Bitcoin TA - summary of analysts - 21. Feb 18

Regular daily update on BTC ta analysts opinions.

Own comment:

• It seems bears are getting strength. Analysts are mixed about how deep the correction will be. How ever all are seeing this as a necessary correction before moving up again soon.

Analysts key statements:

• Tone: Monthly chart is still (and was ever) bullish. Weekly we were close to a price flip. Due to the recent drop we are still at a red 7. To get a red 8 and not a color flip we would need a close below 8'200. That is possible but not likely. Daily started a new candle. Unfortunately we have not closed yesterday above the cluster of resistance which gave us a perfect reversal candle. If we close below 11'070 we get a red 1 indicating reversal started. 4hour chart gave us a 9 but it was a tricky one as next candle went higher. Than a red 1 with a red 2 below the red 1 made it bearish. As long as we stay above 10'400 we are ok.
• Hive account@haejin: Bitcoin needs to decisively breach the upper trend line of the channel at around 12'000 to maintain bull case. In that bull scenario pull back would not breach lower barrier of lower degree channel at around 10'500 and than go up to 13'103.
• Hive account@ew-and-patterns: Wave 1 might be completed. Now the wave two with an ABC correction should be next (see picture). A 50-78% correction (of wave 1 move upwards) would be healthy. Target of wave 2 is around 8'500. If wave 1 is not yet completed than the ABC correction will follow same patter just later.
  
• Hive account@lordoftruth: Ball is now in the bears court. A correction is likely as expected. Expected trading for today 9'700 - 11'700.
• Hive account@philakonecrypto: Looking for a decisive break in either direction. Either above 11'400 which would confirm that final wave 5 up is in progress (followed by correction) or if we go below 10'874 confirms ABC correction is in progress.

Overall sentiment: bullish
(last: bullish)

Reference table

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).

If you like me to add other analysts or add information please let me know in the comments.