Bitcoin TA - summary of analysts - 01. June 18
Regular daily update on BTC ta analysts opinions.
**My summary - short-term sentiment: bullish ** (last: neutral)
- Critical support 7'000 - 7'200 bounced us and seems to establish itself as swing low holding us for some time.
- We have Tone and @lordoftruth seeing this move up short lived and lower lows coming soon.
- Tone did switch short term (12hr chart) bullish while staying bearish on the weekly. He is seeing us going up to 8'000 - 8'600 max and than down.
- @haejin turned fully bullish seeing us going up in impulsive wave with potential huge run up.
- So it looks short term bullish.
- Still we need to break in this move 10'000. If not the likelihood of seeing new lows is increasing significantly. If we fall below 7'050 it will be very ugly.
- May is usually a strong month. But not this year. We started at 9'240 and went all the way down to 7'485 (-19%). Lets see how June plays out -usually also a bullish month. Are we going to see a compensation of May with a huge rally up?
News about the blog
I need to revise my 2018 long term table. I need to add a 2018 and 2019 target an be more precise on the sentiment here. Will do that after I am back in Switzerland.
We lunched the bounty project beta. If you are interested and you like to create a bounty on your own have a look at this post
Analysts key statements:
Nothing has changed. Continues to compare this week to August 2014. We are below 50 week MA
- Daily: We are green 3 of 9. He expects this bounce to not go higher than 8'000. CMF slowly moving to the downside. RSI got just to oversold and started to pick up
- 12hr: There is a chance that the price of bitcoin start to go up and hit the top of the triangle. Target of max. 8'600 here before going down again.
Bitcoin has completed the correction which was requisite from the first impulse sequence (white). It was a fractal of the first wedge (blue) as can be seen by the breakout style. The second impulse sequence is in progress and the fact that price is moving impulsively is a very good sign.
From a higher degree of trend perspective, the purple waves outline the bigger moves to come. In effect, the first white impulse sequence was subwaves to purple 1. The just finished abc are subwaves to purple 2. So, IF purple 3 is in progress; then the yellow waves are the subwaves....so, it's got much more to go up.
We bounce of a trendline which established itself as new trend line.
Bitcoin is trading around 7'475 and the chances is still valid to achieve more decline to extend losses to reach 6'519 - 5'878 - 4'300 as long as the price Below 7'910.
The 2 weekly bearish stop grabbers after breaking 7'614K, suggest drop below 6'519, to test 5'878 reaching 4'300 area, the same Destination point of the Butterfly "Buy".
Todays trend is bearish. Trading between 6'915 and 7'910.
A bounce at the 7'000 level was much expected due to hitting a major trend line support established since Nov 11, 2017.
Bullish View, if we break the 7'650 range, there's a chance to hit 7'850 to 8'000 range (0.5 to 0.618 fib retracement)
Bearish View, if we break 7'161 range, we'll most likely test 7'040, which I see as failing to hold and then testing 6'500.
At present, BTC can’t get out of its own way. So, where is the bottom? He sees 6'830 as a possible bottom.
Summary of targets/support/resistance
|analyst||latest content date||link to content for details|
|Tone Vays||31. May||here|
- light blue highlighted = all content that changed since last update.
- sentiment = how in general the analysts see the current situation (bearish = lower prices more likely / bullish = higher prices more likely)
- target = the next (short term) price target an analysts mentions. This might be next day or in a few days. It might be that an analyst is bullish but sees a short term pull-back so giving nevertheless a lower (short term) target.
- support/res(istance) = Most significant support or resistances mentioned by the analysts. If those are breached a significant move to the upside or downside is expected.
- bottom = -> now renamed and moved to long term table. Low 2018
- low/top 2018 = what is the low or the top expected for 2018?
Further links for educational purposes:
- From @ToneVays: Learning trading
- From @philakonecrypto: Like in every post you find links to his amazing educational videos. For example here
- From @lordoftruth: Fibonacci Retracement
- From @haejin: Elliott Wave Counting Tutorial
*If you like me to add other analysts or add information please let me know in the comments.
to the moon baby
Looks to me like the current trend is downward. Only news or some kind of event is going to reverse the downward slide.
