Don't hold your breath for 8.5k anymore

2018년 1월 26일

Two weeks ago, the Bitcoin Bears pulled the price down to $9,200. As I charted prior to the dip, we bounced back to 13k, our old support which is now acting as major resistance. As we pulled back down, everyone set their orders between $8500 and $9500. But what really happened? All the sellers had already been shaken out at the first dip, and the second dip dropped under $10,000 for just one little 4hr candle and buyers appeared right away.
So, what's next?

I believe that the buyers won't let BTC go under 10k anytime soon. Stoch RSI shows a hidden BULLISH divergence.
Scenario 1: If volume appears, we can break out of this trend line and attempt to break through the 13k resistance.
Scenario 2: CME futures expire tomorrow, I wouldn't be surprised if this caused us to dip back to 10.5k, which would be an entry as long as we hold the trend line.

KEEP AN EYE ON 13k ZONE! It will determine if we can bring the bull back.

Feel free to ask questions!!

2018년 1월 26일

노트

Scenario 2 is active. Futures expiration dumped us right onto that trend line which held nicely. Now let's see if we can break out.

2018년 1월 26일

노트

Keep a very close eye on these two trend lines. Whichever way we break out will probably lead to strong movement.

2018년 1월 27일

노트

Breakout spotted of the upper trendline. Looks like we'll head to 13k zone soon.

2018년 1월 27일

노트

Nope! Another rejection at the trend line. Back inside the triangle. Continue monitoring both trend lines. At this point, a breakout is going to need volume so keep an eye on the too. Any move without volume will be a fake out.

2018년 1월 27일

노트

Breakout with much better volume should send us to around 13k

2018년 1월 28일

노트

Very nice following Scenario 2!
I do NOT expect to cross above the blue resistance area UNLESS volume picks up more.