Technical analysis 10-03-2018 | Another drop in approach for Bitcoin?
This weekend is likely to be very interesting in terms of analysis because although we tried to bounce back (on our fibonacci line) we have decreasing volume, which could bring us to test one last time our 8,4k$ level.
On a long term point of view, we have just formed a "Dragonfly doji", the closing of the next candle will tell us if the feeling of investors is indeed on a return to the rise.
Note that we are still in our bearish channel so be careful.
Tell us what you think about it in the comments.
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It's look like "Dragonfly doji" on daily chart is not confirmed...
March will be decisive for the entire growing trend from 2015, the move in the triangle must be finished soon:
https://www.tradingview.com/x/FZC0Qa4x/
What time frames does your analysis pertain to? It is difficult to speculate without a more global context. First of all the big sellers have been in control and knocking price around with futures. What about big buyers? There have been massive billion dollar single account purchases as of late. Looking at price in the last month around 8000 is where the heavy buying occured. It hasnt been close since feb 12 and has been uptrending, sideways recently. The real reversal happened around 6000. I think this is early stages of a bull market. Let's see if BTC ETFs come out this year or if futures start to settle in physical (BTC).
We provide a daily analysis with always a longer term view, so for context you have o follow our everyday analysis.
Obviously we've all heard about mt gox selling BTC to pay back there old clients. This has had a massive (negative) impact on Bitcoins price and like you said we seem to have found support on our Fib level. Since then we have been moving sideways waiting for big news or big volume before to breakout of our bearish channel.
For future viewers: price of bitcoin at the moment of posting was 9322.80USD. Happy trading!
We learned that MT GOX shareholders are dumping coins on the market. The only way to predict price is to account for movement on their addresses.
Looks like they have got enough money now, so bleeding markets should be getting better quite soon.
This post has received a 3.28 % upvote from @boomerang.