Bitcoin's Big ABC Still in Play?

Bitcoin's Big ABC Still in Play?

So after that channel on the right broke we got a decent drop today with good volume as well. However, what that candle does not show, there was a lot of buying volume as well after the last dip. So i am still open for bullish and bearish scenario’s at this point. So that big ABC correction i have been talking about since the 3200 low in Dec, is still in play here. Only a break of 3300 (3200 max) can really invalidate it.

What important is for the coming days, is that we see movement like the blue line suggest for the coming day or 2. Seeing it move inside of a possible wedge . It can take a different shape as well, but it is important we don’t make a big dump, that we see clear buying support around the 3300/3400 zone. Actually a bit like we saw today at the low.

So to be clear about it, the charts above are only showing the bullish version, which is still in play, but as soon as that support zone around 3300 really breaks, if is off the table. If the 3200 breaks with normal/high volume , things could get very ugly. We could even see a lot of panic.

There is a chart i posted a few days ago in my groups, was just something to keep in mind, to give some sense to the movement of the past few days. If this possible fractal is real, it also shows how bearish things can become for the coming weeks. There is one significant difference though, the volume was much higher back then.

Most of the alt coins have taken some big hits today. Volume is nog big yet, but it has increased. So if we do see another wave down with even more volume , it could indicate we will see more bearish movement the coming weeks. Litecoin is still one of the bullish coins, so i think it’s good to watch my LTC’ analysis. I think it’s support might be a very good indication to see if the market will bounce up or not the coming days.

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Published at Tue, 29 Jan 2019 01:11:28 +0000