Bitcoin update 8.Mar, Is the support strong enough?
Yesterdays's drop came hard and heavy, but Bitcoin did not die.
I'll start with the details here in the 5 minute chart from Bitfinex, and price is exactly $10k.
The Superguppy tool show a compressed unity of traders and investors. Compression of both groups at the same time indicate major re-evaluation of stock and potential for a trend change.
The aqua Trend Break Arrow Alert indicate a possible trend change up, and it is double confirmed by the green Swing Arrow Alerts.
Here is the 5 minute from Hitbtc, at $10.400. Superguppy telling the same story, but we are still in the low of the Ichimoku cloud.
Price broke out of a BEAR flag and going down.
Volume is less than yesterday, but too red yet.
The 4 hour chart tells me we are working the support line from ATH.
Superguppy signal a bearish blue Trend Break Arrow Alert, but price is still inside the green Ichimoku cloud.
We'll probably see another low at $10k Hitbtc, and $9.700 at Bitfinex.
Is it time to buy the dip?
These are just my thoughts, not a trading advice.
If you have another view on this post your welcome to discuss and post your charts in the comments.
If you'd like my technical analysis on another coin, please ask in the comments.
Comments are highly appreciated, and please
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I like the sinister mood the pictures express - it is adding to the mood :)
I think bitcoin is going to test 8K today, or tomorrow and if it breaks, we might retest 6K again before the end of March. Let's see how it goes!
I try to grab the mood a bit with the pictures, like a weather forecast as @ilnomis commented :)
I think we are going down to test some lower supports too, so I sold a bit earlier today at 9,450... But kinda feels weird as I was sure we'd go up a week ago. But you got to do the trades in real to maximize the learning process I think.
You might like the way this TA has presented his charts and get some more ideas. It sure was entertaining.
https://www.tradingview.com/chart/BTCUSD/ClyXqInO-The-One-Coin-to-Rule-Them-All-Chapter-I/
Thank you, this is great. Seen it on twitter earlier but now I got to follow it's creator :)
Bitfinex dropped to 9550 now, liquidating stoplosses. I'm officially Bitcoin frustrated now as I'm out of dollars.
Thank you for the analysis. I really hope we can see some form of bullish behaviour within the market soon. Fantastic post!
Yes we are tired of this boring market now. But, it does not always go as planned :)
Nice post i am really happy to know that if i need some i will tell you :)
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This post has received a 0.28 % upvote from @drotto thanks to: @banjo.