At the moment we are still in a correction wave. Bitcoin was down to $7300 and currently at $7360. Support has been broken one by one on the way down. If $7300 breaks we are going lower. But how far?
I found a very interesting chart today on Tradingview. It is a trading idea from xuanhaimmoer on Tradingview. He thinks the Bitcoin price is following this chart exactly. It looks like it.
According to this Wyckoff chart we have support at between $6930 and $6530 before going higher.
What do you think?
Here is more info about Wyckoff: http://stockcharts.com/school/doku.php?id=chart_school:market_analysis:the_wyckoff_method
Do you think support at $7300 will hold?
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We are almost there at $6500 to $6900. That will mean a higher low, then we just need a higher high and we are in bull market again! :)
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Bitcoin and Alts are very weak at the moment. If Bitcoin goes down to 6500 again, immaige how low the Alts will go! Crazy low.
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If Bitcoin crashes to $6,500 we will certainly see some extremely cheap and under valued altcoins!
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Today proved to be another difficult day for investors and traders as price was unable to push higher to retest the resistance of $7,800. Instead we saw price reject the 200ema at the $7,700 level and fall lower towards the support at $7,200. The weekends often have low volumes and far less movement then the week days so i am expecting prices to stay around the $7,250 - $7,400 area.
If we go down to the 4hr timeframe we can see the clear rejection price saw as it tested the 200ema, forming a strong bearish engulfing candle as soon as price touch this area. Today also saw price find its feet at the $7,250 region, i expect we could see prices fall to around the $7,200 later today and really testing the strength of this support level.
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Very good analysis. Thank you for sharing.
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If we can consolidatae at around 7200 and then go up again, it will be great. But I get the fealing many commentators are expecting Bitcoin to go to 6500 and then rebound. Which is also ok, as long as we don't go below 5900.
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Very true. There is huge amounts of speculation that price will fall back to atleast $6,500 before we really begin the bull run which at this stage is very likely and definitely possible. Its going to be an interesting few weeks!
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