We are just tiered of waiting that bears stubbornness stops and another impulse north start.
The 4 hour period chart reveals that long term support line at $9500 holds firmly and bears can't pull the market lower any more. in RSI diagram an oversold market persists with few picks or try's to push market higher above 50 RSI reading into more overbought area.
We have a big spike of volume at the last price low and volume is increasing. Last two lower heights form a resistance line which will guide a price to the point e, long term average point. More time will pass to reach this point more energy will accumulate in bulls camp and inevitable rally will start.
Last two lower lows are in divergence with MACD oscillator. Another sign of downtrend exhaustion.
I think big money is keeping an eye on Bitcoin and deep pocked traders slowly start to decide buying. If this buying take some greater extend, i don't know where and when a market will run out of steam. The rally could be gigantic.
Our portfolio is not doing extremely well we are tanking on BTC at the moment for about 7% and i bravely re just my stop loss level to $9200. I'm prepared to smoke away 10% of BTC stake, but if I'm right and I judge a turning point well, I'm on a dam good roller coaster, rolling upwards like hell.
LTC and DASH will follows like puppies.
Don't forget to check out this new TFDSRE thing Elliott waves are not the only thing, you can surf on: #1, #2, #3, #4.
Previous analysis: #25, #26, #27,#28, #29,
#30, #31. Is good to check them out to get insight into my reasoning.
Image sources: Investing.com,
Data sources: Bitfinex exchange
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