Furumann

BTC following same pattern from 17k drop?

BITFINEX:BTCUSD   比特幣 / 美元
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4
252 2
Last time BTC failed to break the upper resistance it went down over 40% in 10-11 days. Might repeat itself.
評論: 4H with fib levels
評論: Ichimoku Cloud indicator
This indicator will help us indentify trend direction and give us trading signals.
It looks more complicated than it is and I will share a few keypoints
on how to use it. Im far from a profesional trader, Im doing this
mostly to educate myself and to share some thoughts.

The cloud is shifted 26 days forward, so it’s plotted 26 days ahead of the last price point
to indicate future support or resistance levels.
1. If we're under the cloud, the trend is negative
2. If we're in the cloud, the trend is flat
3. If we're above the cloud, the trend is positive.
4. The colors of the cloud reinforces the strength of the trend. An uptrend is strengthened when Leadin Span A (green line) is rising and above Leading Span B (red line).
This is how the green cloud is formed. The red cloud forms if Span A is falling and below Span B.

Conversion Line (Blue, 9-day moving average) and Base line (Orange, 26- day moving average). The inputs, 9 and 26 are the same periods used in MACD. I changed the Base line to orange from red.

1. If the price moves above the Base line, we have bullish momentum, since the price moves above the 9-day moving average.
2. If the Conversion line moves above Base line, we have bullish momentum, since the 9-day moving average is catching up the 26-day average. We get a bearish momentum if the opposite happens.

For the daily Chart we can see easily see that we’re still under the cloud, and the resistance at 11700 we failed to break is lined up with the Leading Span B. And the price is right above the Conversion Line, which seems to be working as support the last days. If we’re going below this we might be going further down. In other words, BTC has to stay above the conversion line and base line and break the Leading Span B to get out of the downtrend.


Please let me know if there is anything important that Ive missed
評論: The bears keep eating the weekly candle, looks like we're on to something. I did a weekly chart to find out where this correction might end. Usually a C wave ends around the low of wave 4.


評論: Kept working on the bigger scales.


Might update more on smaller timeframes later
評論:
Without the short-position which I forgot to remove
評論:

Still going
The bears keep eating the weekly candle, looks like we're on to something. I did a weekly chart to find out where this correction might end. Usually a C wave ends around the low of wave 4.

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Very likely scenario! Thanks for sharing!
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