Bitcoin (BTC) Evening Update: Price is Sitting on Lower Bollinger Band & Upper Trend Line Support

in #bitcoin4 years ago

SUMMARY

During today's price action, Bitcoin (BTC) briefly pierced the upper white trend line and came back out. To many, this could be perceived as being real bad indication of lower lows to come. While lower lows are feasible; a perspective from buyer/seller tug of war can often help. When price temporarily pierces a strong support, many weak holders freak out and sell in panic thinking that the end of the Bitcoin era has arrived. Such is the process of divesting of weak hands and why price quickly comes back above the pierced support. Price is currently sitting on the support line. Let's see how the overnight price action follows.

The below shows the Bollinger bands and price is now sitting on the lower 2 Std Dev bollinger band and the upper white trend line. IF price does decisively breakdown; then the blue line and the purple line are the potential landing zones to consider. BUT! We're not there as of now and so, until the lower bollinger band and the upper white trend line support are busted down; the primary as shown by the first chart remains. Cynics will call this wishy washy but the informed will understand it at a higher level.

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Make my draws any sense to you @haejin ? I have changed from candlesticks >>>> to line mode and the last drop make now more sense since the price dropped after it reached for third time the red trend-resistance-line....

Screenshot from 2018-03-08 15-34-21.png

When will steem Go moon @liondani sir?
Is its price sitting down day by day
Stay blessed, Thank you

If it holds btc is good and if it fails?

Are further corrections expected in short term or are we going to see the bull run soon

$8894 would be a nice level (.5 fib), we are still in the wave 2 correction since $6000.

Which is great.....because what comes after wave 2??? =)

This guy knows; lets hope a very bullish Wave 3 that can penetrate that I H/S neckline and give us a comfortable 'rollercoaster' to 16900.

https://www.tradingview.com/x/SHeEC6Tu/

Please realise if price drops below 9k you have breached the right shoulders validity and the whole thing has become invalid, just be careful buddy, these Head and shoulders TA are sending the wrong information to some newer traders~

Wait, sorry to have to contradict you there but there is nothing in H/S TA that states the right shoulder cant be lower than the left shoulder; both shoulders dont have to be equal... one can be lower than the other. In fact the right shoulder merely cannot travel lower than the head...

I hope not but I'm starting to think we may get a D up and than a lower E around 6000.

So are you anticipating a $15k run up soon?

Haejin Lee , Sir my soul thanks you with blessings of health and beautiful plasma 😊, yes I read it , you are a lovely human being , take care sir hope to see you one day

good!

Thanks

Thanks for the update Haejin; I've been calmly expecting some turbulence around this support line for over a month as the IHS was apparent. This seems like healthy consolidation from weak hands -> people like you and other strong hands. Keep up the good work :)


Some potential patterns forming:
(Rare Reversal Pattern; Ascending 90 Triangle)


Bear Flag (Continuation of downtrend)

Isn't an ascending 90° triangle bearish as well? The daily chart looks openly bearish to me. The last uptrend through February looks like a finished B from a Zigzag.
This would mean we go up till max 10600 a last time and then down for wave 3 of C. I hope I am wrong though :D

Ascending 90°'s are generally continuation patterns associated with up-trends; but in rare occasions form at the bottom of a downtrend in the form of a reversal.

It's definitely a time to be attentive to price action.

Cool info! Where do you start counting for the Ascending 90?

I figure you're referring to this formation:

If you're concerned about this ABC try counting subwaves.

No, I am concerned the long term correction is not through.

Also your wave 1 placement (subwaves of A) is erroneous because of the wick that goes much lower than your wave 4 (Invalidates your count)

Wave C should be longer (x2) of wave A which would put BTC below 0 USD. If that's your primary I'd be concerned as well :P

I never heard of this x2-rule before. Certainly ZigZags are usually stronger corrections than what I drew here. But the only rules I knew so far is that C has to close below A and B is never higher than 61.8% of A. But yeah the subwaves for A are wrong, I missed the thin line from 22/12.

Btw I hope you did not get my replies wrong. I don't want to "know it better", I am just eager to learn and understand this better.

Keep all updates coming, its great to have the opinion of another. Should definitely use TTM Squeeze when reading both the B Bands and Keltner Channels

Thanks @Haejin for your update.

Haejin.png

@haejin You think BTS is going to $0.10 or is it going to go up? I didn’t sell out when I had the chance at $0.30 so I might as well just wait it out and hodl

This post is about BTC which is BITCOIN. Why are you talking about BTS. Please stay on topic bitshresaboi

damn you are so cool! @borntopolicecrypto change your name to that.

Perhaps because Haejin has stated multiple times he is willing to take requests for TA.

It is never wrong to take profits. You could also have sold half of your stack.

