BTC-DAILY: What will be will not stop me 12/3/2018
Updated
What we see is what we have, so educates your eyes.
12H: I see a BULLISH double bottom pattern at the end of a correction inside an uptrend started at around 6000$ support level, all of this it's inside a MAIN DOWNTREND started in December, so we are in a Bearish Market.
The correction of the main downtrend started at 6000$ has configured itself in a H&S pattern failed at its inception that was igniting just below 200EMA at 11.700/11.800 key level (BLUE BRAKE LINE), we lacked in strenght and BTC has been rejected reversing in a downtrend at the end of wich we are seeing the actual Double Bottom Formation in wich we are now. Double Bottom Formation it's usually a BULLISH signal is supposed to have two throug the second of wich it's supposed being 10%-20% of the first main one and its intention after the last upward movement it's to brake the resistance (in this case 20EMA&50EMA) and set it as a support, but as you can see in the 12H chart 20EMA it's just crossing down 50EMA, so it seems like we still not have enough strenght to pass by and indeed if you go to 4H you'll see 200EMA setting itself exactly where a support/resistence it has been setled during the first trough of the Double Bottom that in my opinion will fail and reverse itself at this value (RED BRAKE LINE) and we'll see red in the next hours, so probably next two daily candle will close under the closure's value of today candle.
ADX-DMI also shows a bearish moment, even if the Stoch RSI has to go up, this mean little or no movement.
6H: I see a red candle that probably will be involved in a Fractal Pattern, indicating a reversal of the trend.
We have just crossed 20EMA but 200EMA is above us and 50EMA is on top of it, so regarding the rapidity of the new downtrend this 50EMA shows us that probably it would be a slowly decreasing whit little lateral movement.
4H: I see 200EMA just above actual price action, far below the key value of 11.700/11.800 (BLUE BRAKE LINE)
Than i see Chikou Span trying to brake 200EMA and eventualli cross the Price Line, this would be a Bullish signal I don't expect to accomplish.
1H: I see Volume divergence in the OBV oscillator but price it's going up and this is a Bearish Signal.
Chicou Span is actualli above price action and this is also a bearish signal.
So I expect a reversal of the BTC movement in next fex hours, in the price zone near 200EMA in 1H chart and possibly a downmove whit little lateral play.
Make your own observation and decide by yourself.
12H: I see a BULLISH double bottom pattern at the end of a correction inside an uptrend started at around 6000$ support level, all of this it's inside a MAIN DOWNTREND started in December, so we are in a Bearish Market.
The correction of the main downtrend started at 6000$ has configured itself in a H&S pattern failed at its inception that was igniting just below 200EMA at 11.700/11.800 key level (BLUE BRAKE LINE), we lacked in strenght and BTC has been rejected reversing in a downtrend at the end of wich we are seeing the actual Double Bottom Formation in wich we are now. Double Bottom Formation it's usually a BULLISH signal is supposed to have two throug the second of wich it's supposed being 10%-20% of the first main one and its intention after the last upward movement it's to brake the resistance (in this case 20EMA&50EMA) and set it as a support, but as you can see in the 12H chart 20EMA it's just crossing down 50EMA, so it seems like we still not have enough strenght to pass by and indeed if you go to 4H you'll see 200EMA setting itself exactly where a support/resistence it has been setled during the first trough of the Double Bottom that in my opinion will fail and reverse itself at this value (RED BRAKE LINE) and we'll see red in the next hours, so probably next two daily candle will close under the closure's value of today candle.
ADX-DMI also shows a bearish moment, even if the Stoch RSI has to go up, this mean little or no movement.
6H: I see a red candle that probably will be involved in a Fractal Pattern, indicating a reversal of the trend.
We have just crossed 20EMA but 200EMA is above us and 50EMA is on top of it, so regarding the rapidity of the new downtrend this 50EMA shows us that probably it would be a slowly decreasing whit little lateral movement.
4H: I see 200EMA just above actual price action, far below the key value of 11.700/11.800 (BLUE BRAKE LINE)
Than i see Chikou Span trying to brake 200EMA and eventualli cross the Price Line, this would be a Bullish signal I don't expect to accomplish.
1H: I see Volume divergence in the OBV oscillator but price it's going up and this is a Bearish Signal.
Chicou Span is actualli above price action and this is also a bearish signal.
So I expect a reversal of the BTC movement in next fex hours, in the price zone near 200EMA in 1H chart and possibly a downmove whit little lateral play.
Make your own observation and decide by yourself.
Note
12H: ADX-DMI also shows a bearish moment, even if the Stoch RSI has to go up, this mean little or no movement. Note
6H: I see a red candle that probably will be involved in a Fractal Pattern, indicating a reversal of the trend.Note
4H: Than i see Chikou Span trying to brake 200EMA and eventualli cross the Price Line, this would be a Bullish signal I don't expect to accomplish.Note
1H:1H: Volume divergence in the OBV oscillator but price it's going up and this is a Bearish Signal. Chicou Span is actualli above price action and this is also a bearish signal.Note
I found a mistake, in the picture above, that it's not considered a signal at all.Note
I don't know if this Elliot wave it's drawed correctly, if it's correct.. you know what's next... Note
As expected..
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