Bitcoin heading for reversal around the purple trendline

Bitcoin has had a wonderful ride the past 12 days up 86%, however Chinese new year is here for the next 2 weeks 16.2. - 2.3. so lower trading volume in Asian exchanges is to be expected. However we had over $900 gains on Asian trading session 16.2.-17.2., so there can still be bull runs.

When looking at the short 12day bull run I think we are heading for slight retracement to $9000, which has been a comfortable support and resistance level in the past.

Full picture (sorry for messy lines, but I trade on 21, 77, 343 minute levels)

I will be updating this analysis in the coming weeks, so stay tuned

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Seems like Bitcoin does not understand the word reversal, there was a small dip to $10300, but then it continued the redline like a monkey

Big picture

Detailed

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Seems like the purple line is again crossed while the red trendline was used to climb higher. But we are back to the Green line as support $10300. I think it will hold and we are not dropping lower.

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So far we have stayed in this area the last 3 weeks or so

So could be we are heading lower unless we break the Green trendline, which is coming down in front of the white area.

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$10300 did not hold for long, next support around $9000 then.

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Its seems to have leveled around $9500-10000 and we will likely stay in this area for one week.

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Found few interesting indicators, still need to understand them better. But used for Elliot-wave analysis:
- Amazing Crossover System
- CM_Williams_Vix_Fix
- Bitfinex BTC Margin traders
- Blue Sky Day
- T3 Velocity

Here example 343min

And 21 min

Đóng lệnh: dừng lỗ:

I think we reached stop for this trade setup, we went down all the way to $9250 but visited $11800 before that.

I think we are heading lower before shooting up to new ATH again

The full picture

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Interesting my bitcoin range box is still in play.. :) I drew that like a month ago I mean few overshots, but the bottom turquoise line held

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Another view of the same data using Bitmex indicators