SInce we are below the 50 DMA.. the trend below this level suggests bearish continuation targeting the 200 DMA (araound 8900$) and a possible test for double bottom (6k-7k).
I have shared two fractals : -- the blue is the 2011 fractal which has identical levels (dip at 6$ and a fake breakout to 12$ then straight deep to 2$) -- the yellow is the fractal of the january bull trap which suggest a resistance at 6-7K (double bottom) and then continue deeper to 4K-4.5K levels)
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A return to mean and strong bounce from there suggests that all the daily moving averages has to cross and aligned around the same level for sometime (accumulation)
- there was no exception for this in all the previous crashes
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so it is not only about price levels fibonaccis and other indicators .. time + price determines the daily average curves
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Original sized fractal.. price ratios are the same only timeframe strecthed horizontally ..
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Its the weekend !! classic Saturday pumps..Sunday dumps in play..expecting a close below 200 MA for this week (Monday early hours).
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Daily fractal
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dump o’ clock..its sunday !!
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the fractal is accurate so far.. and according to it a free fall is near around U.S. market opening (not trading advice).
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I see falling “bullish” wedges everywhere !
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breaking the ice !!
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the 50 DMA might diverged a bit from its path to cross the 200 DMA BUT I AM NOT ! always stick to your strategy dont get confused by daily swings..never fear you are missing the trade ! even if your idea/strategy fails wait until the end.. if you are convinced that the trend reversed its better to buy the breakouts than buy the hype !
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50 MA now starts from 5th of february (end of dip) which means it will go flat or slightly upward of the 200 MA ..
NO Death cross UNTIL we have 5 consecutive closes below 7500 $ this week or the next week !
if the expected cross delays for another week or two bulls would gain moementum for strong bounce after a decent accumulation around 8K
@elshanti , your knowledge is HUGE! this what you've shown to everyone is much appreciated. Those permabull idiots who call BTC at 100K are blind as hell, they believe in blockchain but they ignore the fact that BTC is already played by whales and billionaires...
AdrianZen
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Tether just printed 300m - this may cause big movements if this gets injected into Bitcoin.
elshanti
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@AdrianZieniewicz, I wont be surprised !..after the crash to 6k ..Max Keiser and the ceo of Panter Capital (owns Bitstamp) both announced that the correction is over and big run is ahead ! how do they know ? based on what ?
a couple of whales/capital firms..controls the market and they talk about decentralization !..There is a clear manipulation in the crypto market done by exchanges..They are the FED of the wild west !
jimo79
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what do you think happens if we don't follow the fractal to retest $6000 in the next day or two?
I think its bullish, but not there yet. Few hours/days left. :)
elshanti
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@Acel, I dont think there will be any bullish reversal w/o accumulation.. even in 2013 there was a 2 month accumulation.. where the 100 DMA and others aligned.. however the current price levels still high for such MA crosses..You can simulate the MA with various csv data projections..
Acel
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@elshanti, I still stand by what i said on your previous post. Bull trap, followed by a bear trap. We are more than half way there.
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@elshanti, additionally altcoins took more hit in previous crashes we have data for xmr ltc xrp and dahs..where they lost more than 95% of their 2013 ATH
currently xrp and eth dipped to december 13th 2017 level..LTC dipped to november 25th 2017 level and you can check other altcoins as well and see that the shakeout only reached who bought in the december 2017 hype.
all these data does not convince me that we dipped and it could be only the beginning of bear market for altcoins