Regular daily update on BTC ta analysts opinions.
**My summary - short-term sentiment: bearish ** (last: bearish)
Critical support seem to be broken as well. Further downside expected.
RSI is oversold on lower timeframes which suggests a bounce soon.
If things turn around soon it strongly looks like confirmation of longer term bear market.
May is usually a strong month. Lets see how it plays out in 2018.
News about the blog
I need to revise my 2018 long term table. I need to add a 2018 and 2019 target an be more precise on the sentiment here. Will do that after I am back in Switzerland.
We lunched the bounty project beta. If you are interested and you like to create a bounty on your own have a look at this post
Analysts key statements:
Tone:
- Weekly:
general: Sees strong similarity to 2014 but current environment is even weaker. As we haven't made it above 30 MA and did not bring the 7 MA back above the 30 MA. Instead we are approaching the 50 MA.
In 2014 we dropped 87% - That would give us a target of 2'570. Just for awareness that this correction might not be at its end yet.
We are just on a 2 of 9 - this looks ugly. - Daily: Also only on a 2 of 9. He is expecting a retest of breakout area at 7'925 and than down at least to 6'900.
:
He sees MACD to break out to the upside somewhere in June.
He sees Cup & Handle pattern. The current decline is a healthy correction from the recent five wave up move.
The pattern becomes invalidated if price of the handle price goes lower than the lowest point in the cup formation.
:
He has two main counts.
A) We go up from here to the area of 8'400 and than in impulsive waves down to around 6'800.
B) We go down to 7'700 (E) and go up from there.
:
EMA50 keeps supporting the bearish wave and daily Ichimoku cloud may have opened doors to further drops towards key levels around 6'600.
The 2 weekly bearish stop grabbers try to lead the price for a decline below 6'519 lows but the situation stands a bit tricky (Bearish with bullish divergence).
Todays trend is neutral. Trading between 7'402 and 8'175.
:
The bearish view, we find confluent reasons to enter near7'200 range since it hits the 0.786 fib level and a major trend line support.
The bullish view, we hold above 8'087 and break above 8'644.
:
Unless we get a bullish reversal soon, chances of a retest of the last pivot low at 6'611 and thereafter a retest of April's 6'427 low, and then lastly a retest of the current bear market low of 5'920 shall continue to increase.
Looking for a bullish 5-wave impulsive reversal to the upside to mitigate the current downtrend, and raise prospects for a most bullish 3rd wave advance. Until we see such, the bearish downtrend is likely to persist until it finds meaningful support.
Summary of targets/support/resistance
Reference table
| analyst | latest content date | link to content for details |
|---|---|---|
| Tone Vays | 23. May | here |
| @haejin | 23. May | here |
| @ew-and-patterns | 23. May | here |
| @lordoftruth | 24. May | [here]https://steemit.com/bitcoin/@lordoftruth/bitcoin-trend-series-ep-602-bearish-with-bullish-divergence) |
| @philakonesteemit | 22. May | here |
| @passion-ground | 24. May | here |
Definition
- light blue highlighted = all content that changed since last update.
- sentiment = how in general the analysts see the current situation (bearish = lower prices more likely / bullish = higher prices more likely)
- target = the next (short term) price target an analysts mentions. This might be next day or in a few days. It might be that an analyst is bullish but sees a short term pull-back so giving nevertheless a lower (short term) target.
- support/res(istance) = Most significant support or resistances mentioned by the analysts. If those are breached a significant move to the upside or downside is expected.
- bottom = -> now renamed and moved to long term table. Low 2018
- low/top 2018 = what is the low or the top expected for 2018?
Further links for educational purposes:
- From @ToneVays: Learning trading
- From
: Like in every post you find links to his amazing educational videos. For example here
- From
- From
*If you like me to add other analysts or add information please let me know in the comments.