📊 Bitcoin's Happy Easter Sale - BTFD time?
Bitcoin keep dropping, no support could keep it for long. The bear is waving, but maybe it's welcoming the bull?
Here is the daily chart, with Moving averages and RSI. We can see the yellow 50MA and blue 200MA is almost making the death cross, a couple days more down and it will cross. What would that have to say for the price of Bitcoin?
The Elliot Wave ABCDE correction I labeled up in last post is still valid, and I have filled the E wave with an abcde subwave wich could be finished anytime. It could be done already and valid by EW, but the e wave should also contain 5 subwaves, so it is likely to drop a bit more.
We are beyond support now, closest is the blue swing support at $6k. If this don't hold, we are in for a lower low around $5500-5600.
RSI is just about oversold at 30, and ideally it would spike below before bouncing in again like the february drop.
Volume is also too stable to justify bottom to be done.
I managed to do a stupid panic sell this morning, before the coffee, at $6980, so this last drop now really made me feel good again. Anyhow it was a small sale of 0.01, as I got the laddering in my fingertips.
I just need that morning coffee before looking at any charts :)
These are just my thoughts, not a trading advice.
If you have another view on this post your welcome to discuss and post your charts in the comments.
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BOOM! on the 5 minute chart just now. The C wave is likely to come
Super exciting... It 'may' bounce off the dotted support and make a bear flag, but I think it'll drop here.
Or a bullflag?
It turned being a flag, moved the 3 and 5 up as the 4 seemed too small.
Probably pinching the support before up again here.
Very Interesting TA @thedolphin !!
Now I need to know...What happens with the 'death cross'? It sounds horrible!
Could I ask you to please take a look at XVG? Not sure how you feel about the coin generally, but it seems to be setting up nicely for another vertical rise very soon. Can you please give me your opinion?
Thanks!
Hello, In my opinion the death cross despite its name, is bullish short term, and we see that today. The cross happened in a 3 month correction, and it comes just when the price turned up again. We'll soon see, even though I think this is the start of a larger degree 3. elliot wave up, this may still be a temporary up and I may certainly be wrong.
I think it is another story in a flat market where we go sideways for months, then it can signal beginning of a downtrend.
In reality XVG and most other altcoins have been setting up for a vertical the past weeks, just waiting for Bitcoin to turn the market sentiment.
Waiting for a capitulation sell-off before calling the bottom. It may be pierced though but for a short period. Bitcoin doesn't follow a strict rulebook so don't be surprised if something happens that does not make sense.
I pretty much agree with you on this. I still have cash for all eventualities. Bitcoin makes its own rules, but market psychology is still the same.
And finally, we should not yet completely write off the option that this may also be 2. wave in a new EW up again, and the february dip was the final bottom. We'll soon know where it went :)
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