Bitcoin TA - summary of analysts - 31. Jan 18
Regular daily update on BTC ta analysts opinions.
It starts to get interesting. Today @ew-and-patterns turned bullish while Tone is still 95% confident that we will go down to the 7'500 and below. @haejin is also still bearish looking for the bottom below 8'000 and @lordoftruth turned neutral.
I think that shows in what kind of difficult situation the market is at the moment. All experts seem to be confident that we soon (beginning of Feb) coming to a decision point.
Analysts key statements:
Tone: Weekly chart stays bearish, daily - descending triangle is confirmed by third touch of 10'000 support. Expecting another bounce toward the 10'900. After that he expects we are going down breaking support and toward 7'500 (around the 10th-12th of Feb)
chart from Tone Vays from his video - see link below@haejin: Stays bearish. Sees the final leg (wave 5) ongoing. Sees the bottom of this wave around 8'359 - 7'748. Apex (decision point) around the 12th.
@ew-and-patterns: Made an interesting shift and turn bullish! Rethinking his count he came to the conclusion that we might have found the bottom already. Breaking below 9'222 would invalidate his new primary scenario. He sees a new pattern forming which will bring us to the 30'000 this year. Next target at 16'000ish. An Alternate would go down to 8'000 and start a bullish move from there towards 13'000. I added two links below as both are necessary to understand his scenarios.
@lordoftruth: Wedge Is Getting Narrower, Won't Last Long till we see a decision. Still mixed technical signals. Neutral trend for today. Trading between barriers 9'300 and 10'700 expected.
Overall sentiment: bearish
(last: bearish)
Reference table
| analyst | lastest content date | link to content for details |
|---|---|---|
| Tone Vays | 31. Jan | here |
| @haejin | 30. Jan | here |
| @ew-and-patterns | 31. Jan | evening 30th, morning |
| @lordoftruth | 31. Jan | here |
Definition
- light blue highlighted = all content that changed since last update.
- sentiment = how in general the analysts see the current situation (bearish = lower prices more likely / bearish = higher prices more likely)
- target 1 = the next price target an analysts mentions
- bottom = price target analyst mentions as bottom
Both target are probably short term (so next few days/weeks) - lower/upper barrier = Most significant barriers mentioned by the analysts. If those are breached a significant move to the upside or downside is expected. It does not mean necessary that the sentiment will change due to that (e.g. if upper resistance is breached it does not mean that we automatically turn bullish).
If you like me to add other analysts or add information please let me know in the comments.
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Hi @philakonecrypto - you are already on top of my list. Only thing I was unsure about is your day trading focus but I read through your post/videos for a few days and I find they would add value.
Will try to integrate you soon. Can you post here a brief overview of your background which I will you for introducing you in my post? Please help me also to bring value to more steemians by a resteem than.
Thank you kindly for responding and considering me. I'm a former mechanical engineer, turned full-time cryptocurrency trader, with a major focus on helping the community and teaching. I want to provide a positive and reassuring environment where crypto can flourish with like-minded people. I focus on short-term day and swing trading positions with favorite topics such as Elliot Wave and RSI. Here is my quick introduction of myself:
https://steemit.com/bitcoin/@philakonecrypto/former-engineer-turned-full-time-cryptocurrency-trader-from-rags-to-riches-now-focused-on-teaching
I will check you out. I like your very bold claim and confidence.
It was definitely a very interesting article from @ew-and-patterns. I bought a book for Eliott Waves analysis, so I can understand better what these guys are talking about. i have some basic knowledge on EW, but still :) Thanks for sharing @famunger, as I said previously this is a great summary and a great idea.
Wow - that is a shift of things. But I was wondering also why we are going down. Consistently everybody was expecting to go up today. Interesting to read your interpretation of it. I am wondering what the conclusion of the others are.
Wow, after a few iterations this update looks very nice and clean!
Interesting to see the predicted lows. My BTC buy orders are actually around those levels.
How are you planning to take advantage of the current price action?
Interesting question. Taking advantage is the hard thing ;-)
I have 20% so I am good with dropping to the lows. I bought also some of the nice projects already so that if we go back to normal and turn bullish I will profit from that. So kind of both ways I win. Of course the question will be how to get cash back in if we turn bullish.
I also plan to short at 10'800 according to Tone's forcast. If we go above the 11'200 will close that position though.
Interesting! When talking about shorting, how will you do that? Do you buy futures at the CME?
Dutch crypto billionaire Marc van der Chijs expects Bitcoin to go to $40,000 by the end of the year. He is building the biggest mining operation of the world though, so he might be biased ;-)
No - I use bitmex. I think a wonderful place to leverage and short. If you open up a new account there and you want to do something good for me without having a downside on your own you use my referral linkBitMEX. I than get a tiny bonus based on your transactions. But if you don't want to use the link - no problem.
But in any case let me know your experience with BitMex and your shorting success stories!
Trading is not really for me. But when I want to experiment in the future, I will definitely use your link :-)
Better this way - until know I am still in the learning phase. I am also not so into experimenting but as I expect BTC to correct significantly and stay bearish for 1-2 years I am trying to build up some kind of insurance strategy using shorts. That is all.
Smart. Always a good idea to hedge some of your positions. Personally I don't think BTC will go down another 50% or more. One of the main reasons being that in some countries legislation is starting to get in place to have clarity for entrepreneurs about which rules to follow to be a legitimate business. Now that is clear, crypto funds are created everyday and they usually want baskets with quite some positions in the top 10, including some BTC. So money will flow I think. But , who knows?
Why are you bearish for the coming 1-2 years?
Ah - about mining - I hear about several companies with the goal to be biggest mining operation. We have one here in Switzerland which is talking with Nvidia to get their own production line - will be interesting who will come out as winner ;-)
That is definitely interesting, we'll see. At least I know for this guy that he raised 100M venture capital to get it done, the company is 3 months old and is now already valued at 500M USD. This world is insane :-P
Yep - the swiss one raises 1'000 million ;-) and it looks like they get it easily. Insane indeed.
Damn, that is going to be a serious battle!
Thanks for update
The high of 2018 : $30.000
Ok - great - will include that tomorrow.
Taking the chance: thank you for your continuous support and being active in providing information. That give me the certainty that I fetch your thinking correctly.
Thanks for summarizing the information like this - I don't have the time to follow each individual's updates of the market separately, so this saves me a lot of time !
Great - that is what it is intended for. Glad that it brings that benefit to you!
Thanks for the compilation, it is really convenient to get all these results at one place,
My targets would be:
Short term:
target $10600, around middle channel.
Bottom $8700 @78.6% retrace
middle Barrier $9400 around January low
upper barrier $11900, just below EMA300.
Long Term (15-20 days): $14500 , Top of the downward channel.
Thanks for sharing your views.
@famunger you may well have just got me to take another look at TA. Most of the time its like alien talk.
Great - being an investor it makes sense to at least get into the basics. I learned that TA is not just "drawing lines" but more analyzed patterns which are based on human psychology. Of course it is not the truth but it increase your "chances" to make profitable decisions.
The information you provide is very interesting for me to read, although I do not understand about trading ... when I read your post it is more interesting because there is a name @ lordoftruth, because I really admire it ... thanks for the information. . very useful for me .. @famunger