Regular daily update on BTC ta analysts opinions.
Own comment:
- With the current sell off a lot of fud is in the market.
- A lot of news came out yesterday (potential binance hack, Mtgox sell off of 35'000 btc and 35'000 bch) and makes it hard for buyers to be confident in the market. It might be all done on purpose - who knows.
- So we are at the edge (again) and need to stay now above our support levels.
Analysts key statements:
- Tone: Weekly: Is still bullish as long as we don't get a price flip (weekly close must not be lower than 4 weeks earlier) and next week is more tricky as we have to close there above 10'421 to not price flip.
Daily: on the linear chart we have retested the existing trend line which gave us support which is good. We broke below the 50 MA but we won't have a problem as long as todays candle closes above it (10'150). To consider the correction over we need a candle trading above the previous one. The most bullish scenario would be closing today above 10'150 and than trading tomorrow above todays candle.
But we are at the edge. On the bearish case - if we trade one full candle below the trend line everything become in danger again including 6'000 bottom.
If we have another swing low 9'400 or close 9'900 bearish scenario becomes more relevant.
If we close above 10'200 than things looking decent.
He still remains 60% confident that the bottom is in.
Risk reward ratio is great at the point downside about 500 vs. upside of 5'000. : Price pierced the upper white trend line and came quickly above. You could see this a sign of weakness with lower lows to come but he thinks that this was more a bull move to wash out weak hands who are getting panic when support is breached. We are sitting also above the lower bollinger band which acts as support. If we fall out of there we probably see new lows at 6'575 and 4'800.
: He sees his count as proofen wrong and came up with an alternative count. His sees the ABC correction going to the 9'000 area and from there back up.
: Drop to either testing 8'700 or the area of 9'400 in progress. If we stay above that we are still slightly bullish an his scenarios of iSHS and 15k by end of march are still in play. Expected trading for today is between 8'700 and 10'700.
: - He still hasn't recovered his steemit account and might need to create a new one. I'll keep you posted.
He sees the market very scared. He thinks we need more candles to get a confirmation of a trend.
Overall sentiment: slightly bullish
(last: bullish)
Reference table
| analyst | latest content date | link to content for details |
|---|---|---|
| Tone Vays | 8. Mar | here |
| @haejin | 8. Mar | here |
| @ew-and-patterns | 7. Mar | here |
| @lordoftruth | 8. Mar | here |
| @philakonecrypto | 8.Mar | 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 1 = the next price target an analysts mentions
- bottom = price target analyst mentions as bottom
Both target are probably short term (so next few days/weeks) - lower/upper barrier = Most significant barriers mentioned by the analysts. If those are breached a significant move to the upside or downside is expected. It does not mean necessary that the sentiment will change due to that (e.g. if upper resistance is breached it does not mean that we automatically turn bullish).
Further links for educational purposes:
From @ToneVays: Learning trading
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If you like me to add other analysts or add information please let me know in the comments.