Beginning of Bitcoin Retest Towards Logarithmic Downtrend
The first chart I have is the linear hourly Bitcoin chart for Bitfinex. You can see how price had spiked up during the night yesterday and now has really plummeted back down from $9,767 all the way to $8,784 in the span of about 12 hours. That’s a nice $1000 move.
Over the last 48 hours or so, there been a significant uptick in the overall volume which is nice to see people are beginning to trade again. It’s not just on Bitfinex, but across all major exchanges.
Price bounced hard at the previous purple horizontal support/resistance line from yesterday at $8,912.
I have included an upside down Fibonacci retracement from this move over the past 18hrs here to give an idea of where price may head back to over the next few hours here, since it looks like the bleeding as stopped for now.
The .382 fib line and the 55EMA and both sitting around $9,160 and would be a decent place to start lining up buy/ sell orders depending how you want to play it. The 0.5 fib retracement seems generous at $9,276, since many people realize this is the first leg down of a much needed pullback and there should be more to come.
RSI moved down and healthily tapped that oversold level, which would have been a perfect opportunity to catch that bounce and even the histogram on the MACD would have been a a great level to be watching for a buy there too.
The MACD lines are curling bullishly upwards, however I do not think it’s going to cross back over and even if it did it would be short-lived given daily bearish momentum.
On the daily linear Bitfinex chart. You can see price getting rejected from that .618 fib level on the long term pitchfork and the $9,500 blue horizontal support. The big red candle we have so far today has a wick tapping right off that odd yellow slight downtrending support line that begin back on December 22nd and is going to be a level to keep an eye on still going forward.
Next stop is going to be this maroon downtrending line that we keep discussing. I could see price coming down and riding along this line all the way back to the .786 blue line around $8,200. This may take another two or three days and would be a great level to place some buy orders for the next bull run.
The RSI looks good having tapped that overbought level we discussed yesterday. A retrace for the 46 level where there is previous resistance would be good here if possible. The histogram is on the MACD is breaking slightly lower here too.
I have scribbled in a black line that outlines a crude inverse head and shoulder bottom with the neck like being about $8,200 again. So another good indicator to be on the lookout for.
Switching to the logarithmic function, this changes price targets slightly and particularly the pitchfork, but that zone between $8,400 - $8,200 still is valid. I drew in a blue box here to make it a bit more evident.
Overall these charts are looking good for Bitcoin for the next few months, if everything happens to go according to plan. We take it day by day to assess new news and information.
Over the last 48 hours or so, there been a significant uptick in the overall volume which is nice to see people are beginning to trade again. It’s not just on Bitfinex, but across all major exchanges.
Price bounced hard at the previous purple horizontal support/resistance line from yesterday at $8,912.
I have included an upside down Fibonacci retracement from this move over the past 18hrs here to give an idea of where price may head back to over the next few hours here, since it looks like the bleeding as stopped for now.
The .382 fib line and the 55EMA and both sitting around $9,160 and would be a decent place to start lining up buy/ sell orders depending how you want to play it. The 0.5 fib retracement seems generous at $9,276, since many people realize this is the first leg down of a much needed pullback and there should be more to come.
RSI moved down and healthily tapped that oversold level, which would have been a perfect opportunity to catch that bounce and even the histogram on the MACD would have been a a great level to be watching for a buy there too.
The MACD lines are curling bullishly upwards, however I do not think it’s going to cross back over and even if it did it would be short-lived given daily bearish momentum.
On the daily linear Bitfinex chart. You can see price getting rejected from that .618 fib level on the long term pitchfork and the $9,500 blue horizontal support. The big red candle we have so far today has a wick tapping right off that odd yellow slight downtrending support line that begin back on December 22nd and is going to be a level to keep an eye on still going forward.
Next stop is going to be this maroon downtrending line that we keep discussing. I could see price coming down and riding along this line all the way back to the .786 blue line around $8,200. This may take another two or three days and would be a great level to place some buy orders for the next bull run.
The RSI looks good having tapped that overbought level we discussed yesterday. A retrace for the 46 level where there is previous resistance would be good here if possible. The histogram is on the MACD is breaking slightly lower here too.
I have scribbled in a black line that outlines a crude inverse head and shoulder bottom with the neck like being about $8,200 again. So another good indicator to be on the lookout for.
Switching to the logarithmic function, this changes price targets slightly and particularly the pitchfork, but that zone between $8,400 - $8,200 still is valid. I drew in a blue box here to make it a bit more evident.
Overall these charts are looking good for Bitcoin for the next few months, if everything happens to go according to plan. We take it day by day to assess new news and information.
Feragatname
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