Hi Traders! Presumably, you are thinking what in the near future will happen with BTC. We also try to break up the beast. We want to also remind you about our magic proportion theory. As you look back on the chart, starting from the turn of the year when BTC was valued at $20000.
Each subsequent peak was an equivalent of 85% of the previous one. Here is the list of the climax since January 2018.
For more information check out our analysis down below – “BTC – Magic proportion 0.85”
We also can see 3 scenarios in the near future:
1. We break the level $7225 which is 85% at $8500. That would be the great option. That would mean we finally break up with the long-lasting doom of magic proportion. This will make us hopeful for a solid change of the bear trend. Next level to break would be at the last level of the last climax which is at $8500. 2. The best option. We break the level of $8500 which means, finally TREND REVERSAL. From long bear market into a bull market. 3. The worst option but still possible – we bounce off from the level $7225 and we will get back to the support level (blue line). We would land again at around $6200 level.
Time will tell which option will come into effect. Stay vigilant and cool. Watch the indicators.
Here are technical analysis details:
1. We are still over EMA9 on the daily chart – very good. 2. Support line (dark blue) was defended 3 times so we shouldn’t go any lower than $6200 3. MACD positive divergence observed – daily chart – long-term positive implications 4. Sentiment Zone Oscillator – oversold zone observed – we may expect correction – it might be really small like $100 or stronger to above mentioned $6200 5. Ichimoku Cloud – still over TenkanSen for good – TenkanSen is about to cross KijunSen – if this happens it will be very bullish 6. Weis Waves – as we can see on the chart supply has evaporated (smaller red waves). Not much demand but let’s wait for the sparkle. It will finally come.
So Guys! We would describe the market as suspicious. Everyone waits. No one wants to lay low. So what are your opinions? Are more positive or more reversed?
Thank you for being here. Don’t be shy to write a comment. We value every point of view. :) If you like our point of view don’t forget to give us a like.
MASSIVE Hugs! WBM Team
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Ichimoku Cloud and Weis Volume Waves
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Price has stopped at KijunSen. What will happen next? We can count on the correction but not sure if we manage to break $7225. Time will tell.
Interesting, I've been of the same mind re: magic proportion although this is the first time i've seen your analysis. However this is the second time that i've seen that support at 62xx if we correct. Thanks for that because I expected low 5xxx and even 46xx. I'll temper that a bit and follow along.
One Thing: You keep saying, the best option is for the market to break bullish. I disagree. In my mind that's asking for an inorganic movement, rather I would love if the market ranged in the 65xx area for a couple weeks to a month after possibly correcting from 72xx down to your 62xx support. I believe the next bull run would be a longer sustainable event. I would be ecstatic if any bull run started mid-Oct. Nov or even December.
Thanks!
One Thing: You keep saying, the best option is for the market to break bullish. I disagree. In my mind that's asking for an inorganic movement, rather I would love if the market ranged in the 65xx area for a couple weeks to a month after possibly correcting from 72xx down to your 62xx support. I believe the next bull run would be a longer sustainable event. I would be ecstatic if any bull run started mid-Oct. Nov or even December.
Thanks!