Patience Patience Patience. I can NOT emphasize enough that it is critical to have patience in markets and let the market evolve not try and guess here, as we pullback into the potential reversal area. It is not the time to guess as I believe we may still test the lower 8200 level before we get a clearer picture.
Technical:
Nothing much has changed since our last article. We saw some resistance at the 8680 level, which is a minor retrace level, and not just blowing through this level provides some guidance that sellers may be starting to exhaust which will likely set us up for a potential breakout, but the big question is where? We still maintain the 8200-8400 level for an area we are looking for a reversal. How the market reacts here will provide some insight into whether we break to the upside with our target range of 9600-10050 or we retest the previous low with the bears taking back control.
I know this is boring but sometimes boring is good. Weekends tend to be strong for the markets, though last week proved otherwise, and the market is trying to enter the area on our charts where there is a high probability of a reversal. Let the market evolve.
Summary:
I literally wish I could post more but I would be boring you with a bunch of nonsense at this point. As we enter the 8200-8400 we will gain better insight into where the market moves from here. Patience is key and if we get a trade setup we will post accordingly.
評論
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Starting to get interesting, Bitcoin consolidating nicely in a typical wedge formation but showing some bullish signs. Lets see how the formation continues as there is a trade setup forming.
Hello friend.Market destroyed me in the end of december but after weeks i am again in the game.I am stronger , i am smarter ,and i am here to take my f...ing money back! Thank you for chart and have a good day Sir!
sebeku
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@cryptocoryne, LOL you made my day with that attitude.
cgruther51
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@cryptocoryne, lol love the attitude. time for round 2!
Boring updates are still educational and reassuring updates. I appreciate this.
MCassICT
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This may be a dumb question but Ive got to ask. Would it be possible that since January, most of the crypto "hodlers" have gotten weak and moved on and now we actually have more "traders" involved? I ask this because it seems to me that with every bounce, we end up with a very quick pullback not allowing for an actual trend change. This tells me that people are taking profits wherever, and whenever they can which is what is keeping us at these levels below 10000 on BTC.
perth.australia
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@Bremily01, forex daytrading scum have moved in, you're right. They alone will stop this from breaking out any time soon.
perth.australia
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@perth.australia, In my opinion, we might have to wait until the next block reward halving to see a substantial uptick.
megalo99
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@perth.australia, yup, they hunt. that's why we keep getting elliot wave failures. and i gotta agree with a poster above about how the exchanges that trade Tether are manipulating markets in unison. probably a lot more players than that even.
goldbug1
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@megalo99, Keep in mind elliott wave in the long term is still valid, the shorter time frames the more subjective it is and the more noise you are working with. There are several EW paths which one evolves is where you have to watch the charts for validation.