Regular daily update on BTC ta analysts opinions.
**My summary - short-term sentiment: bearish ** (last: bearish)
We are below 8'000.
More downside expected. Watch for critical support 7'600/7'700 area. If that break several analysts expects new lower low of 2018.
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: 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. - Daily: Dropped 400 in a few hours. If we drop below 7'925 we probably accelerate to the downside.
:
Expects us to go down in a Bullish Wedge - the current move is well in the boundaries of this bullish wedge. It will be invalidated if we breach 7'766 significantly. Volume is declining - that is a good sign. From there he is expecting a breakout.
:
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.
:
Technical indicators are confirming that Selling Pressure is still in play.
Breaking crucial support 7'614/7'770 will invalidate his scenario and lead to decline below 6'519.
Todays trend is slightly bullish. Trading between 7'614and 8'643.
:
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.
:
The current move up thus far, is clearly corrective… - Unless of course, this modest move higher is a most bullish nested series of 1st and 2nd wave advances. Time will tell, and as such, the utmost in patience and due diligence is required in order to ascertain the true intent and implications of this recent rally off the 7'929 print low.
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 | 23. May | [here]https://steemit.com/bitcoin/@lordoftruth/bitcoin-trend-series-ep-601-keep-an-watching-eye-on-7-614k-7-770k-area) |
| @philakonesteemit | 22. May | here |
| @passion-ground | 20. 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.