Bitcoin price update (23rd-April-2018)
The price failed to pull back on my 7,877.90 rejection point, as 5H expanded into a new bullish candle series, forming a Channel Up (RSI = 66.656, BBP = 177.8282, MACD = 179.400). Unfortunately my model had this rise priced 1 week later, and as a result I have miscalculated the previous 1W candle and short entry. The last 1W candle closed at +11.45% (second straight week in gains). Though the lower time-frames support a bullish continuation (1H, 5H), 1D displays a strong Resistance zone = 9,058.15 - 9,188.56, which is the last Lower High on the 1D Channel Down before the 6,436 Lower Low. A combination of that Resistance zone, overbought 1D STOCH = 80.317, STOCHRSI = 94.512 and Williams = -6.986 and the 1W wave theory based on the similarities with the 2014/2015 bear market gives me the following map: Current resistance rejection and reversal towards 7,300 in the next few days. Rise towards the 11,780 (1W 38.20% Fibonacci) in early June followed by a new Low = 5,200 by late September.