Technical Analysis on Bitcoin: Are the Bulls Back?
The bulls have made a comeback over the last 2 days. Is this a bull trap? Manipulation? I discuss all of this in my latest video update, along with introducing a new bullish count based on price movement over the last 48 hours. I apologize for the lengthy video. There was a lot to cover.
Video Analysis:
Below you'll find screen shots from the above video analysis. Please watch the video for much more detail.
Major Support/Resistance Areas:
Zooming in on the 1 day chart, we find a decisive break above major descending resistance:
1 Day MACD Breakout of Tightening Histogram:
4 Hour MACD Histogram Broke Above 52 for first time since Early May:
1 Day RSI Breakout of Descending Resistance:
1 Day chart showing break above 8 day EMA. 21 day EMA is now acting as resistance:
4 Hour chart showing a break above the 55 day EMA. 8 Day EMA now on top on 55 day EMA. Sign of a strengthening market:
Primary Big Picture Count:
Secondary Big Picture Count:
Double Bottom?
Bullish Count:
Bullish Count Zoomed in:
Bearish Count:
Bearish Count Zoomed in:
BIAS:
Short Term: Neutral
Longterm: Very Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Thanks for stopping by.
If you found this post informative, please:
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FYI…I just started a Facebook and twitter page where I’ll post analysis, along with other relevant crypto data from myself and others. If you’d like to be notified as soon as updates reach Steemit, the twitter handle is @Workin2005 and the Facebook page is https://www.facebook.com/Workin2005/
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by Workin2005
I got bored when you started fiddling with those subcounts. 😉
Thanks for the feedback @scorer. Good to know. I’m going to try and keep future videos 10-15 mins max.
I'm just learning, but even at this level I have seen a lot of different ways of counting waves and all are technically correct. I believe that it is almost impossible to predict the correct path for micro-waves. That's why they are not so important for me.
Depends on the wave. Wave 1 is typically difficult to predict. Wave 2 is a little easier. Waves 3 , 4 and 5 are generally the easiest to predict, as you've got prior movement on which to base a target.
The problem is, there's a great deal of manipulation taking place, making crypto the single most difficult market to predict at the moment. Elliot wave is great in an "honest" market. Crypto is anything but right now. That's why I spend so much time on other technical indicators. Still, elliot wave is a decent tool to use in combination with others.
EXCELLENT Analysis, as always. Personally, I like long form analysis as it helps me learn. I understand why others might not. In my opinion, this was your best video yet. You give easy to understand, non-bias information, without the typical hype I see from other analysts. You’re far and away the best on Steemit...and I’ve watched them all. KEEP IT UP!
Thanks for the kind words @unitedcrypto. I appreciate the feedback. It's a balancing act trying to incorporate the detail some want, without making it boring for others.
Thank you, great analysis as always!
Thanks @y3v63n
Good work as always, but really long. Remember that the average millennial has an attention span marginally shorter than that of the average goldfish!
For the record: I don't think it's a bull trap, I think it's this: https://steemit.com/cryptocurrency/@bitbrain/bursting-at-the-seams and I think we have seen the bottom too https://steemit.com/cryptocurrency/@bitbrain/the-insanity-of-bearish-expectations, though you never know what may scare these crazy bears next!
Haha...noted. My future videos will be much shorter.
There’s no question the market can’t continue this way much longer. I’ve been saying that for weeks. I just question as to whether or not we’ve seen the bottom, or if 1 more lower low is coming. If you’ve followed my posts, my primary count has the completion of a fifth wave around $5K before we see a true bull run. If we continue up from here without closure (a true bottoming out) I fear it'll just end up as another guppy rally where it climbs to $8-9K, then crashes to the complete the larger bear trend. I could be wrong of course...and hope I am. Time will tell.
Nice article by the way. I think you're right about the mind set many have.
I prefer the long format as it helps me learn and understand you’re thought process....but that’s just me.
Quality content. some of my doubts are clear now.
Thanks @pankuvirat