BitcoinUpdated BTC - possible pivot
Bitcoin has hit the expected Elliot Wave correction extension, and has bounced off with lots of volume.
Previous chart about the bearish target is here:
Now at these levels we see a previous very long candlestick, with a large amount of volume, that had rejected the price. This is the move before we came down to the current level around 42k. I notice these pivot points usually have one last move downwards, before confirming. So this one is looking promising.
Another reason I feel it could be bullish, is because of the bullish divergence spotted in the RSI. I do think our last drop can set up to be a swing low for a future bullish move. The area it ended up bouncing off of is a MAJOR support level, previously resistance. We may even see a higher high on this climb up on the smaller timeframe charts.
Keep an eye out, this could be a turn around point. As always, confirm first.
I cannot call long or short on this one, because nothing was confirmed. This is a post to keep your eyes peeled at this very important level.
Previous chart about the bearish target is here:
Now at these levels we see a previous very long candlestick, with a large amount of volume, that had rejected the price. This is the move before we came down to the current level around 42k. I notice these pivot points usually have one last move downwards, before confirming. So this one is looking promising.
Another reason I feel it could be bullish, is because of the bullish divergence spotted in the RSI. I do think our last drop can set up to be a swing low for a future bullish move. The area it ended up bouncing off of is a MAJOR support level, previously resistance. We may even see a higher high on this climb up on the smaller timeframe charts.
Keep an eye out, this could be a turn around point. As always, confirm first.
I cannot call long or short on this one, because nothing was confirmed. This is a post to keep your eyes peeled at this very important level.
Note
Well, I did not update in a timely manner, but as we can see - this possible pivot did not work out. If anyone had checked into the Bitcoin Transactions, they would have caught a scary glimpse into what was about to happen, before the crash. This crash tells a story about overleveraging a derivatives market that was already on unsteady ground, with signs pointing short, another 3.1 Billion was liquidated in a matter of hours.
I would like to bring up this point on leverage. If you are an every day person, as in not a giant corporation, if you trade at home in your spare time, or invest in Bitcoin because people said it was a good idea.. Please do NOT leverage cryptocurrency. A few people I know have lost all of their assets during this crash, they were liquidated just for borrowing. One of them lost over $12 Million. The truth is, expecting to stay at or above 84% LTV loan to value during a market this volatile, is just asking to lose. Please exercise caution, please research the sh*t out of anything before investing, and please keep your hard earned dollars safe. This is not financial advice, but I just don't want to see any more people like me and you lose any more money than they have to.
Note
Pivot point, now need confirmation
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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.