But is the up trend still favorable, I noticed that its finding hard to stay roughly above $ 9500.00
Do you think it will further go down?
Could you please share your point of view about the Bitcoin market, by elaborating more, the trend directions, price etc ...
Daily timeframe (D1) - short-term situation which may be valid for the few next days or for the week.
The price is below Ichimoku cloud in the bearish area of the chart. Chinkou Span line indicating the bearish breakdown so, if this bearish breakdown will be continuing so the price will broke daily support level to below for the daily bearish market condition to be continuing.
Weekly timeframe (W1) - medium-term situation which may be valid up to the end of April this year.
The price is still in the bullish area of the chart for the ranging or in flat waiting for the direction (for some fundamental news events) of the uptrend to be started.
Monthly timeframe (MN1) - long-term situation which may be valid up to the end of October this year.
This is the bullish trend in long-term situation. The price did not break trendline to below so, most likely - the bullish trend to be continuing in the secondary ranging way.
Nice one thanks, I really appreciate.
I would like to ask, what are your point of view in regard to dash?
Is this a major down trend for dash? cause I can see its on the verge of breaking the pick of the first wave of Elliot and yet the theory state that 4 wave never break the pick of the first wave !
What is really happening to the crypto currency world?
Here is a picture of Dash on the W1 TF:
It bounced @ $7K for the second time now it could go up again depending on all the negative news they release surrounding Bitcoin.
These news reports involve things like taxation and trying to regulate Bitcoin, which is of course impossible, because it's a decentralized crypto currency.
It is not controlled by anybody, and it can not be controlled by anybody.
Nevertheless this negative news has it's impact on price movement, Simply because people are naive and believe these news reports.
And that is enough to make them act upon it, which in turn affects price movement.
So if you ever come across these fake news stories, just remember that they can not do anything about it, it's all just phantom moves.
They will try and pull anything out of their arsenal to try and stop it, and destroy it, but it could very well be be, unstoppable.
I agree with you. I even got scared, of what is happening to the market in regard to Mr Ralph Nelson Elliot wave theory, usually market behave according to his proven theory, and I almost got confused.
Above the cloud and the cloud is changing color, on H1