Further an was formed which is a strong sign. An is a chart pattern (a reversal pattern). It is formed by two diverging lines. An is confirmed/valid if it has good oscillation between the two upward lines. The upper line is the resistance line; the lower line is the support line.
Each of these lines must have been touched at least twice to validate the pattern.
These touches are displayed at the chart and we can see that price sharply broke down at point II but then met a strong support and bounced above Fib 0.5 level. However resistance rejected further growth and at point IV price action confirmed .
Currently the price is at point V and crawls down near with the major resistance which was formed by the original triangle upper edge created by the June's pump. In case of continuation the price will reach $6 000 level within 20 days.
The most important is that the mentioned point of $6 000 is also a place of crossing with the major support which rejected very last time thus with a high probability a new bull run will start there
Stay tuned to receive updates to this trading idea
Overall, Bitcoin confirms downward trend revealed by technical and fundamental analyses
According to the actions list we accumulated short position at XBTUSD. Price action of the large timeframe scale confirms testing of $6 000 area. Currently it is very important to reach $7 038 - $6 884 zone to confirm the forecasted trend
Back to the current results:
Subscribers who entered position after analysis release should have already fixed position at $6 568 level and earned almost 96% of profit (base points are 9.6% we use 10x recommended leverage). Afterwards according to the list of actions they waited till Bitcoin price reaches $7 210 area and opened short position. The price then went to the stop loss at $7 282 which saved us from huge losses.
Afterwards we were able to open 2 short positions from the very top of the rally. We are going to open a new short position once the price reaches mentioned in the analysis zone. Duration for the scenario to take place is drawn at the chart. Stay tuned to receive updates
SkyRock Signals team
To give a definite answer let's limit our workflow and implement Pitchfork pattern. You can see it is drawn at the chart: green and blue channels. You can see that price chart is near with the border of the middle channel and is about to enter critical area. From this moment we have 3 possible scenarios:
Crawling till the (X) crossing of the blue channel border with the support line. Price will go down subsequently replication breakdown fractal. Price will remain in downward trend until $6 000 level will be reached which was mentioned in the core analysis. We enter short in such scenario
Breaking above the middle channel before the price action meets mentioned crossing. Such resistance breakthrough will open the way up to $8 000+ area
Sharp decrease right to the lower critical area border with a subsequent rapid decrease to the $6 000 area
The most probable scenario is sideways trend until the (X) crossing with a subsequent decrease. Bitcoin should consolidate a lower level before solid and confident run
Analyses of short-term timeframe scales reveals a possibility of a small increase to $7 432 area which will result in upper border resistance crossing. According to bands algorithm it should result in sharp rejection to median level in case of closing below the red line afterwards. Possibility of this scenario is confirmed by current RSI, DMI and volatility projection indicators value. Once the forest will be solid we will come back with short position signal. Stay tuned to updates of this trading idea
SkyRock Signals team
We opened the short position at $7 507 level because of high probability of closure closure below the band resistance. Forecast is based on the relative strength and DMI indicators values. Currently price action happens below the band and the candle is going to close in 1 minute
sadly my charts got flagged but nothing really changed still the bulls have shown us their weakness when they got rejected at the Ichi cloud
We post it yesterday there was a mention we expect a decrease soon. We are going to publish results now