BTCUSD Short and long term overview

BITTREX:BTCUSDT   Bitcoin / Tether
Greetings, Dear Subscribers !

During the last week we have been carefully analyzing BTC price movement in various timeframes. Is Bitcoin going up or down through the Global Support of Fib 1? This is a very crucial question as the whole market depends on it. Here we share the most important charts to provide you with a short and clear brief about the situation and in the same way not to overload you with tons of technical information and graphs.

Let's begin with the short term movement which we will see in the following weeks

The 1-hour timeframe chart which represents short term movement is drawn on the right side. As we can see there have been formed 5 Impulse Elliott growth waves. The last wave was formed 1.5 hours ago and BTC price went above $4 000 level. 5 Elliott waves are usually followed by ABC corrective movement. This conclusion is supported by technical indicators state: Moving averages and price oscillators change to "Sell" state while Stoch RSI is already in overbought zone, DMI shows a high volatility . Moreover we see higher "highs" of price movement which are followed by lower "highs" of price oscillator this means there is a bearish divergence which is a quite negative sign. In this way we forecast a further short term decrease to $3 680 with a bounce to $3 800 level and subsequent decrease to $3 480. Our analysts recommend to open here a short position.

Coming back to the Mid-Long term forecast we think the most suitable is to present a 1-day timeframe chart which is drawn on the left side. Here we can see that the price moved our of the Descending Triangle down which was quite unexpected as BTC broke up a series of Triangles before. Nevertheless it was a strong bearish sign and a sharp decrease started after breakdown happened. The price moved from $6 500 level to $3 600 where it managed to bounce. Nevertheless it was a typical rising wedge and further decrease as we mentioned in our previous analysis happened. The price moved to $3 150 which is very close to Global support level of Fib 1 which is located near $2 800. We were sure the price is going to hit it before new growth will happen, however market players started 5 Impulse Elliott growth waves. In this way we received a very bullish formation IHS which according to Technical indicators and short term analysis is going to be formed in the middle of January.

It doesn't mean we are safe now and after a short term decrease we will see a new growth. Before crypto markets and BTC will start new "to the moon" journey to new ATHs there should pass a lot more time to let people forget about crypto hype. Nevertheless during the following week we will see an ABC Elliott corrective waves. If there will be enough buy volume in the end of correction, then IHS pattern should be finished and BTC will consolidate above $4 000 level which is a very positive sign

SkyRock Signals team

Сделка активна: Due to market shifts we are now at the B point of ABC Elliott corrective movement. If A was $3 800 and B is $4 010 level then the next stop according to the currently formed pattern is point C located near $3 600.

CME trades closed at $3 835 this enhances expectations of further short term decrease $4 000 - 4 050 is a good zone for short at BitMex with a leverage no more than 5x. Targets may be $3 900, $3 840, $3 760, $3 640

This bullish shift is opposite replication of previous bearish shifts. It is a quite good sign for market recovering. This means the speed of recovering may be very underestimated and expected growth can be impulsive again
Комментарий: At the left chart we can see that "Head" part is about to be finished. We need 1 more candle at the level of $4 150. The price shouldn't go above this level and will decrease after it to form the left shoulder which ends at exactly around the specified level of $3 600. This is another strong sign for a short term BitMEX short signal
Комментарий: Has reached our target 3 hours after the signal was made

Profit with leverage 18.52%
Duration: 3 Hours
Комментарий: The last candle was built with a Bullish flag it is a nice moment to reenter the short signal according the strategy after it reached 1st target
Сделка закрыта: достигнута тейк-профит цена: The price of Bitcoin fell to $ 3 688, which is next to our last target in the Premium channel. Our short signal for BitMEX with leverage x5 successfully fulfilled goals and brought a large profit right to the Christmas holidays.

Profit: 62.6%
Duration: 2 days
Комментарий: It is the best moment to open Long position the price bounced from our last Short target and IHS has a hight probability to be Finished. In case it happens we will see a rapid growth to the range of $4 400 - $4 900
Комментарий: We would like to congratulate again all our subscribers with New Year 2019 and wish a great luck. Here is an update to BTC analysis

IHS pattern is about to be finished, it will happen when the price cross $4 170 level. Currently it goes straight and confidently to this point. At the most exchanges its value is $3 800 while at Bitfinex $3 900. EMA, SMA, MACD and Awesome oscillator are bullish, Hull Moving average is in buy state. Finishing of Inverted Head and Shoulders will pump the price upward to the $4 900 - 5 400 zone

The latest pattern is Bullish flag which helped to broke up from the wedge. Nevertheless in the short term there is not enough volume to make a strategic breakout.

Coming back to daily trade Alts are better today than the past days. There are a lot of opportunities to make profits and we will provide you with a lot of signals once we will finish our market research

Invest in cryptocurrencies easily and safely with Skyrex:
- Passive income: stable 8% return monthly
- Profit sharing: no payment in advance
- API trading: funds remain at your account

Start earning passive income now!
Apply at