golden cross ahead

18 gen 2018

Watch out for the EMA20 to cross the EMA50. this is the blue line and the pink line. This is called a golden cross in traditional markets and indicates the start of a major downtrend. We are still in a bull market, but there are lower targets to reach good entries. For instance the retest of the 5k area which is supported by the 161% extension of the breakout of the flag that we just left. The 100% target of the flag as well as the target for a wave C of a ABC correction is around 8k, which coincides with the long term target of the permanent bears during the last couple of weeks. The price that led to a turnaround now is not on anyones list and doesn't seem to be supported by technical analysis thus far, despite the fact that the price turned around. a successful turnaround is achieved when the price reaches above the upper end of the doji candle with a stop below the dojo candle. That is a risk of 25%, which makes current prices not a good entry here but the FOMO entry of choice.

We have to watch out for the ICHI cloud since we trade below it on the daily and the current rally could well be just a retracement to moving averages.We have not traded below the ICHI cloud since Bitcoin tested the 1800 USD level. Now the bull market is much more mature and might need further correction. That said the best time to buy is when there is blood on the street. And that was last night. I"m happy for everyone who got into BTC @9300 and can ride out the wave now to see if it returns to his entry price or trades higher.

18 gen 2018

Commento

where is the volume? the reversal candle in the hourly chart didn't show a lot of volume. This makes me believe we didn't see the bottom yet. on the daily or in the 4 hour chart it looks like the lowest price had the highest volume but that is actually wrong.