Bitcoin Analysis. Update of previous analysis #29 (#30)
When I check my Bitcoin investment started on previous analysis It hit his stop loss value and I close position on Bitcoin for now. So some stuff must be reconsidered in my previous analysis #29.
When I start to think why Bitcoin price drops suddenly, I googled a little about wedge patterns and i find out that if upper resistance line in wedge pattern is horizontal and lower support line is ascending there is more probable that price will continue it's direction if it had entered the wedge from below.
But obvious this reasoning can't be applied to MACD and RSI oscillators. This oscillators map price into a confined strip with upper and lower bound, so inclinations of lines drawn on such oscillators have a meaning only when it is in convergence or divergence with price trend lines connecting higher lows or lower highs of price curve on chart.
I think that applying this approach to oscillators is wrong and mislead me to a conclusion that upwards movement of price is more probable.
So forget about wedges and take into account only descending volume which is a clear sign of bears convinced that downtrend should continue. Re bounce from the EP700 equiv potential line is still possible and if price reach $12000 level afterwards there is a viable chance that price will reach main resistance line again.
My dear Steemians, I'll be back with more updates if something interesting will happen with Bitcoin.
Don't forget to check out this new TFDSRE thing Elliott waves are not the only thing, you can surf on: #1, #2, #3, #4.
Previous analysis: #23, #24, #25, #26, #27,#28, #29. Is good to check them out to get insight into my reasoning.
Image sources: Investing.com,
Data sources: Bitfinex exchange
Disclaimer: If you use my ideas and analyses in your investment ventures, you take all responsibility and consequences about your actions.
What do you think about BTC price? Comment and present your views! Great ideas emerge from good quality discussion! I'll be immensely grateful for your contribution.
Check also technical analyses from TAF squad: @pawsdog, @futuristgear, @exxodus, @allthereisislove, @lordoftruth, @ew-and-patterns, @toofasteddie, @gazur.
And as always upvote this post and previous ones, if it have some value, follow me, if you think this content is great and I promise that it will be more interesting stuff in the future. Let steem on, to the bright future!