Bitcoin analysis. Waiting for Bulls to Charge! (#32)
We are just tiered of waiting that bears stubbornness stops and another impulse north start.
The 4 hour period chart reveals that long term support line at $9500 holds firmly and bears can't pull the market lower any more. in RSI diagram an oversold market persists with few picks or try's to push market higher above 50 RSI reading into more overbought area.
We have a big spike of volume at the last price low and volume is increasing. Last two lower heights form a resistance line which will guide a price to the point e, long term average point. More time will pass to reach this point more energy will accumulate in bulls camp and inevitable rally will start.
Last two lower lows are in divergence with MACD oscillator. Another sign of downtrend exhaustion.
I think big money is keeping an eye on Bitcoin and deep pocked traders slowly start to decide buying. If this buying take some greater extend, i don't know where and when a market will run out of steam. The rally could be gigantic.
Our portfolio is not doing extremely well we are tanking on BTC at the moment for about 7% and i bravely re just my stop loss level to $9200. I'm prepared to smoke away 10% of BTC stake, but if I'm right and I judge a turning point well, I'm on a dam good roller coaster, rolling upwards like hell.
LTC and DASH will follows like puppies.
Don't forget to check out this new TFDSRE thing Elliott waves are not the only thing, you can surf on: #1, #2, #3, #4.
Previous analysis: #25, #26, #27,#28, #29,
#30, #31. 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.
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I am waiting for 1D RSI to go below 30
Good point @mys and thank you for your constant support! I really appreciated that.
The chart below support yout stand:
RSI is low really on day chart and approaching 30 rsi level (current reading is 33.24) but also EP165 touches long term support line and is inclined upwards. In fact all high potential EP's (from 89 to 377) are inclined upwards and this is a solid confirmation of an overall bullish trend.
Long term support line is very strong and bears will not dare to cross it, at list not for a long time if eventually this will happen, and then we are ready to launch a missile.
Man, I really like the way you lay out your analysis I'm learning a shit ton.
Does this analysis incorporate your equipotentials? Which are macd and rsi ran with fibonacci?
My analyses are all about equiv potentials lines. This lines are moving averages set in Fibonacci number sequence spans. First is 8 period average second 13 period third 21 and so on. If you draw this lines on your chart you get a look of charts I use (I use www.investing.com charts. Its free to use and come with a ton of TA tools)
I strongly recommend you to read my TFDSRE series here @, to get more understanding of my style of chart analyzing.
Cool I have been studying up so thanks for the resources. It's a real interesting algorithm. You should contact the guys at Autonio and see if they can incorporate your invention into their A.I..
I check their web site but this my strategy is hard to put into some kind of algorithm. Some major re thinking must be done to transform it into an algorithmic way suitable for bots.