If BTC closes below the 6k mark, we have officially entered E2E trade territory. I would expect BTC to move with high volatility to the FAMA moving average (Green edge) of ~4800 price range. If we start moving towards the target price, I'm expecting the bull in BTC to use the 5K price as a nice round psychological number for support.
A great coin for leverage against bitcoin is bitcoin cash. I would recommend this option vs a leverage short position on BTC for MM reasons.
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I'm remaining bearish until we get a daily close outside of the MAMA.
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Watching this level of resistance:
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4HR Cloud view. Price has retraced to the Kijun or 50% fib. The Kumo twist indicates the bounce off the fib could be to the downside.
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I'm still bearish for two reasons:
1) Very rarely do I see a daily bar with no wick on either side. 2) Price has not closed above 4HR MA cloud / Kijun/ 50% fib.
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Staying bearish for the same two reasons above.
Cloud view:
Adaptive MA view:
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BTC is a very strong bull and normally I would be shifting my sentiment about now, but due to reason # 1 listed above (statistically over 90% true) and Ehlers MA study still showing a potential move to the downside on the 4H chart, I will remain bearish.
Current price chart:
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4H adaptive MA has crossed over giving bullish sentiment. Momentum is slowing down after the recent bull run indicating a small correction could be underway before price moves to new highs.
If a correction happens I will wait for price to form a HA doji candle around the MAMA support of ~6800 area before looking to enter long.
IF this confirms.. I think it will be fast and furious. at least to the downside.
StefanoLucciarini
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@philipdinu, i think that we are one step before the armageddon:
- big rush in the past two months;
- segwit2x abort;
- bch rush in the past few days with an hard fork on 13th november.
If the value of btc falls too much maybe it will be the end of btc.
I love your fundamentals and agree. I am purely looking at this from a TA point of view and will take it one trade a time, but I believe if BTC crosses under the 3500 price point and one of the other coins overtakes it in price.. could be game over.
I think the community will follow the price, it will be a good show =)