Bitcoin's Big ABC Still in Play? Part 2
Diupdate
So far the market has been following that blue line scenario on the right. It fell short yesterday with completing that small wedge, it did not make that last drop to the support line but instead it went up with alts also breaking up nicely. Until a few hours ago, things looked good/okay, with alts being really strong and looking like they wanted to break up even more. But the whole time, volume on Bitcoin was still very low, there was no conviction on that side. Even XRP', which made a big rally yesterday, instead of making a good bull flag, it gave away 50% of the rally again. Other alts as well, the small drop that Bitcoin made, alts dropped a lot, more than they should have IMO.
On the left we can see we are in a similar situation as in Dec. This would mean the low is already set and we have to keep moving above the 3400ish. If we see that happen the coming 6/12 hours and move up again to the 3450/70 zone, it could become an identical move. I remember from back then, volume increased a bit an hour or so before the rally started. So that would be important to watch closely. As mentioned above and during updates yesterday, there was no volume with Bitcoin and now we have seen the result of that.
Because of the weak movement of the past 12 hours, it is also very likely to see another drop inside that wedge on the left, meaning we could test the 3300/3350 zone again. I just see no aggressive buying the past hour or so, just nothing at all. What does seem to be a bit different this time, is ETH'. It has been one of the weakest alts the past month or so (of the top 10/20). But today's drop shows it's less weak than some of the others. So could be a small sign here of a low closing in, could be meaningless as well. Just sometimes these small signs can give us clue's.
If the 3300 breaks (exception of wicks) chances for more downwards movement will be higher, below the 3200 i will put my winter Bear jacket on.
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Previous analysis:
On the left we can see we are in a similar situation as in Dec. This would mean the low is already set and we have to keep moving above the 3400ish. If we see that happen the coming 6/12 hours and move up again to the 3450/70 zone, it could become an identical move. I remember from back then, volume increased a bit an hour or so before the rally started. So that would be important to watch closely. As mentioned above and during updates yesterday, there was no volume with Bitcoin and now we have seen the result of that.
Because of the weak movement of the past 12 hours, it is also very likely to see another drop inside that wedge on the left, meaning we could test the 3300/3350 zone again. I just see no aggressive buying the past hour or so, just nothing at all. What does seem to be a bit different this time, is ETH'. It has been one of the weakest alts the past month or so (of the top 10/20). But today's drop shows it's less weak than some of the others. So could be a small sign here of a low closing in, could be meaningless as well. Just sometimes these small signs can give us clue's.
If the 3300 breaks (exception of wicks) chances for more downwards movement will be higher, below the 3200 i will put my winter Bear jacket on.
Please don't forget to like if you appreciate this :)
Previous analysis:
Catatan
Update XRP analysis:
Catatan
Update ETH analysis:
Catatan
Alts are starting to drop more and more and bitcoin has made a new daily low as well. Still nothing special though, just a small drop, but when looking at alts, one would think Bitcoin is crashing. It looks like it is moving inside a channel now. This could also result into a double bottom here. Second option is also still that wedge on the left, it's still in play as well. Yesterday it looked like that green zone would not get reached anymore, but now it's headed towards it again. Volume is still low, so things could easily turn around if buyers decide to step in.
Still nothing clear, besides the obvious thought that things look bearish. But i am not convinced about that yet. As long as we don't see a high volume drop, the bullish version has a decent chance.
Catatan
If LTC for example, drops below the 30, things could get ugly. LTC has been a decent indicator for the market as well the past 2 months. EVen though a lower high has been formed, it has not been confirmed yet by a lower low. Same goes for XRP, yesterday's low will be an important level to watchCatatan
While looking weak yesterday and that i might drop some more, now things have turned around again. Creating the double bottom a bit prematurely. Even alts look slightly better now, some also in the making of double bottoms. But they all need Bitcoin to break yesterday's high at 3470 i think. I see some agressive buying at the moment. Some who buy a lot of those big sell walls away on Bitmex. So maybe something is going on at this very moment, i would keep an eye out not
Catatan
Update Litecoin analysis:
Catatan
New XLM Stellar analysis:
Catatan
Updated Bitcoin analysis:
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