Bitcoin ready to make a correction down but does not want to :)
Atualizado
Still nog allot has changed and still going sideways. On one hand this shows the market does not wont to drop which is a bullish sign! Based on TA it is a bit complicated because i see several mixed signals.
On the left we see a possible triangle in the making which could also turn into a big bull flag if we stay above the 7000ish. On the lower time frame on the right, we can see another possible H&S in the making. Next to that, that trend line broke as well, but so far no reaction (drop) at all. But could still happen, unless we break the 7280/7320. But this is normal when they can turn this into a triangle or bull flag. Next to all of this, most alts are still very stable, dropped a bit but most inside a small bull flag or bullish wedges and ready to make the next wave up again.
As i mentioned the last few days, i still favor the parabolic move up for bitcoin for the coming days and we are still inside that pattern but there is not allot of room left, maybe like half a day. This is still my favorite scenario at the moment. I think we have a clear short term support and that is the former resistance of 7150, in the chart we can see that level is more around 7170/80. I think for today the range to break is the 7160/7320. In the mean time it will probably just be some pingpong as i mentioned yesterday :).
If the bulls can keep this up, we should see the break of 7300/7400 today and i think we can rally towards the 7800 the coming day or 2. The 7800/8000 are still the levels to break for me, because i still think that if we break this one, the 8500 will probably just be a formality and a matter of time. But this depends on the conviction of the bulls for this week!
In summary, a break of 7170/50 can take us towards 7000 and still be bullish for the short term. If we break the 7350 we will probably see a rally towards the 7800, but don't expect it to be one straight line.
Don't forget to like if you appreciate this :)
Previous analysis:
On the left we see a possible triangle in the making which could also turn into a big bull flag if we stay above the 7000ish. On the lower time frame on the right, we can see another possible H&S in the making. Next to that, that trend line broke as well, but so far no reaction (drop) at all. But could still happen, unless we break the 7280/7320. But this is normal when they can turn this into a triangle or bull flag. Next to all of this, most alts are still very stable, dropped a bit but most inside a small bull flag or bullish wedges and ready to make the next wave up again.
As i mentioned the last few days, i still favor the parabolic move up for bitcoin for the coming days and we are still inside that pattern but there is not allot of room left, maybe like half a day. This is still my favorite scenario at the moment. I think we have a clear short term support and that is the former resistance of 7150, in the chart we can see that level is more around 7170/80. I think for today the range to break is the 7160/7320. In the mean time it will probably just be some pingpong as i mentioned yesterday :).
If the bulls can keep this up, we should see the break of 7300/7400 today and i think we can rally towards the 7800 the coming day or 2. The 7800/8000 are still the levels to break for me, because i still think that if we break this one, the 8500 will probably just be a formality and a matter of time. But this depends on the conviction of the bulls for this week!
In summary, a break of 7170/50 can take us towards 7000 and still be bullish for the short term. If we break the 7350 we will probably see a rally towards the 7800, but don't expect it to be one straight line.
Don't forget to like if you appreciate this :)
Previous analysis:
Nota
Again a breakout and again bears pushing it back down, it's up to the bulls to keep the pressure on to force a rally now. Think if they loose this one, we could make a bigger correction.Nota
Again Bitfinex trying to push the market up. Coinbase once again the weak link. Can see the differences clearly here. Nota
Clearly some bears who are not happy with the idea of a rally. Just watch out for a Bart move, still the same as 2 hours ago, it's a volume fight now. So very big chance we will see a big move the coming hours. Because probably the bulls or bears will give up eventually and start to close their positions as well.The past hour it seems the Bitmex bears are trying to push it down, the hours before bitmex seemed neutral
Nota
If the Bitmex bears are able to pull this off, big chance we will see a shake out towards the 7000, where they will probably have their buy orders waiting. I have seen them do this tricks allot of times the past few months, feels like they are trying it here as well. At the moment the triangle is still holding, but big chance it will break if we don't see a quick jump up again
Nota
Still not ready to let it go up it seems, still above former resistance though, up to the bulls to keep the pressure on now and not give up Nota
They just can't help themselves, forcing these bart moves. Cant say where this will stop guys, it's a coin toss. They could be trying this move again. Depends on how much volume the bulls have!Nota
Still above the 7300/7270, so the bulls can still hold it here, but i just can't say what or how. These are those manipulative moves of people with extreme volume. I cannot check it in my charts, have an error in my special chart. But i am quite sure Bitmex started this push down, because they usually do with Bart moves.Nota
If we see a big push down now, if it happens it will be very fast, we can probably go long between 7000/7100
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