There is no wave count, moving averages, etc..
This post does not include a trading setup, it is just my thoughts on potential price actions.
I find it very unlikely (still possible) that we keep trading sideways between 10K-12K.
My opinion is that the market will make up its mind rather soon.
There are two upper (in blue), that may serve as resistance. They also fall into psychological round numbers.
If the 10K support no longer holds, we might re-test the lower . Which would be a bloodbath. I find it unlikely, but I keep telling myself not to be biased. We must still consider this scenario.
The chance of this scenario coming to fruition will increase if we get rejected at RSI60.
In that case, I will close all my alt/long term positions and look for possible short positions.
I have another idea on BTC "My Analysis for BTC 2018Q1 - Short to $8200", you can find the link in the related ideas. That idea is based on wave counts and targets were based on fibonacci clusters.
I have labelled the two important targets .618 & .786 levels with thick red lines on this chart.
In the case that we re-test lower , it will mean we get a healthy retracement to the .786 level. It might sound implausible with 10K support holding strong. But never exclude the possibility.
This is a 6 hour chart of btc/usd.
The tug of war is real!
We might squeeze to the apex of the triangle (Feb7-9) before any major price movements.
Look at the wicks, this tug of war will have huge implications on price actions in both short/medium terms.
If support no longer holds, we short.
We are already below triangle's lower trend line, waiting for a close below previous support to confirm new short opportunities
This is 30 min chart. If we close below the dashed line, we take a deep breath, close our long term holds, and start looking for shorts.
This might be the most important 30 mins of bitcoin (if we close below)
using EMA50/55 as resistance/support on 15 minute chart to find entry for both long and shorts in a down trend.
I will be building mine/sharing it very soon!
(I'm talking about >1 year positions here)
Will we test .786?
I view this as an ABC correction to the upside in a downtrend.
Current price ~$9400 is at .618 retracement and 1:1 move on A:C
Next resistance is $10178, giving us a 1:1.618 move on A:C
Should it not hold there is structural resistance for short @ 7K
And next fib resistance at around 5K
I expect to reach .786 ret
I have not trading ideas for btc. I just put some comments - https://www.tradingview.com/chart/BTCUSD/JzstPjVl-The-holy-Fibonacci/#tc1012266
I notice at August starting of unreal growth. At that time I was not registered here.