Regular daily update on BTC ta analysts opinions.
**My summary - short-term sentiment: bullish ** (last: bullish)
- Critical support 7'000 - 7'200 bounced us and seems to establish itself as swing low holding us for some time.
- Analysts stay with their scenarios - so confirming their projections. Further price action will show who is right.
- We have Tone and @lordoftruth seeing this move up short lived and lower lows coming soon.
- Tone did switch short term (12hr chart) bullish while staying bearish on the weekly. He is seeing us going up to 8'000 - 8'600 max and than down.
- @haejin turned fully bullish seeing us going up in impulsive wave with potential huge run up. He is moving to Bitcoin live with his posts. I will try to reach out to him to see if we can have an abstract here.
- Still we need to break in this move 10'000. If not the likelihood of seeing new lows is increasing significantly. If we fall below 7'050 it will be very ugly.
- May is usually a strong month. But not this year. We started at 9'240 and went all the way down to 7'485 (-19%). Lets see how June plays out -usually also a bullish month. Are we going to see a compensation of May with a huge rally up?
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:
We are still below 50 MA week. Close of week is interesting to watch if we close above 50 MA. Still chart looks bearish.
- Daily: He expects this bounce to end at 8'000. If it goes above that he expects us to turn latest by 8'300.
@haejin is moving his analysis to bitcoin live. Those of you who want to follow him directly should look into subscription. I will try to get in contact to see if I can use an abstract to post here also in the future.
Bitcoin did a small surge to decisively breach the Neckline of the Inverted H&S pattern. The target for the minimum run for the IHS is 8'200. However, keep into awareness the upward pointing wedge pattern (blue lines). Price will likely go sideways again for most of the day and if there is one more surge, it will either breach the top blue line and invalidate the wedge pattern or validate and confirm it with a decline.
The bull flag pattern is still in progress. Note how the wedge pattern is now sitting just below the belly of the upper white trend line. So, a decision needs to be made. An upside breakout would provide the pathway to the 8'200 target for IHS. However, a downside could jive well with the MACD progression. What does this mean? The next chart clarifies.
Note how the MACD is at the belly of the upper blue trendline. I believe it could do one more turn down towards the lower blue trendline. This turn in MACD could also mean the 6'700 level or so.
Yellow wave 2 seems to be done soon. We should see the next pump right afterwards, if this count is correct. There is also an obvious channel going on.
So far, everything is looking bullish, but this channel could be interpreted as a bear flag. There is also a lot of FUD again, because of this obvious big triangle formation in the daily chart. Therefore a lot of people are expecting another crash which usually leads to no crash.
He will be gone for holidays starting on the 07.06.18 until 14.06.18.
RSI & Stochastic signal that bears have the upper hand, to lead the price towards our first target at 6'519.
At press time, bitcoin is trading around 7'700 and the chances is still valid to achieve more decline to extend losses to reach 6'519 - 5'878 - 4'300 as long as the price Below 7'910.
The 2 weekly bearish stop grabbers suggest drop below 6'519, to test 5'878 reaching 4'300 area, the Same Destination point of the Butterfly "Buy".
We still expect that bitcoin price will surpass 7'100 - 7'210 to drop steadily towards 6'519 and the Panic Sell Below 7'000 could open the doors for price decline below 5'947 before plunging to 4'300, the potential bullish reversal location
Todays trend is bearish. Trading between 6'915 and 7'910.
A bounce at the 7'000 level was much expected due to hitting a major trend line support established since Nov 11, 2017.
Bullish View, if we break the 7'650 range, there's a chance to hit 7'850 to 8'000 range (0.5 to 0.618 fib retracement)
Bearish View, if we break 7'161 range, we'll most likely test 7'040, which I see as failing to hold and then testing 6'500.
At present, BTC can’t get out of its own way. So, where is the bottom? He sees 6'830 as a possible bottom.
Summary of targets/support/resistance
|analyst||latest content date||link to content for details|
|Tone Vays||02. June||here|
- 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 @philakonecrypto: Like in every post you find links to his amazing educational videos. For example here
- From @lordoftruth: Fibonacci Retracement
- From @haejin: Elliott Wave Counting Tutorial
*If you like me to add other analysts or add information please let me know in the comments.