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Bitcoin price correction started yesterday after we spotted a “Bearish engulfing” candlestick pattern on the 4 hour (BTC/USD) charts throughout yesterday’s analysis. Price correction pulled the price all the way down to $390, but thereafter we started spotting signs that signaled cessation of the downside price correction attempt.
Price Correction Slowing Down on 4 Hour Charts:
By analyzing the 4 hour (BTC/USD) charts from Bitstamp; executing Bollinger Bands and keeping the 38.2%, 50% and 61.8% Fibonacci retracement levels we plotted during, we can conclude the following:
- Bitcoin price started dropping yesterday after it overshot above the 61.8% Fib retracement level ($478.64). The downside price correction wave started after a “bearish engulfing” candlestick pattern was evident on the charts (the grey ellipse on the lower chart).
- Bitcoin price continued to drop until it dipped down below the 50% Fib retracement level at $416. Below $416, the trading pattern started forming candlesticks with long downswards shadows which reflect the strong support the price is getting below $416 at this point. A “doji” was formed before the arrangement of bearish candlesticks was halted by a greenish bullish candlestick.
- Due to the strong support below $416, the price is expected to rise again to attempt piercing the $416 resistance level again.
Bullish Wave Slowing Down On 1 Day Charts:
By studying the 1 day (BTC/USD) charts from Bitstamp (take a look at the below chart); plotting the 20,50 and 100 EMAs and executing the Relative Strength Index (RSI), we can conclude the following:
- A “pseudo” doji has been formed yesterday which reflects slowing down of the bullish wave that has been advancing at a high tempo.
- Even though bitcoin price started dropping yesterday, it is still way above the 20, 50 and 100 EMAs.
- The RSI value is averaging 80 (>70), yet the curve started forming a downwards slope, so we can see it drop below 70 soon as the bulls take control again over the market.
Conclusion:
Bitcoin Price correction attempt is slowing down after dropping to $390. Technical analysis of the charts signals continuation of the bullish wave within the next 24 hours or so.
Charts from Bitstamp; hosted on Tradingview.com
Tom Simons 
Tamer Sameeh 
JDMorgan's Irish Whiskey 
Anonymous 
You are manipulating the market with your analysis, especially that Google puts you on top of the results for “bitcoin price” in less than an hour after you publish your shit analysis, I can’t explain how this happens. I was surprised to see the market go down after you marked a bullish engulfing shit on your chart yesterday and found out that you are suggesting and manipulating the traders using your suggestion crap. Even with your today’s flagging of cessation of the downward price correction trend, you are just suggesting it to manipulate the traders; you are just a cheap manipulator.
Man you are so hilarious. Do you think that my analysis can manipulate a 5 billion US Dollar market? I must be God then. lol
Why not be able to manipulate if you always get on Google top results for ‘bitcoin price’? Who would trade bitcoin without searching Google for bitcoin price and then he will get your manipulatory analysis as the first result?
It is not my fault that Google considers my analysis of high quality and puts me on top of the results.
Are you drunk? There will always be a top google position based on relevancy. If it wasn’t this article it would be another. Let me get this straight…Tamer is so powerful he not only manipulates internet search indexing but he also controls a 5 billion dollar trading market. Learn to take a loss buddy.
And as an SEO I have a question. how do you jump on Google’s results? Do you use a bot or a Black hat technique? I can’t see you using Keyword stuffing or so? What is your secret?
I don’t use any bots or any black hat techniques. Google now ranks top results for almost all KWs manually i.e. real people read the pages and rank them through quality and it has nothing to do with KW stuffing now. If you are an SEO, you should have known this after the Panda and Penguin Google updates and further updates too.
LOL The one who can manipulate with such a precision a billion dollar transaction volume across all exchanges is quite a powerful person, nothing to do with “cheap manipulator”. Maybe it’s more like a careful analysis of the available information?
Great work Tamer, one more precise prediction! Let’s hope this one turns out to be true too.
Thanks man and I am glad I can be of help. Also thanks for replying to Tom and I agree that no one can manipulate an economy as big as Bitcoin
What do you think about the last drop? Is it a bottom before uptrend resumes or is it a development of a downtrend? On 15min OKCoin it just surpassed the previous low of 2555CNY and is now at 2510CNY.
I believe that BTC price is going to rise again especially that I think the price correction downside movement is almost over and it is a smart thing to check the Yuan charts because they usually show changes prior to the USD charts.