XBT 2nd attempt to break above the cloud. Ichimoku says it all.
Updated
Hey everyone! Here's my opinion on BitMEX price movement. I was supposed to post this a few hours ago but I had to run to work and barely had time to eat my prunes! (Prunes are amazing. Full of nutrients)
Ichimoku "The goat". Ichimoku cloud is getting more and more usefulness in an anti-pattern crypto environment. Crypto is famous for disrespecting traditional analysis and patterns but Ichimoku cloud just simply doesn't care. (and guys, yes I will be using the default settings on Ichimoku cloud because experience says so!)
Now for those who do not know how Ichimoku cloud indicator works, then I advise you check this article. (ichimoku-cloud-explained-thoroughly-debunking-ichimoku-myths) google it and open the steemit link.
I agree with the author's view on why we should keep the default settings when using the Ichimoku cloud.
Price opinion:
If you look at the 4-hour horizon, you'll notice that we are still in a bearish cross because the conversion line (Tenkan-sen) is still below the base line (Kijun-sen). Quoted: "As a general rule of thumb, no matter what the settings are on your chart if the base line is above the conversion line (Kijun-sen above Tenkan-Sen", then we are in a bearish cross."
Another indicator that supports our call to "short" bitcoin right now is the price on the 1 day horizon getting too close to the 200-day moving average (200 MA) for the first time since September 02, 2018 BUT with so little volume. I expect another massive rejection at this point with no major news yet and no volume to support a bull rally. The 200 WMA is a massive resistance and it would be a massive support line if we break above it. BUT JUST NOT YET.
These two indicators are enough to support our claim that the price will be dropping once again.
Logically, a reasonable price target would be in the range of 3774$ and consolidation right after that drop.
If you follow my chart, you can see that the price will drop to that magenta line and then walk sideways for a while.
Bottom line:
Price test the 200 MA with a usual needle then falls down to the 3770-3800 range.
I'll be updating as soon as we see a move.
Thank you for your time guys! Hope to see you in the next one.
Ichimoku "The goat". Ichimoku cloud is getting more and more usefulness in an anti-pattern crypto environment. Crypto is famous for disrespecting traditional analysis and patterns but Ichimoku cloud just simply doesn't care. (and guys, yes I will be using the default settings on Ichimoku cloud because experience says so!)
Now for those who do not know how Ichimoku cloud indicator works, then I advise you check this article. (ichimoku-cloud-explained-thoroughly-debunking-ichimoku-myths) google it and open the steemit link.
I agree with the author's view on why we should keep the default settings when using the Ichimoku cloud.
Price opinion:
If you look at the 4-hour horizon, you'll notice that we are still in a bearish cross because the conversion line (Tenkan-sen) is still below the base line (Kijun-sen). Quoted: "As a general rule of thumb, no matter what the settings are on your chart if the base line is above the conversion line (Kijun-sen above Tenkan-Sen", then we are in a bearish cross."
Another indicator that supports our call to "short" bitcoin right now is the price on the 1 day horizon getting too close to the 200-day moving average (200 MA) for the first time since September 02, 2018 BUT with so little volume. I expect another massive rejection at this point with no major news yet and no volume to support a bull rally. The 200 WMA is a massive resistance and it would be a massive support line if we break above it. BUT JUST NOT YET.
These two indicators are enough to support our claim that the price will be dropping once again.
Logically, a reasonable price target would be in the range of 3774$ and consolidation right after that drop.
If you follow my chart, you can see that the price will drop to that magenta line and then walk sideways for a while.
Bottom line:
Price test the 200 MA with a usual needle then falls down to the 3770-3800 range.
I'll be updating as soon as we see a move.
Thank you for your time guys! Hope to see you in the next one.
Note
Price is still going sideways with little push upwards. We're getting closer and closer to the 200 MA now. I expect bitcoin to test that level in the coming few days before dropping back to the magenta line on our charts.Will keep updating this idea regularly!
Later guys n gals!
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