Bitcoin analysis. Bitcoin withstand selling pressure! Futures are bullish! (#16)
First days of future marked prove only, that Bitcoin is maturing. It stood proud against speculations that there is a plan to crush price with shorting on future market.
Nice resistance line had formed on Bitcoin price and with support line a wedge is formed. Price is still hovering above Ichimoku cloud indicating that it is in uptrend mode (above clouds), so we awaiting possible breakout. Negative difference in MACD oscillator start to lose significance. Awesome oscillator AO shifts it's status indicating trend is changing slowly.
Beside spot Bitcoin market now we have also derivative futures market rolling on CBOE and next Monday CME exchange also start another futures market. So now we have to keep one eye also on these futures markets to get a better picture of future Bitcoin price movement.
At the beginning of trading on CBOE future market in Monday bets was above $18k levels and in the following day some bearish mood start to form. On Wednesday things start to heat up, as rapid fall in the middle of trading occurs and shorting trend start to build up. But this trend fades out as some wedges formed and yesterday a breakout shows that shorting was considered to risky among traders. So bets are now in the $18k mark again.
From all this we can conclude that Bitcoin price is healthy and the correction is about to end. Some bullish actions may be seen in the coming weekend and next week another future market is about to open hopefully in positive accepting mood for traders on both, spot and futures market.
Other altcoins are more or less consolidating after rallies triggered by fear of major Bitcoin price collapse. (DOGE + 54%, DASH 46%, LTC 117%, ETH 52% gains in past few days - Bitfinex data). This boost in major altcoins is welcome because wealth distributing process driving more wealth into altcoins thus they becomes more established and valuable.
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Previous analysis: #11, #12 , #13, #14, #15. Is good to check them out to get insight into my reasoning.
Image sources: Investing.com, Data sources: Bitfinex exchange
Disclaimer: If you use my ideas and analyses in your investment ventures, you take all responsibility and consequences about your actions.
What do you think about BTC price? Comment and present your views! Great ideas emerge from good quality discussion! I'll be immensely grateful for your contribution.
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Let steem on, to the bright future!
Good stuff. I would try not to rely so much on indicators, because the are lagging!
How many years of experience do you have in trading?
Me @pawsdog around 20 years.. @tombort I'm not sure but he does good work and has been on my page quite a bit.. I like his style...
Yeah @pawsdog, you could be my son!
I'm a crazy crypto addicted software programmer by education, also land surveyor by profession , 52 year old mad horse lover, had blown away all my ladies and now free and alone.
(The shortest CV, I ever wrote in my life!)
Well if you were 11 when you had me it may have worked out.. born in 76... @pawsdog...
It was more or less a matter of speech! Ha HA ha!!!
No worries...
I'm active it this world for 3 years. Now mostly involved in crypto currencies. I write also about social impact of cryptos on our lives. Check this posts and I be appreciated to hear your opinion.
Governments exercise money surveillance
Blockchain bring us opportunity to build better society
Banks has its weak spot the fractional banking!
Why IRS can bust you on centralized exchanges and not on Bitshares!
You right indicators are always lagging, we must always take this fact into account. Patterns are some times much better predictors, also Elliot wave counting.
Thank you for your comment, hope we stay in touch.
And I check my followers list and see that you start following me.
Tanks for that! (Must study Elliot waves a little more that we have theme for conversation)
I follow you either!
Yeah I was one that was scared off by the prospect of futures for sure! Any place you know of the view where the calls are for shorts and longs on the price for the futures markets? I'm not much of a stock trader just started w/crypto. While I've learned a ton already, i still lack in that dept. re-steemed/up-voted!! thx
Stay tuned and learn, be patient and bury your greed in the backyard. You be time to time f***ed up, but most important, analyse your mistakes and learn from them. That brings me to TAF(Technical analysis firces) guys.
Warren Buffet once meet rich man try to invest. The result was that the man lose his money and get experience, and W.B. get some extra $ in his already fat wallet. That is the way world works.
I use investing.com site here is a link to CBOE futures chart: https://www.investing.com/currencies/cboe-bitcoin-futures-streaming-chart on the chart use buttons "fullscreen mode" and "indicators" to add some TAF tools and you ready to go.
Safe Trading!
Thx dude!!
Excellent analysis.. I agree with you.. That and there is so much more to come.. it's going to be glorious. could be a 1 Million dollar year... :)
Before 100 years Great war ended in year 1918. People were relived and start to believe in bright future. 2018 will be also a year of liberation and relive from banksters oppression and hegemony.
Viva la revolucion amicos!!!!!