BTC at the moment!!

BTC UPDATE

I'm really focusing on #BTC at the moment because I really want to now where it could bounce. The KING will move all the market accordingly so I really want to know what it's up too. I have analysed Price Action, Patterns and Indicators to come to a prediction that I like if TA is respected. We have been predicting the major #BTC moves pretty well this month with the Bullish Gartley Pattern and the Falling Wedge Ideas (also with the major bounce on 78.60% on Breaker Block Demand Zone). So it can be predicted when it comes to HTFs. So let me show you what I got.

Trend has retraced to my first Target on the 38.20% Fibonacci of the last Bullish spike where there is some support. I really like the Bullish Flag Pattern correction and I also would like to see trend retracing down to 50% or 61% in order to place a BUY order. So I have been trying to figure out if it can drop down to next horizontal support ($3570 Bitfinex).

Looking only at Price Action (PA) and horizontal levels I would say "Yes" it can drop more but when I add some Indicators (Moving Averages and Ichimoku Cloud) things drastically change:

First of all, trend broke above all MAs in one shot and it has been correcting above them since. We have 2 bullish crosses already and a 3rd one might happen soon since MA100 might cross soon above MA200. I projected a short-term forecast of all 3 MAs in order to see what it might happen; Trend must cross below all 3 MAs to reach my second target (but that would turn sentiment too bearish). In addition, we also have the Green Kumo which could also hold the price above my second target. So by looking at this setup I don't think #BTC is going to drop so much but it might bounce around 50% Fibonacci Retracement ($3600 Bitfinex) bouncing also on both MA200 and MA100 confluence (Bullish Cross) which might act as support and hopefully going up to attempt to break the Bullish Flag.

For further any queries
Ask @luckys

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