Bitcoin, a quick rundown
Updated
Although cryptocurrency isn't our main interest, we do indulge from time to time. Here is a basic analysis of the current reversal from $10,000.
While this "bear move" is probably disappointing for many, we don't consider it to be particularly significant as of yet. The preceding pump gained more than 60% in a little over 50 days (and in typical crypto style without any corresponding fundamental reason) so a heavy correction is to be expected. Usually bullish pullbacks reverse at the 61% retrace, but in this case we can expect a drop all the way to the 78% or lower. In fact for long-term buyers, things becomes more interesting if the $7000 is tested successfully again. This would be where might reasonably expect a long-term accumulation. A breakdown below this level (marked in purple) makes accumulation less attractive.
Wherever the bottom is, the path there is unlike to be direct. We can expect a significant move to the upside, perhaps above $9000 even before continuing the descent.
If you liked this analysis, why not check out our Canopy Growth (
WEED) charts. It's spring time (at least in some parts of the globe) and the buds will be blossoming soon!
---------------------------------------------------------------------------------------------------------------------------------------------------------
weedmoon -- Pumping Weed Stocks to the Moon
All information is provided informally, without any acceptance of liability or guaranty on the part of the author "weedmoon".
All trades made by the reader are the sole responsibility of the reader.
420 Ho!
While this "bear move" is probably disappointing for many, we don't consider it to be particularly significant as of yet. The preceding pump gained more than 60% in a little over 50 days (and in typical crypto style without any corresponding fundamental reason) so a heavy correction is to be expected. Usually bullish pullbacks reverse at the 61% retrace, but in this case we can expect a drop all the way to the 78% or lower. In fact for long-term buyers, things becomes more interesting if the $7000 is tested successfully again. This would be where might reasonably expect a long-term accumulation. A breakdown below this level (marked in purple) makes accumulation less attractive.
Wherever the bottom is, the path there is unlike to be direct. We can expect a significant move to the upside, perhaps above $9000 even before continuing the descent.
If you liked this analysis, why not check out our Canopy Growth (
WEED) charts. It's spring time (at least in some parts of the globe) and the buds will be blossoming soon!---------------------------------------------------------------------------------------------------------------------------------------------------------
weedmoon -- Pumping Weed Stocks to the Moon
All information is provided informally, without any acceptance of liability or guaranty on the part of the author "weedmoon".
All trades made by the reader are the sole responsibility of the reader.
420 Ho!
Note
Bitcoin lomg.
Note
still in channel Note
Well bitcoin hit exactly the 1.618 retrace. Outlook: it can develop a bottom at this level, but don't expect any kind of vertical pump back to 8k - if that happens it will fall back down. I think we can set buy low orders here at this level to catch wicks and wait to see how this develops. I can also imagine us dropping lower in classic Wyckoff style. I'm not rushing here at all
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.