I Assume Bitcoin Can Bottom At 4-5k Area- Waiting!!
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Hey, hey, hey!
Whats up everyone?
After a lot of request in the last few weeks I decided to make a new video update for Bitcoin. I think market can be forming a very interesting pattern; called an ending diagonal, also know as a "wedge". You know what this is right? When done and confirmed, normally sharp move occurs but in the opposite direction. So is BTCUSD going to find a low by the end of 2018? What do you think?
Trade well,
GH
Whats up everyone?
After a lot of request in the last few weeks I decided to make a new video update for Bitcoin. I think market can be forming a very interesting pattern; called an ending diagonal, also know as a "wedge". You know what this is right? When done and confirmed, normally sharp move occurs but in the opposite direction. So is BTCUSD going to find a low by the end of 2018? What do you think?
Trade well,
GH
Nota
UPDATE1: As said, Bitcoin is bearish and should remain while it's below 7400 region, so more weakness can be seen towards new lows into 5k-4k area. But, before it continues lower, we may see some intraday correction back to 6800-7000 resistance area!Nota
UPDATE2: As expected, after a small pullback in wave ii), Bitcoin can be headed now lower within five waves towards our projected 5k-4k target area. Even if goes more complex here, we remain bearish as long as it's trading below 7400 region!Nota
UPDATE3: No big changes, BTC can be making only a deeper three-wave a-b-c corrective recovery back to 6800-7000 resistance area we mentioned in UPDATE1.Nota
INTRADAY UPDATE: Bitcoin is approaching the end of correction into a projected resistance zone between 6800-7000 levels, from where Bears can take the lead.Nota
ALTERNATE UPDATE: It's similar view and just another idea, but both counts suggest more weakness. We are tracking a bearish triangle, which can occur in ending diagonals within wave 4 as well. Keep an eye also on H&S pattern, so a break below 6100 region would be a confirmation of a bearish continuation towards projected "bottom" area.Nota
INTRADAY UPDATE 2: Here we go! Sharp decline from projected resistance area, If we get five waves down then our view would be confirmed.Nota
INTRADAY UPDATE 3: Due to an unexpected rise, we are sharing an Bitcoin update. Well, seems like correction is not over yet and it's becoming deeper and complex one, probably a double zig-zag corrective pattern into wave E (bearish triangle) or wave 2 (ending diagonal). Looks like it wants to retest 6800-7000 resistance area, where is an ideal 61,8% Fibo. retracement and 161,8% Fibo. extenstion of wave w, so be aware of a sharp drop around projected area. And don't forget, BTC Futures contract expires on September 28th, which may cause some volatility.Nota
You're probably confused with the current structure, but we still clearly see a corrective pattern within bearish trend! It's wave E, the final wave of a big bearish triangle, which means that sooner or later we may see a drop into 2018 lows. Don't forget on a potential H&S pattern.The only question is how this wave E will be unfolded?
Here you can see some of possible counts we track:
Nota
Hello, traders! Cryptos still consolidating but we may see some action soon! What we see is that Bitcoin can be approaching some important resistance here around 6700 and if we respect correlations, then even Ripple can be upside limited around 0.66 area. There are some nice Fibo. and resistance levels, so don't fall in love with Bulls! Here are some charts:We are sharing also a 15min chart, so carefully around projected resistance, just keep in mind that this may get even more complex, where 7000 area still can be seen on Bitcoin.
Nota
Cryptos are rising very slowly, which usually indicates a corrective movement, so it more and more looks like we may see a decline soon, especially if we take a look on BTC Volatility Index, where we can see a nice bounce from all-time lows as expected, so we should be aware of some action soon. What is also interesting is that today and tomorrow we have an important general Crypto event in Bali, called XBlockchain Summit. As you know, we are still bearish on Bitcoin and currently it can be approaching very important resistance for wave »e« or »b«, especially if we consider correlations between cryptocurrencies, a bounce on BTC Volatility Index and upcoming Crypto events, so watch out for a drop soon. Just keep in mind that we may still see some earlier rally or spike towards 7000 before a continuation lower, so we strongly suggest to wait for a break below 6400 region which would be a good indication of a completed triangle.
Nota
Whatever is happening always stick to your analysis! Everything under control here, more weakness in view!Nota
No big changes in the last couple of days, so we are still waiting on a break into new lows! What we see is that BTC still can be trading in a bearish triangle of wave b, even if goes back to 7k area. So, sooner or later we should be aware of a decline. If it begins to fall below 6050 region, then it may drop hard!
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