[BTC] Out of nowhere recovery, something we don't know happened? 11.3.18

in #bitcoin4 years ago (edited)

Hi All, Crypto Sludge here.

Honestly, this recovery today caught me by surprise a bit, i just didn't see it coming.
What surprised me even more is the volume , what makes me think it was probably a small amount of people moving the market. Why? There is nothing on the news to explain it, so it's either we something we don't yet know, or will never know.
Or this is just the recovery from an over sold reaction to the SEC and Mtgox dumps? I don't know yet.

But it's pretty clear to see that there still is plenty of resistance to this move, i am looking at the 1H chart as all the action seems to be there for now.

Top of the cloud @9225$ and the make trend line @9440$ seem to be the most obvious resistance points. Remains to be seen if the US market is going to pick up on this move or reject it.

For me, the price remains in my 8600-10k$ no trade zone, and remain generally bearish on the large time frames.

I am still in cash, waiting to re-enter.

Stay Strong.

Trade ON!

Crypto Sludge.

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Totally agree. On the daily chart price is range bound.

If price is going to move higher, it must take out the sell orders at $9350 and $10000. If this happens my 1st target is $10500.

Yup, thanks for your insight!

For future viewers: price of bitcoin at the moment of posting is 9205.60USD

For future viewers: price of bitcoin at the moment of posting is 9191.00USD

Let's hope this is the end of the down trend.

Hope yea, not sure it is though. The only positive thing i see though on the higher timeframes, is that on the weekly chart, the last time the stochRSI was in this oversold position was back in 2016, and we know how high we went from there :)

so fingers crossed, but we are not out of the woods yet.

Still room for downward movement as the Mtgox dump is not yet over.

True, but he can't dump any more until their next meeting, and this is 6 months from now.

I didn't realise that. Thanks for pointing it out.

Ha habido un montón de órdenes de compra en los $8500. Ha sido como dices, un rebote inesperado, Btc no descansa los domingos. Necesitamos buena entra de volumen esta semana y unas buenas fundamentales.
TO THE MOON FOREVER!!

ummm, not looking like a recovering right now.
:/

Yup, this post was from yesterday, when we had the sudden recovery. I am still not sure about this whole up and down move, i am waiting for some clarity.

Makes my head spin when i watch it, the last week has been a hell of a ride.
:D

We might get a short term breather in the next hour, hour and a half, sitting on the chart now, will publish my thought soon.

:D
nice, ill check it out.

This post has received a 16.48 % upvote from @boomerang.

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