BTC Morning Update Technical Analysis 6/22/2018 -- crypt0s3nsh1 --

s3nsh1 (25)in #btc • 7 years ago

Greetings traders, my name is crypt0s3nsh1 and I'm here to give you a morning run down for Bitcoin. Remember to feel free to comment in the section below as I am open to ideas and always willing to learn & network. Also if you like what you see please upvote below! Now let's get to it:

DISCLAIMER: NOT FINANCIAL ADVISE. This is just my TA of how I see the market. Please thread lightly.

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30Bn selloff. Lost all the gains from last week rally in one bearish engulfing candle. A recovery at the 6K support was imminent but I do think we will break below this weekend. Target @ 5.8K with a low of 5.6K. We can already spot bullish divergence on the daily RSI/OBV though so recovery up too 6.5k today is not off the table yet.

From the chart below we can see we are near the 250 Bn market cap support about 10bn off which is probably confluent if we do sell off to around the 5.8k range. The goal is to buy as close to the bottom right so we should be laddering our buys 5.8k - 6.2k range. We've been downtrending for almost 2 months now so a mini bull run is imminent.

Red across the board indicates bearish market on all levels. A strong sentiment to sell.

1st in market cap // 1st in 24hr volume
Price falling // Volume rising is interpreted as bearish
Swing high: $6841 // Swing low: $6070
Daily 90EMA: $7967 // 55EMA: $7539 // 21 EMA: $6900

Candlestick analysis

BIG bearish engulfing candle. Cancelled all the gains from June 13th rally in one candle. 6k support still holding strong (haven't reached yet). Something big was expected to happen because three spinning tops indicated indecision/tug of war kind of situation.

Key resistances to break:

Swing high $6841
$6959 - $7157 (.50 - .618 retracement of wave a and daily 21 EMA)
$7403 - $7554.53 (.764 - .854 fib retracement of wave a)
$7800 (wave (x) high/wave a start)

Key supports:

$6364-$6600 (.236 & .146 fib retracement of wave a & bottom trendline of the rising wedge)
$5.8K- $6.2K (swing low and year ATL)
$4.8K - $5.2K (psychological 5K and .854 fib retracement range)

DAILY OBV