Everyone seems to be in a state of panic following the recent correction for bitcoin as I receive 99750798 messages (possibly exaggerating) asking for my opinion on the situation, which I don't mind as I love helping out other traders where possible.
This recent move really doesn't concern me as all of the technicals on the higher timeframes still indicate the uptrend is intact.
As you can see from the daily chart the support trendline which I presented in my previous analysis on market cycles is still holding, price has returned to this daily support at $8,360.
As many of you know I use a logarithmic scale when analysing cryptocurrencies (just in case you are confused about the appearance of my charts).
I suggest anyone who has not read my coverage on bitcoin they do so now.
I'm always asked by my followers "when will we see price return to 20k?" or "when will btc moon?"
This is why I've placed my prediction for $20,000 on the charts which in my opinion will occur in the last week of April going into May, as long as we stay on track, if my opinion changes I will let you all know. Never be stuck with one opinion and fail to see the errors in your own workings, I'm an open-minded trader that analyses all potential risk.
There is one point I would like to correct and that is people who continually say "BTC is rising on falling volume" and there is some truth to that in comparison to previous trading years but if you look at the daily chart you can see the average volume has been increasing steadily since Jan 2017.
Taking a look at the weekly chart below we can see that the average volume is quickly approaching the highest average volume during 2014, I believe we will pass this area this year when BTC creates a new all time high. The current trend in volume represents steady growth just like the volume shown on the daily chart.
Below is the weekly chart showing basic price structure with the daily support trendline and the lower support trendline on the weekly.
If we did see any major downside for bitcoin this is the chart I would refer to, however, I do not see this happening.
To finish off this analysis here is my view on the 4h chart, we can see that price increased by 99% followed by a 21% correction, then a 26% increase creating a double top formation which caused the decline of 28% to the low of $8,360 which formed at the 1.272 projection.
Price is now re-testing resistance, pay close attention to this level for short-term direction, failing to close above would indicate another move back down to the daily support trendline.
That's it from me, I hope you all gained value from my analysis.
Don't forget to leave a like and comment below with your opinion on Bitcoin.
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I hope you're all enjoying the weekend, I'm bringing you an update on Bitcoin as price re-tested the daily support trendline.
As you can see from the chart above price returned to support at the early hours of this morning which was quickly accompanied by a reversal and rising volume.
Price is now re-testing the same resistance level at $9450, the one that failed to break yesterday upon the initial test of the daily support trendline.
I will be waiting to see a solid close above $9500 on the 4h chart before I can be certain on short-term direction. If we do see this happen I expect price to trade within the range of $9450 to $11700 short-term until we see a breakout to the upside.
More updates to come :) I'll be sharing more analysis on Telegram for everyone as well.
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We got the close above $9500 that we were waiting for and price returned to previous resistance turned support to re-test the key level.
My main focus is the trading range between $9450 and $11700, I expect bitcoin to hold within this area. Two other point I want to make is the resistance trendline measured from the all time high and the support trendline measured from the all time low.
These will be key areas to focus on going forward, for now we are looking for BTC to hold above support at $9450 and push higher into the trading range.
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What's going on everyone, I just got back in Scotland yesterday and thought an update on Bitcoin was well overdue.
Taking a look at the daily chart we can see that we lost support mid-March, price dropped to $7360 which was followed by a re-test of the broken trendline.
Price is currently trading at $7970 with a lot of uncertainty. The two main areas of interest for me are the lows of $5900 and $7360.
The 4h chart shows the overall decline from $11700 to $7360 is 37% and if this level is lost we will see price return to the area at $5900 at an overall decline of 49% from the high.
Sentiment is bearish for now, we still have a lot of ground to cover if we want to see BTC trading above 10k.
There is a promising short-term trading opportunity on the 1h chart, once the pattern completes the 15m and 4h chart need to be analysed further to confirm the move higher.
Pay close attention to candlestick formations upon confirmation of the PRZ.
