Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Patience is key we are used to saying... is it not?
Will Bitcoin collapse? Is it collapsing already? Doomsday is here?
Bitcoin (XBTUSD) broke below EMA10 switching its bullish potentially from bullish to bearish on this timeframe (4H)/short-term.
Note: On the daily timeframe Bitcoin is still safely trading above EMA10 which is sitting at $8835. (Meaning that the bullish potential remains longer-term)
With that said, this retrace is shaping up but is still as normal and as classic as it comes. Prices for Bitcoin tend to make their move on or after mid-week/Wednesday+...
So Bitcoin (XBTUSD) retraced and almost reached the 0.5 Fib. retracement support from the last bullish wave.
The 0.382 Fib retracement support was sitting at $9330 which is now resistance because Bitcoin's price is below it.
Depending on how the next few candles develop, Bitcoin can move up after touching EMA50 or can retrace further to reach the 0.618 level, which is $8555.5 on this chart.
The blue area is the consolidation zone and can be activated if Bitcoin decides to consolidate sideways.
Trading volume is really low... so the bears are lacking strength. If the volume does not show up for the bears, no follow-up, then expect a bounce and a move up (curved green arrow).
If the bears do coming in, Bitcoin will test the lower support levels (red arrows).
Please allow time for this chart to develop... Patience is key.
Previous analysis:
Thanks a lot for reading.
Namaste.
Comment
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The 0.5 Fib. retracement level held and Bitcoin is now trading to move up... Let's see how it goes.
additional stuff going for bulls:
8900 is so far holding
PVT is not falling in the time frame that includes the jump
No major volume push going down, nothing comparable to going up
additional stuff going for the bears:
9500 was rejected hard and numerous times
3 dark crows on 4h timeframe developing (have big wicks and low volume)
I predicted BTC going down before China news hit, this might reverse the trend but how big is the overreaction? All above 9500, 9000?
8900 is so far holding
PVT is not falling in the time frame that includes the jump
No major volume push going down, nothing comparable to going up
additional stuff going for the bears:
9500 was rejected hard and numerous times
3 dark crows on 4h timeframe developing (have big wicks and low volume)
I predicted BTC going down before China news hit, this might reverse the trend but how big is the overreaction? All above 9500, 9000?