The bitcoin (BTC) exchange rate is at the time of this writing, is $9.509 on Bitstamp, after a temporary bottom at $9.320. It’s a matter of when, and for how long, is the largest cryptomunt are going to repair it. What will the market do? Click here to read the analysis of Cryptotargets.
Contents
Bitcoin (BTC) maandgrafiek
In the following maandgrafiek (figure 1, red), and I would once again suggest that BTC is now under the spell of the Fibonacci level 0.618 – 0.65.
The red Fibonacci levels indicate that the area between the level-0.618 – 0.65 to be the ideal oil in 2019. A monthly closing to 2 days in the Fib.level 0.382 ($9.628,5) will put us in a very short period of time can lead it to the next support ($8.500 – $9,000 each).
The green of the Fibonacci levels and show that the area between the 0.618 – 0.65 and can serve as the perfect long position for the week. Where can this lead us?
figure 1: Bitcoin (BTC) maandgrafiek I
For more perspective on the course, we will come up with a second month’s chart, on the basis of the Rates.Fib + Elliot waves (figure 2, red).
figure 2: Bitcoin (BTC) maandgrafiek II
Bitcoin (BTC) weekgrafiek
In the following weekgrafiek (figure 3, red), we can see that bitcoin is at the moment no support can be found in the support symmetrical triangle.
An important level to keep an eye to the bottom of the descending triangle at $9.050 to $9.150. As soon as we arrived the support and the 4 hour candle closes below this level, then the zone is around $8.500, waiting for us.
What’s the good news, is that this is also the first CME currency Futures, the Gap is filled (see figure below).
Midterm evaluation, the trend is bearish so it will be $8,500 of our new bed? I think it’s, frankly, not taking into account the bearish cross of the MACD. The following is a temporary support zone of $8,000 to then zowél the last gap (a$7,000-$7.450) to fill it with.
We are going to then be an upward move? I think that is where you are…
It’s a $7,000 level with the bottom of the recent gap, as well as the confirmation of the bullflag, and the fibonacci level 0.618 – 0.65, which is, in my eyes, it is a very important level, it is due to the retraces that bitcoin used to be made.
figure 3: Bitcoin (BTC) in weekly chart,
Bitcoin (BTC) on a daily chart
The daily chart (see figure 4, red) this tells us that we currently support, will have to be $9.300 – $9.400. This means that in the short term back towards $9.800 – $10,000 to go.
The major support is found at the bottom of the descending triangle at $9.050 – $9.100. Furthermore, I’ve noticed that as of this descending triangle, support and more to offer, we can find the Fib levels are .618 – .65 on the monthly chart is so long.
I am happy to give a role to the current .618 – .65 Fib. the levels are similar to the support at the drop-in 2018 of $6,000, to $3,000 or more.
The previous support of $9.800 – $10.000 will now act as resistance.
figure 4: bitcoin (BTC) chart
The 1-hour chart
The following is an example of how to create a signal, we look at the 1hr chart (see figure 5, red). We can see a bullish cross on the MACD, and an RSI that is, in our eyes, “oversold” is.
figure 5 shows that Bitcoin is a 1-hour chart
Conclusion
We are in the short-term bullish, which is the risk that the share price increases towards the zone of $9.800, and $10,000, with an excellent picture it is.
However, in the medium term, we are bearish as the outlook a $7,000 to $7.450, because in the end, the CME futures for the week. In the long run, however, we are very bullish on bitcoin.
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