Btcshortsetup
BTC to 6.9k rising wedge and 0.618 fib resistanceHi everyone,
Everyone is suddenly turning bullish while BTC 0.94% did not fully retrace yet to 6.9k to meet its play by the book.
What we can observe is that we are closing to the end of the rising wedge which correlates which the 0.618 resistance.
If we look and the Long Term, BTC 0.94% did not fully retrace yet and that's one more indication that "6.9k is needed" in order to get a proper bull market. On top of that the volume has been consistently declining since the end of the short term uptrend at 9.6k.
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BTC move to 7800 USD confirmed Hello Ladies and Gentleman
Bitcoin got a confirmation on the bottom support channel and it bounce back off 7400 USD.
Now it should be confirmed to move up to 7800 USD.
If Bitcoin breaks the 7800 USD trading mark (resistance line ) it is pretty possible to move up to 8800 USD.
MY first targets would be 7800 USD
MY second target would be 8400 USD and
the last target i would recommend 8800 USD
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BTC - Revised $4100-$4400 TargetSorry if this chart is too busy, but Jesus... My initial target was $5k. But because the bulls have managed to hold onto it for dear life, they've validated an ABCDE triangle and have widened themselves from our most important support line.
That is literally the worst thing they could have done. If the bulls had just accepted the loss, we could have dropped. hit our .786 fib extension, and bounce off of our support line.
But I have to call for an even more bearish fall here. We're losing sight of our support line. Daily Stoch has increased all the way to overbought on the daily just by bouncing $500, and we're looking at a 1-1 extension from waves A to B. I tried to find some things that could give us support at 5k regardless. And there ARE support zones labeled based on previous peaks of BTC in August-Septemeber (a critical time in BTC history). These create confluence and support zones where we can see reversal.
The .786 fib line is at $4,400. Which is also the peak of the high on September.
Then I took the average drop of the past 4 major drops on this past run, which was roughly $2700 points. Where does that lead us? $4300. Then if we look at this support line (for the absolute low), that could take us to $4100 if TIME permits. I'm expecting a HARD sell off here because the Bulls have managed to drag this thing out. Remember when I said that people will panic sell at $5k... Imagine if that breaks, the ones who wanted $5k will surely be scared if this hits the low $4ks.
This actually is just disappointing. You all KNOW that I don't give financial advice on here. But for this one time, highly advise to NOT be long right now and get your cash ready for a SWING position. And when we bounce to 10k from $4k, take your money and run. Because I can say with absolute certainty that if we fall to $4.1-4.3k region, I will officially go 1 year bear market mode. This is what I did not want to see. But it's the cards we are dealt with, and what we have to face because of parabolic growth. And at the same time, I am not, nor will I be surprised - because this is something I've previously mentioned of being a scenario. This has potential to NOT be the year of the investor, but the year of the trader. Parabolic growth is only good for the moment. And only good if you just take your profits. We CAN bounce at $5k. No doubt, but now its less likely. The probability of that happening has now decreased.
I will upload previous charts and descriptions from the previous post, because the idea is still the same. But I want all of you to be aware of the possibilities that this year has to come. I want you all to end profitable, to regain any losses you've assumed over the past few months and give yourselves better set-ups for the future of Bitcoin. Because the future is STILL bright! Just not 2018 (if this drop happens).
BTC Capitulation FractalIdentical move in the making as the one we saw during the original capitulation to $6k. We will see if it continues.
Bitcoin - See you at $5kNothing is a surprise here. If you followed my last post, I showed 2 options here for Bitcoin. One was a bullish count, and one was bearish. And surely enough, we are filled with signs of bearishness. Please check it out if you haven't so you can get caught up on what you missed.
So, I keep going back and forth on the overall count, and I'm just going to stick with a 3-3-3-3-3 5th wave Ending diagonal sense we seem to be staying on the parameters of the descending wedge. We have a very strong support line here, and another hit on it could strike an awesome rally. So, I'm expecting a nice sharp ABC correction. We're currently on B (small uptrend), and awaiting for C (big downtrend) to start.
Bitcoin loves to hit .786 extensions for C waves, so if we get an estimate on the current projection for this B wave of around $7200, then we can create a fib extension from that point which can lead us to our target of 5k.
Get to know your Stoch RSI. It tells you a lot. It must always reset. And it shows the overall strength of any trend. So far, it's looking like this uptrend is already starting to lose strength. Where if we continue to rally another $200, the 12 hour may be overbought, and THAT is a bad sign for bulls.
Of course I'm going to expand on this more, show more data, include more live updates, as well as tips and tricks to help you all defeat Bitcoin. I've spent so much time on Bitcoin, I've been really getting it down on smaller timeframes. It becomes very very easy when you begin to develop an understanding of how the MACD, RSI and Stoch RSI all intertwine. Alright, lets get started!
