Hey there,
So about this spike last nigt in bitcoin and people talking about an ETF decicion tomorrow, I have some bad news for you...it is not going to happen according to what I see in my graph.
Here you can see the BTCEUR graph, iI know it is in Euros but IM from Holland and I just love the BTCEUR on coinbase graph because it is verry acurate in terms of trendlines and fibbonachi numers. But you have to see that for yoyrsel I guess.
Anyway back to the graph...we can see a big spike from last night, unfortunally bear clouds are already packing over bitcoin as you can clearly see that both the RSI and MACD are already gearing up for huge bearish divergence on the houly graph.
This, coupled wit that rathergood looking invertred head and shoulders pattern gives us a reasonable target of around 6150 euro. Here is also a horizontal recistance (yellow line) that has been tested for three times now.
This horizontal line is also just short of the 0.5 fibbonachi retracement of the entire move down.
Looking at the combined package of the brearisch divergence in both indicators, the three times tested horizontal recistance line, tagret of the inverted head and soulders pattern and the 0.5 fibbonachi retracement level i doubt the bulls can push it much higher then 6150 (maybe a spike to the 0.5 retracement but thats it). So this is the level where im going to put my sell order.
I know this is the BTCEUR graph and we mostly see BTCUSD here on TradingView, but as i said before, I find that the BTCEUR on coinbase is verry accurate in terms of trendlines, fibbonachi levels and so on. Just give it a try for yourself or copu these ideas in a BTCUSD graph and see for yourself.
I will uptade this idea with a donwards target after my initial target of 6150 euros has been hit.
So about this spike last nigt in bitcoin and people talking about an ETF decicion tomorrow, I have some bad news for you...it is not going to happen according to what I see in my graph.
Here you can see the BTCEUR graph, iI know it is in Euros but IM from Holland and I just love the BTCEUR on coinbase graph because it is verry acurate in terms of trendlines and fibbonachi numers. But you have to see that for yoyrsel I guess.
Anyway back to the graph...we can see a big spike from last night, unfortunally bear clouds are already packing over bitcoin as you can clearly see that both the RSI and MACD are already gearing up for huge bearish divergence on the houly graph.
This, coupled wit that rathergood looking invertred head and shoulders pattern gives us a reasonable target of around 6150 euro. Here is also a horizontal recistance (yellow line) that has been tested for three times now.
This horizontal line is also just short of the 0.5 fibbonachi retracement of the entire move down.
Looking at the combined package of the brearisch divergence in both indicators, the three times tested horizontal recistance line, tagret of the inverted head and soulders pattern and the 0.5 fibbonachi retracement level i doubt the bulls can push it much higher then 6150 (maybe a spike to the 0.5 retracement but thats it). So this is the level where im going to put my sell order.
I know this is the BTCEUR graph and we mostly see BTCUSD here on TradingView, but as i said before, I find that the BTCEUR on coinbase is verry accurate in terms of trendlines, fibbonachi levels and so on. Just give it a try for yourself or copu these ideas in a BTCUSD graph and see for yourself.
I will uptade this idea with a donwards target after my initial target of 6150 euros has been hit.