Is it the end of correction?
It can be. But we need some technical evidence to be sure. First things first and we need to see Bitcoin recovering above 34 weeks WMA (white dotted) and at the moment we are just in the middle of such an attempt. If we close on the daily basis above it ($9345) then the next serious challenge will be to recover above 89 days WMA (brown), currently @ $12308.
Otherwise a rejection by the 34 weeks WMA will imply continuation to the downside. As all major ALTs at this point of time follow BTC their break out levels and targets are on the corresponding charts.
BTC
https://www.mql5.com/en/charts/8285200/btcusd-d1-simplefx-ltd
BCH
https://www.mql5.com/en/charts/8285203/bchusd-d1-simplefx-ltd
ETH
Has very wide trigger levels on 1D chart therefore for more immediate prospects I provide 4H chart target.
https://www.mql5.com/en/charts/8285210/ethusd-h4-simplefx-ltd
ETC
https://www.mql5.com/en/charts/8285216/etcusd-d1-simplefx-ltd
DASH
https://www.mql5.com/en/charts/8285247/dash-d1-ava-trade-ltd
LTC
Same as with ETH, - 4H chart
https://www.mql5.com/en/charts/8285220/ltcusd-h4-simplefx-ltd
NEO
https://www.mql5.com/en/charts/8285252/neousd-d1-ava-trade-ltd
XRP
https://www.mql5.com/en/charts/8285230/xrpusd-d1-simplefx-ltd
thank you for sharing your valuable insights, much appreciated, it also supports my learning/understanding of the TA.
Coins mentioned in post:
Hi Mr. Srezz, Thank you. Why you mostly use 34 for weekly WMA? why not 50 or something else? Is there a historical reason?
My 34 WMA is not isolated. It is a part of the dynamic golden ratio representation:
13/34 = 34/89 = 0.382
89/34 = 34/13 = 1 + 1 + 0.618
So, I use a bunch of WMAs - 13, 34 and 89.
you think we got rejected already by 9k level?
No, We did not touch it.
Do u think that a deeper correction still possible?
Anything is possible and it is irrelevant what I think. We can be in the beginning of a new bull. Equally we can be in B or Z corrective wave up with the following final leg down. At this stage it's impossible to tell. Let's go by what the market does. It will give us clues by crossossing certain levels. If BTC recovers above 34 weeks WMA then the next band of strong resistance is between 50 and 61.8% retracement level of this entire move down. So, once we close on the weekly basis above $12000 then and only then we can say for sure - yes, it's a new bull. Until then the rejection is possible at any point.
@srezz thank you for your input - always so honest!
Does anyone know how much taxes are each year when filing taxes if day trading on gdax?