Hello everyone, I hope you are having an amazing day!
I'm here again today with another TA/FA on BTCUSD
As you can see on the chart we saw a huge drop in price of Bitcoin , why's that you may ask?
A lot happened today (past few days) all "FUD"
FUD from Japan regarding Crypto Exchanges. Here
SEC press-release Here
Whale that sold $400M worth of BTC/BCH Here
And last but not least, a FUD that had a big role on this drop.
Binance was "hacked", well, not really, that was the FUD that was spread, actually some users who had keys on third-party platforms got compromised and they ended up getting all of their coins sold (A bit off-topic but this was why VIA coin pumped over 9000%, you can see it on the Binance chart here at TradingView) you can read the answers from Binance Here
An update on the Binance situation can be foundHere
All is good!
There is not much TA here, we can see that this FUD had a big role on the drop, it made A LOT of people Panic Sell as you can see from the HUGE Spike (The Purple one, in the default setting that would be Red)
Do you also see where the Drop 'ended'? Exactly! In our main downtrend, it was slightly pierced (which means it was weakened as support) but LUCKLY it held!
The green line is a support (price struggled there on the past as you can see, it's the white boxes) and our candles (all of them) closed above it which is a sign of "power", as of Fib levels (not much really) price touched 61.8%
Common question: What about the inverted H&S?
It looks ugly but the pattern (and the concept) is still there, also it looks like a on the 9.4k zone..
To finish this Idea I wanted to say that I left three ideas on the related ideas tab, one from myself, another from D4 and the other from Magic, as for the last 2, they are great, I agree with both and they are well built, you should give a read, as for mine you should also read it (the updates mostly), because there you can find me talking about the Channels that were broken by BTC (Those channels were key levels)
This is one of many ideas I've made, you can check my other older Ideas just open my profile and see!
This is my own personal opinion! Don't take what I say for granted, this is NOT financial advice. Don't spend what you can't afford to lose, and remember, patience is a key on this Crypto Market! Hold is life!
Trade safe and have a nice day!
This is the correct one, price pierced the 38.2% (I said 61.8% because it was reversed) we are now heading to the 28.6% at 10.3k
Orange line: S/R zone (see the white boxes on the main chart at the top)
Yellow line: S/R on the 1D chart.
You can see that this yellow line is about $40 away from the 50% fib level, that's a possible target because in green lines you can see BTC is forming a Bear Flag which most likely break downwards (thats the normal direction of the breakout in a Bear Flag) You can see our main downtrend was pierced, thus weakened as support... Price after touching the downtrend bounced up and touched the 38.2% and after that it has been holding on the 9.6k level I drew (orange line)
Very interesting mixed pattern in BTC:
- Long term: It broke the main downtrend line and retraced back onto it. If it sustains, it will be a good sign.
- Mid term: Double top vs. double bottom. Who will be stronger?
- Short term: Bearish flag pattern. It may fall to the next Fib line, but it is within a short time period... So, I guess the long- (and mid-) term battle will determine the winner. Bear or bull.
This is a Descending Broadening Wedge, read more here: http://thepatternsite.com/dbw.html
(This is the 1H chart) Closing today 1D candle above the downtrend line (red line with breaks) would be great, and it is a must to confirm a 'not so bearish' trend.
Have a nice day!
Also you can see a Doji candle at 1D, it has a low of 8.3k we are now about $1000 above that, it shows the buy pressure that drove price all the way up.
Perfect, price was (and is) above the downtrend, you can see that we dropped where the downtrend and the top of the green channel meet, and we bounce up! That's good!
Price bellow the flag.
I told you to look after MA's and EMA's as soon as price dropped to the 200 EMA (like for 1 second) it went back up quickly.
Also you can check MPC idea here:
Touched the last swing low price level (green box) and bounced back up, possible double bottom.
Let's see how it reacts to the white box! :)
The FUD is a real deal AND what you are not being told. What do u think Bitmain, owners of bitconnect, or any other bad actors of exchanges not selling major BTC? They most def are.
FEAR bitmain,bitconnect, and other btc holders
UNCERTAIN about how many billion of usd they hold together
DOUBT Your holding and you will leave with some money. Dont look at"That could be me" IT CAN'T
There's also no differences on these charts XD RIP. Bear market is still not confirmed thought.