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

in bitcoin •  3 months 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.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

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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

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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

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

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

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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/

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

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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~

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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...

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

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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

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

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...

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

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%

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

I’m enjoying the temporary downturn

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.

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

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

@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

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

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

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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

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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 🤺

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)

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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

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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.

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

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I figure you're referring to this formation:

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

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

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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

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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.

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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.

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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)

very good work

Thanks Haejin, I appreciate the candor

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?

Thanks @Haejin for your update.

Haejin.png

Haejin's chart, take it or leave it.