Let's look at the daily chart of Bitcoin and draw Fib Retracement grid. Now we can see that the market reached a strong support zone formed by 3500.00 support level, 0.5 Fib level and the uptrend line. This is the key zone. If the market can't breaks it, we should expect for a new upward movement. We must watch closely for price action in this zone. We must be ready to open long trades. Alternative, if the price drops below this zone, the next one will be at 3000.00 support level. This zone is formed by the support level, 0.618 Fib level. It will also have power to stop and reverse the falling market. This zone will be a good place for opening new long trades. Let's wait for clear signals and follow the market.
評論
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For confirmation the further upward movement, the market will have to move above the previous high - it's 4120.00 level.
評論
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The market tries to break 4000.00 resistance level. Watch closely for price action in this zone based on hourly time frames. If the price moves above the previous high at 4114.28, it will be good confirmation of further upward movement.
Hi Dmitriy - a question for you ... it appears all altcoins are now, at least for now, tightly tethered to BTC - even a small change in BTC is reflected in other coins.
Accepting that, is it even possible to give suggestions for opportunities and to talk about support and resistance levels of another coin without also taking into account current support/resistance levels for BTC?
Is it too much to say - for this moment in time - support/resistance for any coin is subordinate to price action on BTC?
Thank you again for all your efforts. I learn so much from your thoughtful contributions! :)
cryptoHussar
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@AndyinBrixton, My thoughts exactly. The messed up thing is, altcoins don't even react predictably to sharp movements in BTC price. For example, a pair like BTC-ETH or BTC-XRP (but really every BTC pair imaginable) tends to ALWAYS experience a downward movement in response to BTC's sharp price action, regardless of direction! One should logically expect that if BTC loses value sharply, all of its pairs whose underlying fundamentals haven't changed - ceteris paribus if you will - should move sharply to the upside. Conversely, these altcoins should lose value ONLY when BTC becomes more valuable.
The only explanation I can think of is that once investors see BTC's value dropping, they quickly convert their holdings from any given altcoin to BTC and subsequently into fiat currency or at least USD Tether. I think it goes to show just how much of a market dominance Bitcoin has and how everyone is equating its possible failure with failure of all altcoins - which really shouldn't be the case since every cryptocurrency project has its merits. I would love to hear a more experienced trader's opinion on this since the past few weeks in this space have been pretty frustrating.
papke
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actually its completely opposite, now its clear that btc is bearish and never had serious test after rising from 1300 and up, so expect to go very low, the only still bullish chart is monthly for max 2 months, but still very weeks, so opening long trades now would be a dissaster, bettter go fiat and wait for real signals after retest.
mihaab
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@papke, totally agree, and whole crypto market cap is declining (day by day dince the drop from 5k)
ifort
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Somewhat confirms the equal possibility of any of the two Elliot waves scenarios I've been watching lately in bitcoin. One for daily and one for 4hr charts. The daily seems more favorable towards having the previous low as the start of a new 123/abc wave, for the 4hr chart, we seem to be heading towards E at ~2600 levels. Whatever comes - very interesting learning experience and your analyses help a lot. Thank you!
BTCINVESTING
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i agree. just for info. maybe helpful.
AmazinRaisin
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In DLavrov we trust
aliakber2k10
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Thank you sir for your analysis. What would be a good reversal sign? And how to spot a good entry point?
cryptorich
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We will be bouncing back DEEEP DOWN @ 3900 about monday morning. BTC has to correct below 3000 Amen
BTCINVESTING
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@cryptorich, maybe. but dont forget the new btc core version 0.15.0. with lightning could this be a game changer. a correction to 3500 / max 3000 would already be priced in. the next hours are important. so we see current an desicion triangle. let's see.
Accepting that, is it even possible to give suggestions for opportunities and to talk about support and resistance levels of another coin without also taking into account current support/resistance levels for BTC?
Is it too much to say - for this moment in time - support/resistance for any coin is subordinate to price action on BTC?
Thank you again for all your efforts. I learn so much from your thoughtful contributions! :)