BTCUSD and the cryptomarket as a whole saw a massive selloff today. I think (hope) we have found bottom for now. We saw our first significant bull divergence on the 4hr chart and monthly is the only time frame in which BTCUSD is not oversold. It should be noted that I believe today was confirmation that we can expect a longer-term bear market to come, but this is for a somewhat short-term trade. The state of the market will be reassessed when the time comes.
Here I am comparing the current daily chart to the 8hr chart from the 2013-2014 selloff.
I think we have completed our first impulse wave down and the larger time-frame corrective A-wave. This means we can expect a rather significant retracement, usually between 61.8% and 78.6% for wave B. Wave B is usually a very brash retracement wave up, so I expect it to come in quickly. I do think ETHUSD is looking more bullish, however, but this is for those interested in Bitcoin. I will try and do a write-up on ETHUSD later tonight. CFTC is also having a hearing on crypto-currency regulation. I believe the date was pushed back to February 15th, whether or not this has any impact will have to be seen. CME and CBOE futures will be expiring in the coming weeks as well (Feb. 26th and 18th respectively). All of these could act as fundamental catalysts for either continued bullish sentiment OR bearish reversal sentiment.
If this is bottom, it will also line up nicely with my previously posted bearish gartley, just passing the 1.618 fib extension of that AD leg.
Updates to follow.
*TRADE AT YOUR OWN RISK, THIS IS MY OPINION, NOT FINANCIAL ADVICE*
Sources:
www.banking.sen...ex.cfm/hearings?ID=D8EC44B...
Here I am comparing the current daily chart to the 8hr chart from the 2013-2014 selloff.
I think we have completed our first impulse wave down and the larger time-frame corrective A-wave. This means we can expect a rather significant retracement, usually between 61.8% and 78.6% for wave B. Wave B is usually a very brash retracement wave up, so I expect it to come in quickly. I do think ETHUSD is looking more bullish, however, but this is for those interested in Bitcoin. I will try and do a write-up on ETHUSD later tonight. CFTC is also having a hearing on crypto-currency regulation. I believe the date was pushed back to February 15th, whether or not this has any impact will have to be seen. CME and CBOE futures will be expiring in the coming weeks as well (Feb. 26th and 18th respectively). All of these could act as fundamental catalysts for either continued bullish sentiment OR bearish reversal sentiment.
If this is bottom, it will also line up nicely with my previously posted bearish gartley, just passing the 1.618 fib extension of that AD leg.
Updates to follow.
*TRADE AT YOUR OWN RISK, THIS IS MY OPINION, NOT FINANCIAL ADVICE*
Sources:
www.banking.sen...ex.cfm/hearings?ID=D8EC44B...
