The current correction is the biggest in the entire Bitcoin history (arithmetic graph) and has already reached 71%. On the other hand, the rate managed to rebound from the blue trend line just above the target level at $ 5,540. The $ 300 was missing so that the price hit the Fibo cluster. From the Elliott wave theory perspective, the price tests the bottom trend line (gold) and tries to break above it. The $ 5,962 level is now the most important technical support, with the support of $ 7,213 remaining. The next resistance tested is $ 8,160. Beating over this resistance can cause a gunfire towards very important levels at $ 9,222 - $ 9,515. Only breaking above these levels opens the way for further growth.
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Demand weakens a little, but still a room to go up. Keep an eye on the red trend line (short-term)
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All the recent up move is corrective in nature. The next target is at the level of $9,515 ant this is the key level for bulls. Second wave (X) of a higher degree is in progress now.
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Still waiting. All the levels are applicable.
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Patience is a virtue.
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BTCUSD is about to hit the target
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Target: $9,515. Mentioned this level many times.
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#Bitcoin #BTCUSD Currently, the most important resistance zone is the area between $ 10,000 - $ 10,557. In this area, I expect a price reaction in the form of a backwater or even a reversal of the upward trend. The alternative scenario assumes, of course, a long-term hole at the level of $ 5,830 and the current upward movement will be treated as the beginning of a new impulsive wave of growth. The problem is that at smaller intervals of this impulse you do not see too much, too many TFE rules are annulled. The order for closed increases, so far observation.
I personally believes that we are in one of the worlds greatest bear trap in the history of bear traps...
JoeCat33
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Appreciate the updates @Sebastian.seliga.7! Are you selling at the $9,515 target in anticipation of a retrace, to buy again before the next wave up?
UnknownUnicorn995432
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We have to look at the forest and not the trees at this time. 2017 is not the year to compare this market against. We need to look at 2014.
Last year we had segwit, hard fork, futures and possible ETFs. this year we have exchange bans, mining bans, regulations, AML & KYC, and impending G20 countries joint strict regulations/action.
This correction is not over. We will probably see BTC fall below the all time charts, i.e. from $0.00001 to 20k$ scale 78.6% fib level at least once. That takes BTC below 5k on every chart.
I can also see a few big exchanges shutting down this year. That will be the biggest catalyst.
AceintheblacK
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@doctorkesh, Also Tether debacle
UnknownUnicorn995432
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@czmielewski, yes probably
antikseremoni
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i think that splitting the graph into pieces can mislead us. it does make sense; price will continue to fall when we look at graphics in one piece..
anyway you are a expert and i respect you sebastian.. but my feelings says that price will drop more and more..
Danielkh
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it is a stress test :)
edenzenati
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Thank you, Sabistian, how do we know that 8150 has really broken out?
In what value you offer to buy
Cosmos_Gyoza
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I think manipulations brought the BTC above the resistance line. Bear market is still on in my opinion.
pforestbird
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@Sebastian.seliga.7 many thanks for the update. How you trade this situation? You initiate smaller positions somewhere? Or no positions at all till the direction is clear? I understood you don't see any confirmation yet?
I personally believes that we are in one of the worlds greatest bear trap in the history of bear traps...