BTC Bear Attack 3/8/17 11:48 am Central USA
Updated
1. Big Obvious Bear Flag
2. Broke through the .5 retrancement which was a solid support line
3. Abnormal selling volume
4. Broke trough and closed under the downward channel
5. Almost touched $9,000. On Gdax there is a huge buy wall at that price which could provide good buy volume.
6. (Opinion) The probability of the price going to the .618 retracement is likely if the price stabilizes below $9,000, showing confirmation.
7. (Opinion) After this bear attach and there is strong evidence to mark this period's low as point 2 on the Elliot wave I suspect a big Bull run to point 3 on the wave.
[Update] You cant see my .618 retracement on the image, but I have it at $8,732
--DYOR
*The stars represents entry points for my personal use
**this is not financial advice
2. Broke through the .5 retrancement which was a solid support line
3. Abnormal selling volume
4. Broke trough and closed under the downward channel
5. Almost touched $9,000. On Gdax there is a huge buy wall at that price which could provide good buy volume.
6. (Opinion) The probability of the price going to the .618 retracement is likely if the price stabilizes below $9,000, showing confirmation.
7. (Opinion) After this bear attach and there is strong evidence to mark this period's low as point 2 on the Elliot wave I suspect a big Bull run to point 3 on the wave.
[Update] You cant see my .618 retracement on the image, but I have it at $8,732
--DYOR
*The stars represents entry points for my personal use
**this is not financial advice
Note
The downward trend line is acting like the resistance line. Entering consolidation. Watch for dogi candles and overall candle behavior. More action is to come once the traders in Asia and Australia become active. Current time 3:00 PM central USA.
China: 5:00 AM
Korea and Japan: 6:00 AM
Australia: 8:00 AM
Note
The .5 Retracement might be the new resistance line. No solid confirmation yet.Note
looks like the Asian market is dumping their position. Another Bear flag has been created and it looks like there might be another one in the making. At this rate the next level of support will be at the 61.8% retracement.I created a limit buy order at $8850.00. I see this as a solid entry point according to the data that I have.
*This is not Financial advice
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Note
The 3rd bear flag has not formed yet.. Price might continue to drop. My next retracement is at 7500k. Lets see what happens in the AM. Signing off.
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