June
Long

After a long decline.

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
190 2 5
It appears to me that a long decline has finished, and a rally seems on the horizon.

The double-bottoms pattern is highly likley to transpire,
It looks almost certain that the market needs consoildation awhile, with RSI on an overbought condition.

On a daily chart , the price has attempted to break through, but pummeled by, 20MA. A similar situation, I think, is the previous lowest, although that was more close to a head-shoulder-head pattern, where the price had been confronted by 20MA with a little consoildation for 2 days, and bounced off.

The price seems determined to reach either 0.382 Fib, or 0.618Fib.

Hitting at 0.618 FIb looks preferable as they are going to form an ideal double-bottoms pattern.
I am going to watch closely where the price is going to stop with the alarms set both at 0.382 and at 0.618, and set a limit order at 0.618 Fib.

What is interesting is that the status quo appears to be going to resemble the previous lowest on a daily chart , as mentioned above.

Although I cannot bar the possibility that the price goes below, suggesting a further decline, it is just unlikely, and therefore is accpetable to be ruled out



And we almost have a bullish breakout based on your chart, just one more candle missing to confirm the uptrend:

snapshot
Reply
And now the breakout is done and delivered. Nice work!
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
ประเทศไทย
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out