SENTIMENT SUMMARY
ANALYSTS OPINIONS
JD MARSHALL
Type of Trader: Medium/Long Term Trader
BTC recent guppy-rally is already failing, because of the heavy selling pressure. When the down-trend lines are broken, they are not broken with conviction. All of these indicating further lower prices ahead.
For the recent small rally to continue, we'll need to see a break to the upside with conviction and an increase in buying volume.
@tradedevil
Type of Trader: Short Term Trader/ Day Trader / E.W. Analyst
BULLISH CASE (Weakening argument):
For cautious bulls out there @tradedevil recommends that you wait for clear confirmation that the broader trend is bullish, because 'we don't have it yet'.
Macro Argument:
BTC completed a '1-wave' and is in the process of puuting in the '2'. For this argument to hold, the low of $6000 needs to hold.
From 2017 high BTC had an ABC correction and another sub 5 wave structure, of which wave 2 possibly just finished.
For this scenario to play out, we'll have to see prices recover with conviction from these levels. Again, if $6k is broken the bullish count is off the table. The next stop upwards should be around $6900.
A possible roadmap for a bullish 5-wave structure going up from here:
Crypto Guru (NO NEW UPDATE)
Type of Trader: Short Term Trader
Bitcoin is getting ready for a bounce based on indicators on the daily and weekly. Stoch RSI is oversold / aligned on both time-frames and MACD is ready for a breakout. Lastly, check out what happens each time the RSI gets to this level.
CoinDesk Markets
Type of Trader: Short Term Trader
Bitcoin appears to be stabilizing around $6.2K following a big move down today.
Here is a $BTC bull's perspective. A series of lower highs and higher lows followed by upwards price action is the anatomy of an equilibrium pattern breakout.
Trading Room
Type of Trader: Short Term Trader
Expect #bitcoin to hold 100 Week MA at 4500 with +/- 10% Maximum. Initial bounce from that area will trigger a Mini Bull Run across ALTs posting 70-200% gains.
Nick Cawley (NO NEW UPDATE)
Type of Trader: Long Term Trader/Investor
The weekend’s heavy sell-off continues with all tokens showing double-digit losses. The charts also look ominous with recent support levels broken seemingly with ease, indicating a floor has yet to be found. Some of the hardest hit tokens are now nearing multi-month lows, wiping out any gains seen in 2018.
Bitcoin (BTC) – Support @ $6,438 (currently being tested), $5,932 and $5,622.
While the market may be showing no signs of recovery yet, any bounce back should be treated with caution while the long-term downtrends persist in all the major tokens. We also spoke about how cryptocurrency ‘whales’ are in control of the market and how the ongoing CFTC investigation into potential market manipulation is weighing on investor sentiment.
EXTRA OPINIONS
Crypto Bird
Is of the opinoin that BTC will follow the 'second scenario' on his chart. Meaning BTC will dip lower, before we see a substantial rally.
Chris L $ChartVampire$
Twitter Comment: "Lots of Ugly out there right now! Lots of Downward Pressure compressing on top of lots of support is gonna cause an explosion up/down R;R for me has been down! with SL set at 6950"
@kidmartin-95
Daily
Trend timeframe showing price continuing look bearish on the daily. Stochastic RSI showing momentum is heading towards the upside, price showing otherwise. A daily close above $6,700 activates our trade and we should see a run towards $7,600. However if reject ed from $6,700 expecting a drop towards $5,000.
4Hour
Shifting over to our pattern timeframe we see price has found minor resistance at $6,500 forming a lower high, price now looking to form a lower low. Stochastic RSI showing momentum is heading towards the downside, a 4hour close below $6,350 and we should see a drop towards $5,000.
Conclusion
Buy: After Daily Bounce Off $5,000
Sell: NO