This was a technical analyse I posted earlier this week. But I want to share it again, because it's still extremely valid!
We're going to buy back alts and btc at 8.5k-9k range! There is one other scenario what is less likely in my opinion. I will post it as a reaction.
評論
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This is the other btc scenario. We take support and moving up to the red resistance line and fall back to support to complete the elliot wave triangle pattern. After that we get a breakout and go up. In my opinion this is the less likeley scenario. But ofcourse we should stay open for other idea's instead of focussing on one trading idea.
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I think we're going to drop lower but we should also concider a breakout above 12.2k usd
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The chart on bitstamp is slightly difference.
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And we're dropping again.
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Still think we're going down. It's a rising wedge on a bear market. No time to chart.
@farhadshabro, I'm sorry but I don't think so. But ofcourse follow ur own idea's ur own opinions. :)
Atleast the market will move up in the long run.
farhadshabro
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@CryptoPredictions, awesome man, I appreciate your analysis and feed backs.
Miru84
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@farhadshabro, You know. You might be right and I as a trader understand the FOMO in BTC and that often suprises us which might make many TA invalid soon. That said we have to follow what we know and try to present good chances of winning.
What is happening has happened before and happened in June. People expected it to go lower in julyto 1300 USD, but it only went to 1800 USD in the corrections. We did a shift in trend this time like we did in july and right now we touched the long term trend line which we also did in july. So yes those together are valid to be bull right now and some other indicators too. BUT there are more indicators which are pointing to that we have to corrected further yet which we have to take serious. That is EMA 50, 200 and 850 on the 4 hour chart. In addition to match along wit hall the other pattern we have EMA 850 on the 4 hour which has always told us to go bull, this has not happened yet. The crossing between ema 50 and 200 has happened.
In addition we have MA100 which has been obvious on the daily. We are soon there!
So considering all those and also considering a lot of new user to crypto everyday and so on, I dont not conisder 8000 USD as valid for this time and ofc I might be wrong. But I do consider 9000 - 10 000 USD to be valid. That way if this happens you will probably see a lot of traders scream loud BUY!
Miru84
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@Miru84, Aso RSI daily has been usefull for BTC. Not reached what a lot of TA dudes expect. Also consider that BTC is still weak which only requires a push with some bad news to push it down more. So, what do you think bro?
farhadshabro
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@Miru84, Hi good sir, I agree with you there is no absolute certainty, the best thing we can do is try to gather as much information as we can then try to make sense of it, when it comes to crypto business you should always expect the unexpected. I could be wrong but I always follow my gut.
now all that being said let's get in to my point of view:
EMA is very good way of looking at the old and current state of the chart but it’s not complete when we want to determine when correction takes place we need to also pay close attention to RSI : I think current correction we are seeing now is from 17.12.05 and if my prediction is right it will stablish support in 11,5 -12,5 k zone, also take into consideration huge over sold amount in volume.
it is unfortunate that we cannot purely put all of our confidence in mathematics because news and public sentiment also play a big roll, power resides where people think it resides.
regardless of the outcome of this decline, I believe we haven’t seen a fracture of BTC's potential. I am bullish AF bro :D.
Twitchfingerz
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@Miru84, They are valid points and may turn out to be correct. The market always surprises but I would consider a bit more in depth TA than just crossing of EMA's and MA's to base any buy point on. As traders we have to consider all possibilities and wait for a reaction. Bitcoin in recent months has been hitting and reacting around fibonacci levels almost to pinpoint accuracy so I would probably look at those too.
I would almost guarantee that if bitcoin breaks down passed 9300 it will keep falling to a minimum 8300 due to there being no previous support in this price range. Keep in mind that a key fibonacci 7800 and very good support from end of Nov lies around 8200.
Miru84
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@Twitchfingerz, I agree. I have so many indicator pointing to 10 k and to max 7700 K. All in all I have to trust my FA and TA on this and not my feelings. I have a strategi about this too, when we reached 10,3 k i bought. Still have cash in case we reach around 8k since i try to make the best of the probabilites which can happen. THat said: For the last years in a row BTC also corrected to always fibbonaci 0,618 around 24 days before lunar year, if that is not a pattern i dont know! Also BTC tend to shift trend you know, and when it does shift trends like it did november 20 it tend to only bounce back to MA100. It did the same shift in trend may 6. If we reach a new ATH around 33 000 USD we will this time see a correction to 19700 where we are testing the previous top. My TA has been so much better and accurate from the day i started to zoom out and focus on fractals. There you go, I dont know what will happen neither does anyone. We simply try to use TA and be above the average trader so we can profit right?
jovani7919
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Can you please update this.
farhadshabro
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Bitconnect scam aftermath is probably over, I feel the storm is over