Thanks for watching my analysis and give me a thumbs up or share your thoughts/ideas! Cheers
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Things discussed in analysis: 1h ascending triangle broken down 4h srsi coming down + catching support on $6950 + middle band Bollinger + double top forming (momentum and bull pressure slowing down) Red rectangle area of range trading 1d ichi cloud kijun + kumo bottom meeting us + 50 fibonacci + red trend line (Bitfinex) + find support on 50MA Bitcoin breaking out of rising wedge and 1d bear flag but will it last 1d shooting star, gravestone dojo or a bearish engulfing If broken watch for retrace to 6800 then 6600
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Weekly, long-term view update as per fibs:
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Since the beginning of December we've seen every subsequent bounce create a lower high. However if we map this lower high to the previous corrective cycle's fibs, we can barely get over the 618 fib level for the past two cycles. This also creates an interesting descending triangle--a bearish pattern when the prevailing trend is down. So if we try to map our current move, the height of it could potentially be around $7400-7500 max. We also have the weekly RSI showing that it's trapped in a channel and creating lower highs. Overall we are still in an overwhelming macro downtrend. Be cautious in this market in thinking we've marked the end of the bear cycle.
Your comment on the Fibs basically illustrates our point of view as well. The price is near the 0.618 Fibonacci level (7,500) which on 1W basis has reversed on the two previous Lower Highs (10,000 and 11,700). On the medium term it appears that shorting is the best option:
EduardZimmermann
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The question is: How many failed breaks (double top, triple top) does it need until we see a reversal? With every failed break, the likehood for a reversal rises. Again, great analysis of yours!
weslad
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Potential IHS in formation with target pointing at 8000$-8800$
TheInitiated
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Whats the discord channel? :=)
TheAlphaTrades
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@Theobeownsya, You can check it on the Website as shown in the link below my post. There's a link for Products and you can check out the membership/Discord there.
Filosof302
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Thanks for sharing!
smarcelko
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Thank you, i like to watch your videos. I'm still newie, so i really appreciate your sharing.
TheAlphaTrades
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@smarcelko, That means a lot, thank you. Glad you like :0