Hello friends! Well, all the authors bring to your attention ideas that the bottom has already been passed and there is a bright future ahead of us. I have doubts about this, and I will not be so optimistic. In the previous idea, I showed you a scenario where capitulation is still ahead. Of course, this capitulation idea is absolutely relevant today, and it may still happen. The most interesting thing will be in May, as you see, even in the bullish scenario, we will go lower either now or from $5700-5800 where there is a resistance in the form of MA 50. In May, we will touch support MA 200. And if it holds, then we will have the first confirmation of the trend change. After we wait for the second attempt to break out the resistance of the MA50. If the MA 50 confidently breaks out the golden cross is formed, which will be the second confirmation of a new bullish rally. ATTENTION, if at the second attempt we do not break out MA 50. The idea with capitulation will be the maximum possible. So, if the golden cross occurs, we will already have two confirmations of the trend change, and this is the third chapter, MA 100 breakout. After it, a truly new cycle will begin, which one it will be too early to say, because for this technical analysis will not help, it will be necessary to consider the fundamental analysis, the situation in the world economy and more. This is a separate idea, in which I will describe all this, but it will not happen until the end of 2019. Thank you guys for your likes! Let's share your thoughts in the comments!
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