Its not yet clear if we just have a dip or we going into a major correction. Thats why I took profits and sitting 50% in cash again to be able to buy lower if possible.
The weekly chart is showing a strong bearish divergence. We also hit my long term 4.236 fib target.
We had a similar pattern before in early 2017 where the bearish divergence was resolved by a hidden bullish divergence.
Such a correction would be healthy for the longer term trend and a nice entry near $3000-$3500.
If btc is breaking down the black parallel channel it would lose a lot of momentum leading to a longer correction like after the 2013-april rally.
Just my view, DYOR. Stay safe.
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Now it's the time to find out the pattern and timeframe of this correction.
ABC is most likely for now.
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possible longer ABC correction scenario
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The 3000$ level was already hit and the crypto markets get little bit more more bullish again.
Just collected the info about all recent events. If you know more please comment :)
Segwit2x NYC agreement, not sure about that one. It doesnt look like that it will happen but a 2x fork could slow down segwit adoption so this should be bearish. As soon as we have full blocks and 100% segwit adoption a 2x for would make perfect sense imo.
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rsi trendline
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Bubble targets
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Approaching the 9400-9500 target
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we broke up again to new ath after building a base in the 11k which we should keep in mind as a new support. Not posting much recently because guessing tops is not a good idea, for now it looks like we could reach 15k within next days but it already feels very euphoric.
Take care.
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we saw a consolidation in the 15-17k range. recently there was a bearish head and shoulders pattern but bulls pushed it back above the neckline which should force the sellers to buy back in. At the same time the purple trendline was broken. It is likely that we see another leg up over the weekend before the futures go live. Target region should be around 22-24k usd.
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bitcoin still in consolidation. the channel is drawn and the bear div gets rewsolved with a hidden bullish divergence. this is the 2h chart but its also good to see on the 12h chart.
If you go by the weekly we are yet to see BTC oversold, it has been in an uptrend since 2015. I guess cryptos don't work like other currencies, but I'm confident we will see 3000$ because of divergence both on weekly and daily charts (MACD). Nice job :D
simio
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Hi koyoru.
On bitfinex, for the trailing stop option, if I wanted to buy or sell and didn’t want the price to go against me by 500sats (btc pair) in the ‘distance’ do I need to insert 0.00000500?
microfileas
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Can you expand on significance of RSI trendline - are we expecting it to bounce off it or push through?
koryu
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@microfileas, on breakout I would expect that the bearish divergence got resolved and we can see another leg up to 6k-9k. But it can also be rejected here. Really hard to tell. Most healthy would be a little pullback and then push through. I am holding and watching, my last add to longs was at $4444.