Bitcoin gave a huge rise to 5000 and stopped just at Tenkan Sen Ichimoku Resistance, which gives us the opportunity to take advantage of it and get into a short position. The weekly candle of the Bitcoin (not yet finished this week so this can change) in the form of Doji that it can be an indication of a change in trend The general trend in the weekly and monthly charts is still in a downward trend despite all the recent increases The stochastic indicator in the daily graph and in the weekly graph is in the highest maximum area of the range and the reason is that we have here Overbought! Based on all of the points I wrote above I suggest opening a short position with an initial target of 4900 and a secondary target of 4500 Sell Bitcoin: Entry Price: 5183 Take Profit:4900 Take profit 2: 4500 Stop Loss: 5300
If my EW count is correct for A wave of correction (consist of 5) then its possible to expect at least sadow of candle reach 47xx area for 1:1 extension of Wave C. (so wave 5 will be again the longest).... This will be very interresting to watch and trade :) (If you trade BTC, I Focus on retracement projected to AltCoins).
PRICE ACTION BTC bulls attempted to push the price through the $5300 resistance; however, it appears that there was not enough bullish liquidity and the market thinned out. This resulted in a price drop of almost 7% and – importantly – a break of the rising trend line. $5100 should provide some level of support; although it could just as quickly fall apart as FOMO traders look to exit their post breakout long positions with at least some potential upsides. The volume currently being traded shouldn’t inspire either side of the market; though the OBV suggests that the volume is leaving the market at present. 4H RSI is showing a hidden bullish (which should give a relief bounce), although having only just crossed the 50.0 line it could have another leg down before any bounce happens... $5050-$5150 could make a nice short play with $5350 at the SL for about 4% risk. OPEN INTERESTS (BITFINEX) Long: 2.15 Days Short: 1.63 Days RELATIVE STRENGTHS Micro (5m): Oversold Short Term (4h): Hidden Bullish Divergence Mid Term (1D): Weakening Macro (1W): Hidden Bearish ON BALANCE VOLUME Mid Term (1D): Higher Macro (1W): Weakening KEY PRICE AREAS Resistance: 5500, 5817 (52W MA), 6200 Support: 4880, 4454 (28D MA), 4430 (26W MA) PREVIOUS ANALYSIS 2019-04-10 2019-04-09 2019-04-08 2019-04-07 2019-03-18