Teh Amateur is here to give his opinion. Teh guy that was a Bull, went bear, annow I'm bull again. Why? See examples below. Hit play.
We broke out of an ascending wedge, to a very strong support at $7,900. Near instant retrace. This support was crucial after a massive fall from $9,990.00. It provided ample support as the buy volume here is E N O R M O U S.
We just completed an inverse head and shoulders on a very large time frame. We wicked perfectly into my buy zone. If hypothetically you listened to the Amateur, you'd have made 400/BTC. So far. ;)
Current wave structure with RSI:
Strong, consistent volume:
MACD on the 4H
15M Timeframe RSI is trending up but recently tested/weakened support. MACD is about to possibly make a bullish crossover. Support test at $7,900 bounced REALLY high so far. IF we continue bullish momentum, $8,330+ is our first short-term target. 9k is our mid-term.
TLDR We are potentially creating a short-term stairway to heaven. For right now, it seems we are bear long-term but momentum is slowly and steadily turning bullish over short to medium term. KEEP IN MIND, the fall from $9,990 was violent and FAST and can come out of ANYWHERE. The fall we JUST had today, and subsequent upwards correction, OUT OF NOWHERE. This is not financial advice, DO YOUR OWN HOMEWORK.
PM ME for my telegram and twitch links. I go live Mon/Wed/Fri and am gaining quite the following. My telegram is F R E E and I post there instantaneously if danger/opportunity strikes.
This has been your not-so-favorite Amateur giving you as much info at once as possible, and it'll continue just like it always does and always will. My name is MC_Peewee,
but you can call me teh Salesman.
Commentaire
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Well, this one failed pretty hard. For now, it looks like the support zone is around the $7,620 mark. We could fall to this price range very easily if seller volume picks up momentum.
For now, 8k needs to hold and it needs to hold fast. If we break 8k, we're visiting likely $7,620 and if that doesn't hold, to 6.8k or worse we go.
MACD is a sell on the 4h. RSI is trending down but attempting a bounce.
As stated above, I believe my original idea for the bulls may pan out. But at this point in time it's either back up to at least $8,300 or down to $7,620.
Support needs to hold at 8k or this could turn ugly fast.
So, bullish for the next week but bearish for the next month or so?
deactivatedaccount123
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@alcorr247, I would say that to be correct, yes. Originally, I'd had delusions that BTC could possibly hit 20k by June and 421k EOY. I think June will still happen, but it'll be later June into July. So for now, I think we bullish as a mother fresh off a big dump, it's accumulation time. I can see an 11k retest coming, but I doubt we will break it on the first try. What I see personally, is an 11k re-test, a failure down to early 7k maybe $6,900 or so, then a launch from there into the next bull run.
TheGush
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@MC_Peewee, how quickly would you expect the run-up to the ~11.5k resistance to happen? Clear consolidation going on at these levels/this time.
deactivatedaccount123
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@TheGush, That's definitely gonna take a while considering we just fell from $8600.