what i see here is a healthy recovery and a good shake that kicked out most of the noobs out there " almost everyone got rekt either ways " bullish or bearish ? hhh absolutely BULLISH and to break it down here is why i see it bullish:
1. as of a trend analysis BTC have respected the very long channel up trend " bold green line "even after broke to 6k we closed above with a very strong volume.
2. as of Elliot wave theory we have made wave 1 and 2 have bounced from the 50% to 61.8% area which means a very bullish 3 is coming.
3. as of Elliot wave also but in 12h,6h,4h time frame we have accomplished wave 1,2,3 and 4 have bounce very nicely at the top of 2 and respected it without closing below .. which also means that wave 5 up is happening now.
4. as of ichimoku cloud a very good red cloud is above us which means we must test it and mostly red clouds pulls the price above it.
5. as of testing the previous resistance turning them into support we can see that we have passed two good untested prices and confirmed the upward movement also we performed a higher high and a new trend.
6.as of a trend analysis too, we have broke the minor down trend line "thin red".
7.stochrsi , RSI and MACD have made a full reset and now we are looking upward again.
8.never the less we cant underestimate the fundamentals of the BTC out there and how powerful the block chain technology is growing stronger.
9.BTC mining is holding the price from going any lower because it will not be worth the mining if it went more low.
okay thats the 7 reasons TA and 2 FA im bullish .. but there is must be some points we have to put in consideration too
1. we need to close a daily candle above 38.2% fibo as soon of today or tomorrow to confirm the upward to the basic down trend.
2. if not and in case we pulled back then we must respect the bold green up trend again and never open or close below it.
3. at the breaking of the down trend " red bold" which might be after 20 of march or anywhere around the crossing of fib levels with the trend we must break from below to above with volume not just open a new daily candle above it to confirm the breakout.
4. my first target would be at 12500 area which we must break and confirm as a support after breaking for the continuation and new ATH.
5. and any daily closes above 12500 would be a very bullish sign to 17k then a ATH.
and for the plan B ill be out if btc went below and opened/closed daily candle below bcuz we are going to be very short of support till 7300 is tested but if it failed "which most likely will " we will see a longer time going deeper and it might take longer time to recover this one though.
Best Regards,
1. as of a trend analysis BTC have respected the very long channel up trend " bold green line "even after broke to 6k we closed above with a very strong volume.
2. as of Elliot wave theory we have made wave 1 and 2 have bounced from the 50% to 61.8% area which means a very bullish 3 is coming.
3. as of Elliot wave also but in 12h,6h,4h time frame we have accomplished wave 1,2,3 and 4 have bounce very nicely at the top of 2 and respected it without closing below .. which also means that wave 5 up is happening now.
4. as of ichimoku cloud a very good red cloud is above us which means we must test it and mostly red clouds pulls the price above it.
5. as of testing the previous resistance turning them into support we can see that we have passed two good untested prices and confirmed the upward movement also we performed a higher high and a new trend.
6.as of a trend analysis too, we have broke the minor down trend line "thin red".
7.stochrsi , RSI and MACD have made a full reset and now we are looking upward again.
8.never the less we cant underestimate the fundamentals of the BTC out there and how powerful the block chain technology is growing stronger.
9.BTC mining is holding the price from going any lower because it will not be worth the mining if it went more low.
okay thats the 7 reasons TA and 2 FA im bullish .. but there is must be some points we have to put in consideration too
1. we need to close a daily candle above 38.2% fibo as soon of today or tomorrow to confirm the upward to the basic down trend.
2. if not and in case we pulled back then we must respect the bold green up trend again and never open or close below it.
3. at the breaking of the down trend " red bold" which might be after 20 of march or anywhere around the crossing of fib levels with the trend we must break from below to above with volume not just open a new daily candle above it to confirm the breakout.
4. my first target would be at 12500 area which we must break and confirm as a support after breaking for the continuation and new ATH.
5. and any daily closes above 12500 would be a very bullish sign to 17k then a ATH.
and for the plan B ill be out if btc went below and opened/closed daily candle below bcuz we are going to be very short of support till 7300 is tested but if it failed "which most likely will " we will see a longer time going deeper and it might take longer time to recover this one though.
Best Regards,
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okai we broke and close below the trend which was kept as support since march 2017 .. what i see as a bear flag target is at the yellow box also will be confirm the support needed as a reversal point and to make a new trend or get back to old
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also this would be a good bear trap for all the shorters !