3200 LEVEL. AND MY STATEMENT WILL THEN BE CONFORMED IF THE INDEX WILL ENTER THE LAST AREA OF FIBONACCI, AND GOES BELOW 3500(GOING TO TOUCH THE BOTTOM OF DEMAND ZONE)
SP:SPXShort
by raghavchoudhary2016
2