What about 12345 up from 6k and than flat ABC?
C finishing on 0.5 fib (below 9k)
https://www.tradingview.com/x/yRkp5nb8/

The real trimmed wide as a tunnel rim speaks as he looks and behaves like a sick Satan , envy , greed , LONGEVITY FOR HAEJIN , the true Arab horse in the crypto grand national 🤺

Sentiment not bearish enough out there for the major bottom to be in. Would be excellent to retest the FEB 6 low or lower low to flush out all weak hands

I THINK SAME!! @haejin....but just 26 march #Bitcoin 🚀🚀🚀🚀🚀🚀🚀

In reality it is not on top of the supportline but beneath it making it a resistance line.
Also the AMCD doesn't look very good to me: White line already crossed the brown line....
If you do want to see the top white line as the supportline, that supportline goes down with around $ 140,-- a day.
Besides that the BTC dominance with 41.8% is quete high..........
Most Altcoins went down a lot, even when Bitcoin went up! (that's why it is on 41.8% now)
I do think 6.5K and 4.8K are much stronger on the table right now then 12K is.
The headline says: "Bitcoin Takes a Dip as SEC Demands Exchanges to Register" but if that is the case..................it just shows how "weak" BTC can be on a single message.

as always thanks for sharing you view; an additional point: and it looks like we approaching as well the neckline (around 9300) of a double top...

the bitcoin will continue to go down a little more price. maybe 8.800 or less

Thanks! Another very informative article!

PS. What's the best way for me to contact you privately?

Have you done an analyze of NEXUS?
It should be getting a lot of attention soon

Thanks for taking the time to share your ideas haejin...i know it's late on the east coast friend...cheers

HE stay up very late sometimes like me. I like to watch the funny Late Night Comedy shows to get a good laugh before I go to bed,. I wonder if Haejin watches them too before bedtime. Now that makes me wonder if Haejin has Bitcoin bedsheets & Bitcoin Pajamas,. I would like to see a pictures of that if he do.

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Thanks for helping @Dan
U5drNFi2i7iyctbrccG7Xt4BgEUGNKt_1680x8400.png
TheFoillowing.jpg

#Bitcoin(BTC/USDT)Дневное обновление: Не большой рост, перед большим сюрпризом

https://steemit.com/bitcoin/@maximzvonarev/bitcoin-btc-usdt-dnevnoe-obnovlenie-ne-bolshoi-rost-pered-bolshim-syurprizom

#https.steemit.com@maximzvonarev.png

Thanks Haejin, I appreciate the candor

Coins mentioned in post:

CoinPrice (USD)📉 24h📉 7d
BTCBitcoin9070.380$-7.9%-17.2%
EOSEOS5.826$-7.79%-28.5%
QAUQuantum0.167$-7.83%-24.12%
WAVESWaves5.875$-6.71%-11.61%

very good work

I’m enjoying the temporary downturn

I commented on a post of Bernie Sanders where he is bashing @haejin for reward pool rape, I commented saying I think he is worse. He flagged all my posts and all my comments! I have proof he is a bully and does not flag just spam! I would make a post of it but am sure he would destroy my account... Any advice @haejin? Or anyone? I need witness help maybe?

I knew bitcoin a few days ago.
I was curious about it.
Bitcoin's market was at a peak and I saw the Bitcoin market every day.
Trying to know more about this.

Good luck - don't rush and don't panic buy - cheers!

Haejin's chart, take it or leave it.

Write me in email here -

[email protected]

or if want say and me send you my skype id and we talk

There is plan to destroy you,

  1. @transistor. He pretend acting fair, and explain why he flag you, but he is hypocrit which only want you to look bad, that you not want to peace. He is look for excuse of turn 100% against you. I swear soon he say you are bad and he will begining flag you everyday. You wait see.
  2. @hendrix and @lindsaybowes are lead the group of smear and blackmail of post meme and abuse you. Their task spoil your blog and make commenters go away.
  3. @drpuffnstuff and @meoknows their task to pretend explain to people on comments how you are bad, and you and rancholrelaxo are together. That is task of them. Do you see they are comment everytime.
  4. @berniesanders task is distract you in quarrel and thereother ones keep operating underground and him he only organize.
  5. again careful to some commenters who are pretend to support and ask questions. They ask question pretending and @meoknows and @drpuffnstuff come and answer to make you bad person
  6. forget peace @hajein, plan how defend yourself or you be destroy by them. They buy time of plan of destroy uou
    its big plan, for long time. I swear. And they are open more many accounts for fighting you and commenters.

If you not plan well, they destroy you. Plan is big and long time. They hate you. And not stop until you destroyed. Don’t listen of peace.

They not want peace. They want distrakt you with say of peace peace, but are planning from behind.

Write me email I tell more and evidence also, becaiuse they flag my account and comment

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