PipEze

BTC - like in kaleidoscope.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Price changes like in kaleidoscope - You can turn and twist BTC chart and will find different formations and patterns and that’s why for now You are better off sticking to support and resistance .
As expected price fall from rising wedge but not much as stopped on 6400 support. Rejection candle suggest that there is a chance to go back to 6650 but we would love to see some more confirmation for that.
Small price rise which we are experiencing now can be only temporary and most likely last up to 6550 level.
If BTC breaks 6400 support next stop is 100$ lower at 6300.
Some traders are looking for Head and Shoulders pattern at 6150 level but to see that formation we need price to drop to 6150 first and that means 300$ lower which is around 4.5% drop.
Comment: ABCD pattern target has been reached
Comment: Support and resistance played as expected and out AB=CD pattern exceeded target which is not bad since it means more money for anyone who entered a trade. Now BTC again is trapped in price range . 1H chart suggest exhaustion and we should expect price drop but since our wedge got fatter price created new support ( pink line ) and there is possibilitie of another small run up to 6900 before drop. I marked upper resistance (red line ) which I expect to be final stop before revers in trend.
MACD confirms fading uptrend and warns us of upcoming change in direction.
If pink support is broken then BTC goes down.
Comment: Here we are again in consolidation region. After breaking one resistance BTC stopped and retraced back to support. It looks like buyers are lacking steam to push price higher but at the same time sellers are weak and can’t drag price down. Judging on TA basics ( support and resistance ) move up is possible only if we break 6800 level and that means 300$ price rise ( that’s a lot but possible )
Going down won’t be any easier as we need 300$ taken of current price (6200) to see any strong price drop.
Considering fact that this was 4th attempt to break 6800 I will bet my money on drop. I might be wrong ( not a first time ) but as long as we are under 6800 price won’t go up substantially

Comments

where is the rest of your picture?
+1 Reply
PipEze premmest
@premmest, most of updates are not on tradingview
+1 Reply
premmest PipEze
@PipEze, i see :) do expect us to go up or down from here?
Reply
PipEze premmest
@premmest, if price break red resistance there is a chance for pullback to 6650
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The 1D Channel Down should reject the price again as a Lower High. It also made a near 4H Double Top. Short:

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BTC's performance today is like watching paint dry. =\
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