BTCUSD Overview
Updated
At the 12-hours time frame we can see that a price met global descending channel on 13th of November where crisis has started. Three impulsive corrective Elliott waves brought the price to the lower edge of the channel, where a bounce happened.
We can see that there is not enough volume and confidence to make full amplitude of channel price movement. This build two sub-trends: a parallel channel and a triangle
Triangle is about to end and the situation is positive according to indicators. We observe Hidden Bullish Divergence while MACD and RSI are in neutral to buy state. DMI suggest low volatility thus we can expect a gradual rise in the end of the triangle up to the parallel channel upper edge around $3 691.
In case of further in-confidence and uncertainty about SEC we may see a decrease from the mentioned point up to Fib 1 support level around $2 913 where lower edge of the channel is situated.
Overall it is very hard for Bitcoin price to move to the upper half of global descending channel until local resistance of $3 691 holds. BTC tests the lower boundary of the consolidation area and if there wouldn't be a bounce we will see a further decrease to $2 913 level
We can see that there is not enough volume and confidence to make full amplitude of channel price movement. This build two sub-trends: a parallel channel and a triangle
Triangle is about to end and the situation is positive according to indicators. We observe Hidden Bullish Divergence while MACD and RSI are in neutral to buy state. DMI suggest low volatility thus we can expect a gradual rise in the end of the triangle up to the parallel channel upper edge around $3 691.
In case of further in-confidence and uncertainty about SEC we may see a decrease from the mentioned point up to Fib 1 support level around $2 913 where lower edge of the channel is situated.
Overall it is very hard for Bitcoin price to move to the upper half of global descending channel until local resistance of $3 691 holds. BTC tests the lower boundary of the consolidation area and if there wouldn't be a bounce we will see a further decrease to $2 913 level
Note
One there is 20 likes we will post short term BitMEX signal with leverageTrade active
As it was promised here is a Short BitMEX signal for you, Dear SubscribersBTCUSD
Duration: Short term
Exchange: BitMEX
Buy range: $3 395 - 3 985
Sell targets:
1: $3 351
2: $3 346
3: $3 315
4: $3 280
Stop loss: $3 422
Note
Currently the price is $3 398 the resistance seems to hold as there is not enough volume. Buy wall is low and indicators suggest upcoming trende inverseNote
Although the price crossed $3 400 level BTC still look weak in the short and mid term. AWSM Oscillator, Momentum (10),
MACD, EMA & SMA (5, 10, 20, 30, 50, 100, 200) are negative.
Recent impulse growth will soon meet a correction wave as we are in another descending fractal movement
Note
Here are some TA drafts supporting the trading idea:1. Bitcoin’s market cycle
imgur.com/KpuoMLz
2. Historical fractal replication of BTC price action
imgur.com/8Nn8rcc
3. Bitcoin price action forecast. Here we can see a current state: impulsive growth should be a falling wedge according to TA indicators state
imgur.com/7kJerTG
Note
BTC price precisely moves in a drawn at the chart Triangle. As the pattern is going to end soon, upper and lower edges move closer to each other, hence fluctuations become lower. DMI indicator confirms volatility decrease, which can also be seen at the chart.There is going to be a breakout today or tomorrow as the price will hit the right angle of the triangle. Previous analysis and current state still suggest that the price will move down to $2 913 level where thew lower edge of the parallel channel is situated
In case of sudden volume and bullish power gain Bitcoin can breakout and fly straight to the upper edge near the level of $3 691.
Note
The lowest price from this signal was $3 353 while our target was $3 351. The short signal is not active right now, however we can see that the price broke out of the descending Triangle. During the week the broke out was confirmed by price movement which consolidated above the channel. The price should go up to the puncture line which is an upper side of a bigger triangle.
In the previous analysis we said that BTC can gain volume and make a break out. Based on this scenario which happened on 1st of February we forecast a small increase to the range between $3 585 and $3 691 in the short term.
The situation at the market is really very risky and uncertain that is why we have far far less signals. Once the market stabilizes we will publish profitable trading alts ideas
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