In spite of the bullish market in long run, the price could not break the resistance zone from the 1st attempt. We could see a price reversal from the downtrend line and downward movement. The price broke the uptrend line and SMA20 and now it's at a possible support zone formed by SMA50 and 10000.00 support level. RSI drops to the oversold zone. We should be ready to see a price reversal from this zone. If so, we'll be able to open buy trades based on a confirmed reversal signal. If the price breaks this support zone and moves lower, the next one will be at SMA100 and 9000.00 level. Probably we’ll get solid signals from indicators confirming the price reversal. This zone will be good for buying too based on a reversal signal. RSI will have to confirm price reversal. MACD histogram will have to support the upward movement. The profit targets for these long trades should be at the downtrend line. It will be better to fix the profit at the strong resistance line and open new long positions based on a breakout above the downtrend line and 12000.00 level.
Komen
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The 1st support zone was reached. Keep an eye on the price action in this zone. Will 10000.00 support level hold the market?
When are traders gonna learn that their charts are meaningless when it comes to Bitcoin? The Whales and powers that be just look at them and go the other way to F with anyone insane enough to follow them. It's all manipulation by the exchanges to blow through leverage liquidation.
There is not enough retail interest in the space right now to push this thing up. Most of the population has been scammed out of their Bitcoin by Ponzi schemes and Fraud ICO's. All the Bitcoin is now in the hands of criminals who dump all their coin into the market before it's seized.
The only thing that's holding this price up is the Tether pumps.
@nervouslight, Sadly you re right, but me and many others are Bitcoin believers no matter how manipulated this game is also the fiat market is. Looks like we cant escape from these criminals but we can try to surf the Btc waves
rmrezai
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@nervouslight, agree. dont forget this whole rig is run by Bots...and BOT vs Human...bots will always win...
ParagonVenture
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THIS IS HOW I SEE IT NOW
eyupium
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@gregloren1, Your 4th subwave is overlapping with your 1st subwave in the A wave of correction downwards. If those are Elliot waves, that makes them invalid. 1st and 4th wave can never overlap.
eyupium
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@gregloren1, I do agree with the targets though. Just not with your wave count.
There is not enough retail interest in the space right now to push this thing up. Most of the population has been scammed out of their Bitcoin by Ponzi schemes and Fraud ICO's. All the Bitcoin is now in the hands of criminals who dump all their coin into the market before it's seized.
The only thing that's holding this price up is the Tether pumps.