The $5000 barrier

Güncellendi

Zooming out to the daily chart makes we wonder if it will take a while to crack the $5000 barrier. Psychologically it is a very significant number: Half way to $10000, a very nice round number.

Using correlations with random charts is not TA, but this one makes my superstitious brain wonder: twitter.com/JamieSaettele/status/904062293230669824

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Now BTC has touched the long term uptrend line.

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These drops are habit now?

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Let's see if this fractal plays out over the next days:

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We reached $4630 and bounced. BTC is currently testing support at $4480.

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Seems to form a wedge. Currently, I expect another push to $4700 and then a dip to $4300.

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Looks like the bottom is in. ETH has broken out of the downtrend, so BTC should follow soon.

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RSI divergence is a sign of reversal.

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I guess ETH just really needed that bounce at $200. Amazing reversal. And just like that BTC looks quite bullish again.

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That bullish wedge kinda realized, but lost too much steam.

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$3400 still looks likely.

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Did not reach $3400, but maybe another downswing comes. Meanwhile it forms a bullish wedge on a larger timeframe.

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Some chinese whale bought a big amount of BTC in OKCoin and started a little rally. Still, the volume is not enough for a big rally. It turned our wedge in a bull flag, though. That bull flag should retrace to $3400.

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Back over $4000. Half way to $5000 from $3000 three days ago.

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Currently forming another bull flag. After a third impulse, we often see a larger correction.

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Oy, that breakout failed. Time to decide, Bitcoin.

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Bitcoin rejected at the downtrend line, so the downtrend continues.

That $5000 barrier is far far away now.

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ETH has closed above its downtrend line, but BTC is still below.

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Breakout. Has the downtrend officially ended? I would like to see more volume.

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BTC seems to be due for a correction now.

However, ETH looks due for another push and they correlate...

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A bounce at $4000 it pretty important. If support breaks there, we might drop a lot lower.

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To break through $4400 will probably some serious volume.

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BTC needs some upwards push soon or we have ended that uptrend.

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At this point it looks totally ambiguous to me.

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The market realized that Bitcoin Gold and Segway2x hardforks are coming. People imagine a similar win like with Bitcoin Cash and everybody buys BTC. People even dump their alts. This could lead well beyond $5000.

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Above $5000. I expect $6000 this week.

UnknownUnicorn1016020

Feragatname

Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.