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Bitcoin heading for reversal around the purple trendline

Bitcoin has had a wonderful ride the past 12 days up 86%, however Chinese new year is here for the next 2 weeks 16.2. - 2.3. so lower trading volume in Asian exchanges is to be expected. However we had over $900 gains on Asian trading session 16.2.-17.2., so there can still be bull runs.

When looking at the short 12day bull run I think we are heading for slight retracement to $9000, which has been a comfortable support and resistance level in the past.

Full picture (sorry for messy lines, but I trade on 21, 77, 343 minute levels)

I will be updating this analysis in the coming weeks, so stay tuned

Nota

Seems like Bitcoin does not understand the word reversal, there was a small dip to $10300, but then it continued the redline like a monkey

Big picture

Detailed

Nota

Seems like the purple line is again crossed while the red trendline was used to climb higher. But we are back to the Green line as support $10300. I think it will hold and we are not dropping lower.

Nota

So far we have stayed in this area the last 3 weeks or so

So could be we are heading lower unless we break the Green trendline, which is coming down in front of the white area.

Nota

$10300 did not hold for long, next support around $9000 then.

Nota

Its seems to have leveled around $9500-10000 and we will likely stay in this area for one week.

Nota

Found few interesting indicators, still need to understand them better. But used for Elliot-wave analysis:
- Amazing Crossover System
- CM_Williams_Vix_Fix
- Bitfinex BTC Margin traders
- Blue Sky Day
- T3 Velocity

Here example 343min

And 21 min

Dagangan ditutup: hentian tercapai

I think we reached stop for this trade setup, we went down all the way to $9250 but visited $11800 before that.

I think we are heading lower before shooting up to new ATH again

The full picture

Nota

Interesting my bitcoin range box is still in play.. :) I drew that like a month ago I mean few overshots, but the bottom turquoise line held

Nota

Another view of the same data using Bitmex indicators

Jaquatech

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