Bitcoin 2018 declines and today's situation. Must see this!
Dear traders.
I have been studying the situation with Bitcoin closely and would like to share my views with you.
We see here the 30 minutes chart of Bitcoin and a few things stand out.
1. We can now draw 2 Bullish falling wedges!
2. We have reached a huge volume climax during the decline. The last 3 severe declines, this has been the signal for a brief rebound in price.
3. Bitcoin is hugely oversold.
4. We make positive divergences in the RSI and many other indicators.
5. Our main shouder formations and diamond pattern is still valid but we are looking at the short term here!
6. An analysis of the major declines in 2018 from high to close of the day candle:
32%, 24% 16% 42% 15% 33%
see it here:
A recovery on the all declines from high to low:
See it here:
59% 51% 45% 45% 23% 100% 28% 19% 23%
The declines from High to low on the day candles are much larger than from the high to the close. That is the reason I do NOT close long positions before a close on the day candle has occurred.
Bitcoin is now in a wave down without any recovery yet. The decline of this downleg is currently at 35%
The situation in 2018 showed as maximum a decline of 32% before a substantial recovery occurred.
Therefore, I expect a short-term rebound but the intraday swings could be much higher and again, I go for less noise for a closing price on the day.
We see 5 possible scenarios for Bitcoin:
1. We fall a little deeper (possibly only intraday) to the larger falling wedge trendline.
2. We make a double bottom and rebound.
3. We break out upwards from the falling wedge.
4. We go sideways for a while and then rebound.
5. Now falling much deeper is possible but I don't believe this will happen without rebounds on the declines.
Traders, please your comments so we can look at this situation from all sides!
By the way, if Bitcoin dominance is going to be stronger than that is bad news for ALT coins. So please keep a close eye on Bitcoin even if you don;t trade Bitcoin itself.
Disclaimer Traders this is my view no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like👍. That motivates me a lot to continue💚!
Safe and happy trading!
I have been studying the situation with Bitcoin closely and would like to share my views with you.
We see here the 30 minutes chart of Bitcoin and a few things stand out.
1. We can now draw 2 Bullish falling wedges!
2. We have reached a huge volume climax during the decline. The last 3 severe declines, this has been the signal for a brief rebound in price.
3. Bitcoin is hugely oversold.
4. We make positive divergences in the RSI and many other indicators.
5. Our main shouder formations and diamond pattern is still valid but we are looking at the short term here!
6. An analysis of the major declines in 2018 from high to close of the day candle:
32%, 24% 16% 42% 15% 33%
see it here:
A recovery on the all declines from high to low:
See it here:
59% 51% 45% 45% 23% 100% 28% 19% 23%
The declines from High to low on the day candles are much larger than from the high to the close. That is the reason I do NOT close long positions before a close on the day candle has occurred.
Bitcoin is now in a wave down without any recovery yet. The decline of this downleg is currently at 35%
The situation in 2018 showed as maximum a decline of 32% before a substantial recovery occurred.
Therefore, I expect a short-term rebound but the intraday swings could be much higher and again, I go for less noise for a closing price on the day.
We see 5 possible scenarios for Bitcoin:
1. We fall a little deeper (possibly only intraday) to the larger falling wedge trendline.
2. We make a double bottom and rebound.
3. We break out upwards from the falling wedge.
4. We go sideways for a while and then rebound.
5. Now falling much deeper is possible but I don't believe this will happen without rebounds on the declines.
Traders, please your comments so we can look at this situation from all sides!
By the way, if Bitcoin dominance is going to be stronger than that is bad news for ALT coins. So please keep a close eye on Bitcoin even if you don;t trade Bitcoin itself.
Disclaimer Traders this is my view no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like👍. That motivates me a lot to continue💚!
Safe and happy trading!
Komentarz:
An immense volume spike. This is the likely bottom for now but a re-test of the bottom is also possible. The market is so volatile that it moves up with steps of 10% like it is nothing.
Komentarz:
Traders we have a breakout of small inverted HS formation. But wait for a trendline break with some good volume.
We made a new low intraday but there is a huge volume spike. that is often the bottem (for some time).
I wrote already in several posts, that I will only close my positions on a day close candle under 40000. You can read in this post why that is.
We have now massive panic. Bitcoin dominace is rising and that make also the big correction in the ALTS.