CipherR

CipherR

The market crash this week is primarily down to China reiterating the 2013 and 2017 bans on financial and payment institutions from providing any services related to cryptocurrency transactions. For those that were around last time this happened in 2017, you'll remember BTC hitting the dizzying heights of $5000 and falling 41% to around the $3000 support level on...

CipherR Updated 

The current weekly candles are looking reminiscent of the beginning of the 2017 bull run. BTC is in a parabolic trend and there is support from another extremely bullish trend line if it breaks this one. Kraken Intelligence predicts this cycle to reach $103k minimum and it lines up nicely with the 2.618 trend based fib extension. In further flashbacks to 2017,...

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Btc completed the head and shoulders pattern and broke downwards of the wedge formation - both bearish indicators signalling some drawbacks. However, the market remains in a parabolic bull run. Support line for this indicated in yellow. A drawback to this trend line would likely see support to fuel further upwards momentum and an opportunity to buy.

CipherR Updated 

The parabolic phase of the past week has brought some interesting technical indicators to be interpreted. The clear cup and handle pattern is indicative of a bottom. However, trend lines show support turned resistance at the 8000usd level and could prove strong resistance. 78.6% Fib retracement of major swing highs and lows indicate levels around 6500 as...

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Using a logarithmic scale, the upwards trend can be viewed as starting from the double bottom of 2015 which was also the last time the RSI dipped below 20. Plotting the fib retracements since then gives different levels to most used here on TradingView. $7700 levels would be a 61.8% retracement of which the price may bounce off. The 200 EMA may come into play in...

CipherR Updated 

An update on the previous idea. Wave B did not reach the bottom of the previous upwards channel and instead found resistance at 23.6% fib retracement. I would expect a retracement to continue now until the $670 levels to complete an ABC wave correction. Current trend-based fib extension based on the swing low of wave A indicates resistance approaching $1400 for...

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Possibility that the market will dip lower. 61.8% correction has not been reached. A further drop would be typical of a abc correction after a 5 wave bull run. Target of $650s before next cycle.

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Wave counts on the logarithmic scale look although this market cycle is completed. Look for breaking of the uptrend channel as confirmation. ABC corrective cycle could go towards $600 levels for wave C. Be cautious of a potential bull trap from wave B.

CipherR Updated 

Fibonacci retracements show a dip to 15300s is possible within the channel to bounce off the bottom of the channel and start wave 5 up to 26000 levels. A higher low of the 1D RSI would continue bullish trend. Short term trades for possible shorts. Long for swing trades.

CipherR

Bearish indicators on the 30min USD chart. RSI and MACD divergence with a head and shoulders to confirm trend reversal.