Bitcoin hasn’t moved a lot this Monday. Previously set support levels remain unchallenged and previously set resistance levels remain unbroken. The volume seems rather low at the moment, indicating that the market is still undecided on where it wants to go next. As we wait for BTC to break out of the $6000-$6600 range, we looked at interesting ideas that other traders presented today:
“The Bitcoin accumulation process (has been) taking place since February 2018. Since then price has been forming a falling wedge pattern, which seems to have come to an end.”
He claims that a new Fibonacci cycle has just started and with the price breaking the downtrend trend line, an uptrend could be in the makings. He also cites $6k as an important support zone for his prediction.
“According to the next Fibonacci Time Zone indicator the next cycle will start in January 2019. Potentially, this could be the time when Bitcoin -0.26% will reach the new all-time high. The resistance is seen at 161.8% Fibonacci retracement level, which is near the 30k level. But price could go even higher, reaching 35k before the end of January 2019.”
Later on, HiTech posted a follow-up long term speculation on the price, entertaining the idea of BTC reaching $1.5 million by the year of 2022. Be sure to check that out and offer your insights about his idea.
Another bullish trader bibboyne suggested that bearish forecasts have no place in the market at the moment:
“Sure, their bearish forecast would eventually be accurate. After all, even a broken clock is right twice a day. Unfortunately for them, we are not in that hour yet so Bitcoin is not dropping to 5000 now. As a matter of fact, we are in a bullish pennant with a potential upside target as illustrated in the chart.”
InvestingScope offered some much deeper insights into the current situation, expecting a lower high formation and remaining short-term bullish:
“With the 1D Channel Down breaking sideways ( RSI = 45.128, ADX = 32.908, CCI = -19.9560, Highs/Lows = 0.0000), Friday’s 1D Doji Star bearish candle practically took BTCUSD nowhere as 4H remained ranged within 6,356.30 – 6,593.70 ( RSI = 50.556, CCI = -55.3096, Highs/Lows = 0.0000), closing out the week on a positive note = +5.31%. The monthly candle remains on losses (-7.75%) and the last two sessions on the second lowest volume of the year. Despite the Higher Lows, it is clear that since the 6,130.3 bottom, Bitcoin undergoes a consolidation phase with equal demand and supply, which according to previous models is a support preparation for the next Lower High on 1W on the 0.618 Fib level = 6,915.”
Check out their complete analysis for additional insight into their trading plans and actual timeframes of this suggested movement.
Xzhi thinks Ethereum is getting ready to test the 200 levels and recommends shorting:
“Ethereum has dropped below 220 and is currently trying to retest that level. However, the price looks very weak and has a high chance of testing 200 before rebounding or falling through. I have come to this conclusion after testing previous fractals and doing fib analysis. “
His complete analysis contains information regarding his entry, take profit and stop loss zones.
Trader bitcoinwizard1 shared the bearish sentiment:
“Bearish divergence in 2 hours, and bearish reversal structure, my expectations are one more pump to around $226 / $232 after that $200 and $189. One day bullish div already made the rebound needed from $167 to $226, time for retracement.”
“XRPUSD is approaching our first resistance at 0.2901 (horizontal swing high resistance, 100%, 61.8% Fibonacci extension, 38.2% Fibonacci retracement, descending resistance line) and a strong drop might occur below this level pushing price down to our major support at 0.2687 (horizontal overlap support, 61.8% Fibonacci retracement, 61.8% Fibonacci extension). Stochastic (55,5,3) is also approaching resistance and a reaction below this level might see a corresponding drop in price.”
Another day of stability meant altcoins across the board got their chance to regain some market ground. Aurora was definitely the stand-out performer as it recorded 43.71% gains in the last 24 hours. FunFair and Lisk were the remaining over 10% gainers, with Waltonchain, Nexus, Ardor and Ark going up more than 8% respectively. The red side of the market saw Mixin as the leading “loser”, as it dropped around 18% from its yesterday’s levels. If Bitcoin manages to stay in its current range for the next couple of weeks (as expected), many altcoins seem primed to experience strong breakouts in the mentioned timeframe. Who said the market is boring if Bitcoin isn’t moving?!
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