Averaging a bunch of BS, is likely to produce perfectly average BS.
Finally close to exiting this wedge we have found ourselves in! A few more weeks (maybe a couple months) and I think we will finally see that institutional money come in. I have been reading about many firms that are prepping to jump into the space and it is just a matter of time before they do.
I am thrilled that everything is still at a huge discount from the pervious highs in the beginning of the year and that we are finally seeing the everything flatten out! Great time to pick up some positions before the next alt cycle!
Cheers for the coming months! And hopefully all of this holding will be worth it in the end!
Thanks for the TA! Not sure how I haven't seen your page until now but have a new follower! :)
Come on Bulls!
Great post, I had no idea token holders will get stake in multiple blockchains. Good stuff! Anyway, was wondering, is there a way to verify if the private EOS key secured during registration via metamask is correct for the public key?
Wonderful technical summary for the end of the month @famunger, can't wait for next months analysis.
Yes, the technical analysis is awesome, and done my many people. Bitcoin price looks like in the bottom of support trend line. We may see a jump from here. I just followed you for further analysis.
best article thanks
Good technical analysis and well detail Bitcoin market prediction , this your analysis is important for us traders to better make good trading decisions @famunger
This post is laudable.Really it is a good post.
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My Gann analysis agrees with passion-ground's with a target of 6800 level occurring in about a week. Interesting that there has been a lot of talk about a big upswing on June 8.
Excelent post, thanks for share, I invite you to visit my blog @mjoa07
Chris, I've been meaning to give you props on your daily short-term sentiment headlines. You clearly take your time in transitioning between bullish, bearish, and neutral. Often times, such modulation requires a contrary stance based on overbought/oversold levels, and you clearly follow along in such practice with a respectable level of consistent discipline. As such, there's much more to your "collective" display of analysts than meets the eye. That one headline is one of the biggest reasons why I check your posts daily and support them in kind.
Thanks - that is very kind of you.
At the moment my time is very limited (getting father the 4th time) but that will change in a few weeks ( I hope ;-)).
I know I still have to be more precise in separating short-term, mid-term and long-term sentiment. I am much more clear on how to define that - just need the time to update tables and make a description for that. Also I need to hope for the support of you analysts giving such information in their posts (not everybody is doing it as perfect as you do).
Congratulations! I have no doubt you will continue to make improvements over time. Given your support and promotion for us analysts, I'm guessing that if you asked for our help in any way that we'd be more than happy to do what we could to modify our formats. Cheers, and thanks for the kind word!
Waoo nice tips
Waoo nice tips
All of them bs ta.
Thank you for the analysis. I believe the BTC bottom will be around $6,800. If not, I believe we will start going higher from here!
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I think btc is bullish for short term but long term prediction is too hard and obscure.
Wow nice tips @famunger, please keep it up...
Thanks for it too....
Godd summary and analysis done your views keeps us updated
Thank you for this great read! Would you also be interested in reviewing World Wi-Fi project?
So what we can conclude???
6110$ is a major support....
If you are a trader or investor start averaging around 6500-7500$
as it can reach 12000$ in august or September
like your post
Great work with full of informative and analytics!!
Thanks for sharing :)
Thank You for this article.
I'm too bearish on longterm, as 70.80% (a little over $6000) is too shallow for gains from last year. At least 78.60% is a "must have" (around $4500).
Lets see if BTC will fail/success at breaking that $8600-9000 Triangle Formation line.
Great article. I hope that what you were saying here, turn out to be true:
"Are we going to see a compensation of May with a huge rally up?"
This May was really bad for the crypto market. I hope the situation will change in June.
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Extraordinary explanation and graphics thank you for sharing congratulations friend
Thanks for this. Can I also recommend you take a look at Datadash (Nicholas Merten) on YouTube, he has a very good TA understanding and is usually right about where the market is headed next. He is very confident that BTC will hit 50k this year, due to the collapse of Deutsche Bank no less.
I really admire to post
Nice post famunger! for more upcoming crypto news checkout @lightreflections!
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