Our TA's are very similar. Only I'm using Wyckoff Schematics with personal indicators.
Thanks for sharing... :)
On a humorous note: Watch this 55 second video but TURN UP VOLUME and WATCH the price ticker while she makes comments. You'll LOVE IT... TRUST ME.... twitter.com/wolfejosh/status/972654012314025986
LewisGlasgow
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@ProwdClown, feel free to share your analysis here, good to see others have the same view.
HAHAHAHAHAHA that video did not disappoint, brilliant!
Thanks man! Appreciate it. I simply did not want to intrude by posting any publications or charts of my own on your publications. Some users here on Trading View do not want others to do that for whatever reason.
I posted these two charts with comments in my PREVIOUS publication before creating a NEW publication.
HERE ARE A COUPLE OF THOSE CHARTS WITH COMMENTS WELL BEFORE THE WYCKOFF "SPRING" AND "TEST" :
Text bubbles are the comments in this chart:
Comment: The volume is still quite low compared to previous drop. This may very well be our TEST. Patiently waiting...
HERE IS MY MOST RECENT PUBLICATION TITLED, "Have the Bear and Margin Shorts Been Trapped?"
LewisGlasgow
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@ProwdClown, I'm just gonna send that to anyone who panic sells from now on.
Fuck that, that's what trading is all about, I want people to have different views or opinions. As long as they don't come on my ideas and act like they have all of the answers then they're more than welcome to show the downside of BTC when I'm bullish.
Glad you noticed the potential trading range as well, not seen many people mention this in their analysis. I agree with the direction, re-test of the resistance trendline, possible breakout and re-test resistance near $11700.
Nice to see someone who's open to conversation to TRY to come to a consensus. Not always possible but it's always nice to get different perspectives. Especially, if those different perspectives come to similar conclusions. Cause I also LEARN something from other peoples perspective to add to my arsenal.
I certainly don't know it all. Nor will I PRETEND to know it all. If I don't know something, I won't hesitate to tell someone I don't know - without feeling inadequate or inferior. It accomplishes nothing to have those kinds of feelings or thoughts. I see them as OPPORTUNITIES to better myself and gain more knowledge.
Thanks your time responding and the effort put into your analysis.
Happy Trading, Sir.
David
WyckoffMode
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@LewisGlasgow, By the way, when I said in a comment above one of those charts, "...This may be our TEST." That was in relation to the following Wyckoff Accumulation Schematic #1: i.imgur.com/gcrmXTd.png
bloodgood
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Finally a normal TA.. all the bullshit here, I can't beleive my eyes haha :)
BTC is not some mumbojumbo peace of shit, but it is the core of the cryptocurrency ! Currency.... Today all the crypto projects are kickstarters, not currencies.
Think about that, and the utility of one and another.
If BTC fails, then so does everything else... At least at this point in time. This is why you rarely see crypto analysis on anything other than BTC from me when the market is in despair.
When panic sets in and BTC corrects, the rest of the market follows.
Most ICO's fail, and that'll never change.
Rogue7
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Wow, Lewis, amazing work. I've been following a few other TV traders, but none have nailed it like you have. And over such long time periods. Anyone can be right for a short period, but you've been with it for months consistently. I've unfollowed the others and intend to follow only you moving forward. Really like your ability to write plain easy to read charts as well. It's highly appreciated. Keep up the great work!
LewisGlasgow
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@Rogue7, it's the same with the entire industry and not just analysis, most trading businesses last 6 months or less and all they aim to do is make a quick dollar.
I may not post as often as other analysts, but I only post what I feel is high-quality content.
Thank you for the support, I really appreciate that!
Thanks for sharing... :)
On a humorous note: Watch this 55 second video but TURN UP VOLUME and WATCH the price ticker while she makes comments. You'll LOVE IT... TRUST ME.... twitter.com/wolfejosh/status/972654012314025986