The past two bearish pullbacks (after making a new ATH) have bottomed on the weekly Kijun, and the last three bearish pullbacks have bottomed on the weekly 20 MA of the Bollinger Bands. Due to recent FUD: all chinese exchanges forced to close (yicaiglobal.com/news/all-cryptocurrency-trading-platforms-china-shall-be-closed-source-says -> take this with a grain of salt, anonymous source), BTCChina announcing themselves that they have been forced to shutdown (twitter.com/YourBTCC/status/908285586368167936 -> which leads me to believe the latter statement to be true, they wouldn't close one exchange and let the rest keep operating) and wise-guy Jamie Dimon's rash statements about firing employees of J.P Morgan for trading cryptocurrencies due to it being a "tulip bubble" and a "fraud" (cnbc.com/2017/09/12/jpmorgan-ceo-jamie-dimon-raises-flag-on-trading-revenue-sees-20-percent-fall-for-the-third-quarter.html), I believe the selling is not over yet. Furthermore, as I write this it is currently pumping as the first move of this new daily (09/15/2017) without yet having a wick downwards to support this upward movement. Candlesticks tend, in 99.9% of situations, to have a wick in the opposite direction first to support a bounce back in the direction of the close. This would lead me to believe all these longs stacking up in the 3300/3400's right now heading up into the 0.5 fib are going to get wiped out and push this daily down to its final bottom ~3k at the previously mentioned supports which also coincide with the previous major ATH at the 0.618 fib.
Idea on the 4H:
Idea on the 1D:
(furthermore price is just touching previous intraday resistance at $3483)
Idea on the 4H:
Idea on the 1D:
(furthermore price is just touching previous intraday resistance at $3483)
Note
The weekly chart that I actually meant to post:Note
The plan for the rest of this run is to buy all the dips on tenkan/kijun touches, bought more on the last retrace in the 3500 area. Buys currently set in the 3800's.Note
Bought more on the retrace to the daily tenkan in $3800 areaNote
Conservative target for this bull run is $6000 which will be a 120% increase in an estimated 30 days which will make this the smallest bull run yet if it turns around there.Trade closed: target reached
Closed at 4k as it failed to move higher and formed the most recent bear trend. Reentering in low $3000's.
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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.