The price came back to the 1st support zone formed by SMA50, 0.5 Fib level and the uptrend line. This zone is strong and it's very important for continuation of the main uptrend. If the price bounces from this zone and breaks the downtrend line, we'll see a new attempt to reach 20000.00 resistance level and make new highs. It will be positive for Bitcoin and other crypto markets. But there is an alternative variant. If the price breaks the 1st support, we'll see falling to the 2nd support zone which was formed by 0.618 Fib Level, SMA100 and 10000.00 support level. And this variant looks rather realistic. MACD and DMI give bearish signals. The weekly chart is overbought and gives bearish signal too. It has free space for falling to 10000.00 level. Now we have to watch closely for price action at these support zones, because they are very important for further long term market movement.
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The price tries to break the support zone. Keep watching for it. This zone is very important now, if you want to continue the upward movement.
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The price is above the uptrend line and the support zone. The bullish candle can give the 1st signal confirming the possible price reversal.
@HumV, It depends on how long you want to keep BTC, 1 month, 1 year or 5 year. If you just want to keep them for short terms, then it makes sense to sell now when the pullback happens. You don't need to sell all of your BTC, you can sell half of it, so you can have some cash, and for the rest, you can make decisions based on the market conditions. It is quite hard to give a general advice how to do things because it depends on your risk tolerance and how much money each person has. From my experience, if a trade goes again me, I take a small loss than a bigger loss later. Good luck.
ThomasNguyenAU
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@HumV, Followin up my reply, you can look at this idea to know when to sell
bruma
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@DLavrov Great TA as always. Thanks.
I always wonder, how can we be sure that support zone (or line) is broken. What to look for, what are signs, what is conformation? As we see on the chart, we have some wicks in support zone 1, that's probably bounce?
Should we look for daily candle close under support zone 1 like it was at 2017-12-30?
Can you please write some thoughts about that...
seananetsberger
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no one calls out the triangular consolidation pattern. Its so obviously visible
Why is your support zone 1 higher than the lows? A crash is supposed to be exhausted inside a support zone, not below one. You made the same mistake on your previous BTC chart.
Also, place the 0 fibonacci line on 8k, why? You're supposed to draw the fibonacci lines from the most distinguishable low to the most distinguishable high. So either from 5.2k to 20k, or from 11.4k to 20k, depending on how long term you want to go. You can't just pick a random point.
Also, you made a second support zone purely based off that wrong fibonacci retracement drawing.
Your TA's used to be on point, but the past 2 btc charts you drew both have these mistakes in it and you don't seem to change it.