BTC could be drawing a falling wedge, what could mean it will go up after the pattern is complete. Anyways, I think it will be a really slow uptrend move, since a lot of people have lost a lot of money and they still don’t trust Bitcoin.
You can see ADX is low, so the movements will be slow, since it lacks strength, but it can suddenly change. Also, the DI- (red line) is above the DI+ (green line), what means we’re in a clear downtrend.
As it regards to the RSI, I can see the same pattern in the two previous mountains. It does like a zigzag movement, and I’ve circled in orange this little movement upwards that is similar in the two little mountains, and maybe, in the third one forming at the moment.
This is just an idea. I’m not responsible of your actions.
Have a good day. :)
You can see ADX is low, so the movements will be slow, since it lacks strength, but it can suddenly change. Also, the DI- (red line) is above the DI+ (green line), what means we’re in a clear downtrend.
As it regards to the RSI, I can see the same pattern in the two previous mountains. It does like a zigzag movement, and I’ve circled in orange this little movement upwards that is similar in the two little mountains, and maybe, in the third one forming at the moment.
This is just an idea. I’m not responsible of your actions.
Have a good day. :)
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Godmode and Stoch RSI are also going down. So folks, I wouldn’t long. You can be trapped at any moment.
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Comment:
The drop has started. Daily is going down, as well as weekly. I don’t really know if it will go up a bit before the drop because I cannot see higher timeframes like 3, or 4 days, that show a possible pump (thanks to @Prowdclown for showing), but at the end, it seems it will go lower. Still too early to tell because it can turn, but as far as I know, patterns in wedges and triangles are drawn like Waves 1,2,3,4,5, and then, A,B,C, where C is the target around the support line of the wedge. If it broke out downwards, it could go really deep, and maybe my previous posts saying it goes to 2800 dollars become true.
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Sorry, wrong chart. It’s in euros, but anyways, same behaviour.
Apologies for that.
Apologies for that.
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BTC is possibly drawing a semi circle like the one I’ve circled in the previous mountain. It seems it’s wave B and it’s about to finish. Still early to know, though, but 90% I’m right. We have to see it falling down to confirm it’s wave B.
It’s in Euros because I analyse it in this pair, but the behaviour is the same.
It’s in Euros because I analyse it in this pair, but the behaviour is the same.
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At this point, it’s not a good idea to trade. I would wait and see how weekly candle closes. And if it doesn’t make a clear movement, we would have to wait longer. We have to see a clear bullish or bearish movement to determine the direction of the trend. Still thinking this is wave B, since wave B hasn’t played out yet before this pump.
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This flag is bigger than I expected, but it makes sense it went from 0.786 to 0.5 Fibo, since the drop was hard. 0.382 is also a possibility, but too risky, to be honest. It can turn down whenever.
Target can be 1.2, 1.4, or 1.6. It makes sense it goes to 1.2, as there’s a support.
Target can be 1.2, 1.4, or 1.6. It makes sense it goes to 1.2, as there’s a support.
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The big bear flag isn’t broken yet, but panic sell is starting. The dump can be heavy, since the upper pole was nearly vertical. If I was right and this is a bear flag, the target is around 1.2 / 1.4 Fibo.
Let’s see how it plays out.
Let’s see how it plays out.