BTC coming down to re-visit *local 61.8% Fib level.
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Also pierced below the ascending channel while going sideways since 24th Mar '20.
If the bearish scenario doesn't play through more strongly and violently soon, that's a window for the bulls to take over after the Sunday candle closes.
(a) If that holds, establishing the next high low, expects a bounce to set a new higher high.
(b) If that fails, expect it to drop further down to 38.2%.
Speculatively, I'm biased towards the bullish scenario since the dip is occurring during a weekend, if and only if scenario (a) holds till Monday.
Momentum Analysis:
See also previous analysis.
Note the Fibs-levels there was drawn as the Fib-retrace from the top to the bottom of the SPX-correlated dump on 12th Mar '20.
If the bearish scenario doesn't play through more strongly and violently soon, that's a window for the bulls to take over after the Sunday candle closes.
(a) If that holds, establishing the next high low, expects a bounce to set a new higher high.
(b) If that fails, expect it to drop further down to 38.2%.
Speculatively, I'm biased towards the bullish scenario since the dip is occurring during a weekend, if and only if scenario (a) holds till Monday.
Momentum Analysis:
See also previous analysis.
Note the Fibs-levels there was drawn as the Fib-retrace from the top to the bottom of the SPX-correlated dump on 12th Mar '20.
Nota
Another reason to be slightly more bullish than bearish if and only if 61.8% Fib holds is that the ascending channel is now broken, and the massive bear flag will be invalidated if price manages to hold steady.Nota
LIVIDITIUM Dynamic Channels analysis (w/ BTC Daily Chart Optimised Indicators set):Nota
Note: The above longer time frame fractal overlay is more speculative.Trading wise -- still need to take things a step at a time..
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Redrawing the channel:Nota
Hidden Bullish Divergence
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Another weekend daily chart observation to throw into the mix.+ Green volumes substantially larger than red candles.
+ Volume tappers off as price falls.
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Bearish scenario of my analysis at play for BTCUSD.Setting stop-loss at slightly below 61.8% Fib (~5888 USD).
Bolingerband narrowing on the daily, massive move incoming.
Also, BTC, 2D death cross incoming. Stochs overbought, and flipping into a downwards trajectory now.
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Daily chart: Back up above 21 Daily EMA (7hrs to candle close), supported by 61.8% Fib retrace level as drawn from the local low to local high *after the dip*.Nota
BTC probably to hit 6960 USD.However longer-term still looking very bearish; unless BTC manages to break out higher to at least 7166 USD, and closes above 6982 USD on the daily chart.
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Note:Stop loss earlier triggered and sold off 30% of my small BTC trading account holdings. :(
Bought back in immediately when BTC pierced above 6143 again
6151 USD when "PRISM Signals" triggered a buy on the 3 hrly.
CYBER ENSEMBLE also registered a buy on the 3hrly earlier, strengthening the case for a bullish short-term bias.
Actually, if BTC can pierce above the orange 200 SMA on the 3 hrly @ 6580 USD, then I am all in with the rest of the USDT from BTC that I had previously cost-average sold off at ca. 9636 USD when the price dipped below the orange 200 SMA.
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Zooming out view of the tidied up 3hrly chart:Follow the price vs. the orange 200 SMA line.
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