BTC Consolidating. Beware of Bear. 3/9/18 2:05 PM Central USA
Updated
1. My Golden Ratio (.618) was spot on at the price of +-8720.
2. The Golden Ratio is now acting like the support line.
3. I still think the entry price of $8800 is solid. I created a buy limit at that price yesterday afternoon and it got triggered last night.
4. We are definitely in an area of consolidation. A lot of dogi candles with bullish signs. Don't get too excited though.
5. Selling volume has decreased and buying volume increased. The RSI grew.
6. The Asian and Australian market is about to be more active in a few hours. Yesterday the price pumped up around 4-6 pm Central USA. Let's see if that happens again.
7. If the price drops below the .618 retracement (+-8706) and there is strong confirmation expect another Bear Attack. The next retracement level is at +-$7550 (.786 retracement).
8. If we get attacked by the Bear .786 retracement will be the support and the Golden Ratio (.618) will be the resistance line for the time being.
*I placed another buy limit at $8,000.00. Let's see if it gets triggered tonight.
After the FUD dies down hopefully late March we will be able to mark this at point 2 on the Elliott wave and run with the Bulls.
If you find this helpful at all please like or follow me. I am new to Tradingview but I have experience with technical Analysis. I consistently post updates on my publication as things occur through out the day. If you see anything wrong with my analysis please dispute in the comments.
*this is not financial advice
-DYOR
2. The Golden Ratio is now acting like the support line.
3. I still think the entry price of $8800 is solid. I created a buy limit at that price yesterday afternoon and it got triggered last night.
4. We are definitely in an area of consolidation. A lot of dogi candles with bullish signs. Don't get too excited though.
5. Selling volume has decreased and buying volume increased. The RSI grew.
6. The Asian and Australian market is about to be more active in a few hours. Yesterday the price pumped up around 4-6 pm Central USA. Let's see if that happens again.
7. If the price drops below the .618 retracement (+-8706) and there is strong confirmation expect another Bear Attack. The next retracement level is at +-$7550 (.786 retracement).
8. If we get attacked by the Bear .786 retracement will be the support and the Golden Ratio (.618) will be the resistance line for the time being.
*I placed another buy limit at $8,000.00. Let's see if it gets triggered tonight.
After the FUD dies down hopefully late March we will be able to mark this at point 2 on the Elliott wave and run with the Bulls.
If you find this helpful at all please like or follow me. I am new to Tradingview but I have experience with technical Analysis. I consistently post updates on my publication as things occur through out the day. If you see anything wrong with my analysis please dispute in the comments.
*this is not financial advice
-DYOR
Note
It kinda looks like were seeing that pump I mentioned in the original post a little earlier than yesterday. Dont get too excited though... The volume from the Aussies and Asians hasn't fully been activated.Note
A bull flag has formed and has entered consolidation. The MACD had a bullish crossover and the buying volume is greater than the selling volume which has drastically grew the RSI.The area of consolidation is looking bullish at the moment. 10:23 PM central USA.
It is looking pretty good, however, the .5 retracement is still the line of resistance. It's a good time to just sit on cash and see how everything plays out.
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