Hi Everyone, Here we're looking at BTCUSD Potential to give a promising short term Bullish WAVE. First let's talk about the Fundamentals Morgan Stanley analysts stressed in a note published in early March that bitcoin was behaving much like the stock market did in the dot-com crash of the 2000s, only at "15 times the speed" - Indicating it might suffer even more, US Tech Company Intel Files Patent To Reduce Bitcoin Mining Energy Use - Basically every AWS management has rights to dinel there services that prompt or promote crypto mining - Indication it might reduce the valuation by half,
Basically every news or vibe is negative at the moment about BITCOIN, but it's interesting what our Technical side is saying, this analysis mainly consists of Trenlines, Harmonic and Elliot Wave theory! (X and W wave will be plotted in near future once the remittance due)
so, let's dig deep in - if you can see the Symmetric Trendline collapsing at current market price acting as a support which was plotted from A of Bullish Bat(1) to C also, we've got Dynamic Trendline acting as a support plotted from X of Bullish Bat(1) to X Bat(2)
after that we can see our CMO crossing over "Zero" Indication of a bullish swing1 in accordence with 200DAY M.A indicating volatility contractions and Oversold price action on Daily Chart!
Conclusion - Technicals over Fundamentals
have any doubts? than, let us know in the comment section below and make sure to give this analysis a Thumbs UP +_+ Join our Telegram (link in BIO) Source - General public Information!
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Low Volume, Sundays are usually like that. Bull rally will continue it's course from tomorrow! (Patience is Key)
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Asian Session - Bullish (+7.23) London Session - Bullish (+3.14) New York is about to Open and it all looks Bullish, BITCOIN Bounced off from our Symmetric Trendline perfectly, Bull Rally Continues! (KEEP HODL)
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BULLISH RALLY CONTINUE,
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More updates on this thread, where we discuss why BULL is Expected to be stronger in the month of April!
@Bombita, Strong fall under this support was an important thing, but more crucial is now, whether 6,5-6,6K long term trendline holds, and if that brakes, the 6K suport is extremly important.
If it goes bellow 6K, I think we won't see any big bullrun and 17/20K testing in rest of 2018.
Bombita
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@Gildor, totally agree , but I'm concerned about the target level of inverted cup and handle
kardia
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@Gildor, It likely will break, because bears who do not realize the harm they are doing to this market will continue to use leverage, sending Bitcoin down further and further—making it so unattractive that big investors will likely not want to put any money into it. Thus, it will lose its volatility and diminish. Crypto enthusiasts will continue to support it, of course; but it will essentially be worthless to society. Unless the government finds some use for it, but then that would mean they would take control of it.
EspressoDopio
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@rev214us, Big boys will want to buy many BTC cheaply.
kardia
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@EspressoDopio, Did it ever occur to you that that might not happen? They have made their millions. I don't think they care if this market survives.
EspressoDopio
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@rev214us, Traders surely will not care. Good traders will act to make a killings which only works with no emotions (no care). The good thing is that the cost of production are a natural bottom. And you can bet that many big miner shorted heavily from 20k downwards. BTC price is getting closer to the cost of making a BTC (3k in China).
If price goes below that miner will reduce the supply which should in itself hike the price upwards. But as it stands, any hope upwards of 3-4k will need to be destroyed first.
erdal76t
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@Bombita, accoring to the drawing, when we reach the 6008 again, selloff will resume to $2500. Big sell wave is coming...
@Bombita, Because we are on the "running flat" wave to be taken us to far below from here. This selloff wave will not be the last wave. one up and one down will take place afterwards.