Regular daily update on BTC ta analysts opinions.
**My summary - short-term sentiment: bearish ** (last: neutral)
- 9'184 gave us support for now. Upper barrier seems 9'577. If we break below we see more correction to the downside. If we break above we probably see higher swing high.
- More bearish signs are on the table though.
- Just realized I have been ahead of time. 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: We are replicating 2014 pattern - which may mean we are in a bull trap. We are rejected by 30 week MA. To get bullish the 7 week MA must cross the 30 week MA (golden cross). He is bearish because we got rejected. Only bullish sign is the count we might lead to a 9 (neutral to upside).
- Daily: Has bounced up. Still looks bearish. He sees target around 8'400. To consider any bullishness we need to cross the swing high close (9'861).
:
Bitcoin (BTC) could have put in the first set of five waves and so would need to correct more than it has now. Notice how price had been traveling within the parallel channel which is indicative of an impulse in motion. Now, price has gone below the lower white line and so the red ABC correction is a probable scenario.
Medium term his perspective looks very bullish however.
:
There is a possible alternate that white wave 4 still in progress.
Main count still remains the current one. We might be in wave 2 - next 48hours need to bring appreciation in value.
:
Bitcoin price found support at 8'980 and moved up to 9'300. Holding above 9.038K will push the price to the next resistance at 9'600 (0.382 fib) or 10'158 (1 fib).
Clear break below 9'038 will move price to next support at 8'832.
Deep retracement is still expected due to 4h Butterfly amd 1h 3-Drive sell patterns. Targets in waves 8'832, 8'573, 8'367, 7'770.
Todays trend is bearish. Expected trading for today is between 8'573 and 9'767.
:
We see a massive rejection at 10'000 range and have now hit a 0.618 golden ratio fibonacci retracement level. I do not believe it'll hold and we can see 9'050 to 9'150 range. If that doesn't hold we go for 8'200 to 8'620 range.
:
If the preferred bullish count is to remain in place, bitcoin could go down as low as 7'887, which is a 0.618 fib retracement of the entire bullish advance from lows printed on April 9th. Short-term trend is down, and the 9'577 level is “key” upside resistance. If crossed we will see a short-term move above the recent print high of 9'948. If 9'577 holds we will see further downside consolidation before next bullish run higher.
Summary of targets/support/resistance
Reference table
| analyst | latest content date | link to content for details |
|---|---|---|
| Tone Vays | 09. May | here |
| @haejin | 09. May | here |
| @ew-and-patterns | 07. May | here |
| @lordoftruth | 10. May | here |
| @philakonesteemit | 07. May | here |
| @passion-ground | 10. 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.