Bitcoin update 12.Mar, Ready for some bull action
The last days Bitcoin have been doing some sideways action, and seems ready to fly higher.
The Superguppy at Coinbase 1 hour chart is grey in the last small dip, telling me this is not much of a dip.
Altough the recent blue Trend Break Arrow Alert and a red Swing Arrow Alert signals a downtrend, the past days have been very opposite of the signals. The compressed top of the grey signals investors group are pretty confident with the price, but the traders group just turned blue and is a little wider, so we may still get a little lower.
The 1 hour chart at Hitbtc with is showing the same signals, a blue Trend Break Arrow Alert followed by a red Swing Arrow Alert. The compressed grey tells the investors group are fairly agreed about the price, and the dip is made by traders group.
I projected this dip as an ABC after the 1. yellow Elliot Wave, and it played out.
TD Sequential is now on a 7 red, and could give a lower 8 and 9, but candle pattern is now more of a bullish Piercing Line type.
Price just pierced the Ichimoku cloud bottom and are now trading into it again, so this may certainly well be the bottom for now.
Next yellow EW is 3. wave and that may be the rocket starting up in giving momentum to the bulls.
The daily chart is also the most bearish, and a quick glanse say we could get a dip to the red dotted support at $7.200, but the way TD Sequential have counted it is unlikely to have a massive candle down. We'll have to see the end of todays candle as I don't get much clear information of the past two days candles.
Still, we are trading below the Ichimoku cloud so the bulls are not completely safe yet.
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.
If you'd like my technical analysis on another coin, please ask in the comments.
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Ok, will do :)
Interesting charts. I find Elliot Wave too complicated for me. It's going down at the moment, when the buyers come back, it will go up. That's about my level :)
It is complicated yes. I started with learning EW and find it much easier to learn using other tools now, actually. Highly recommend reading up on it :)
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