BTC had broken down from the yellow symmetrical triangle, and had been going sideways along the first weak 32.3k USD support. The fact that it grinded sideways rather than bouncing off it was already sign of a continuation down soon from there (which it just did), as bulls ready to step in at that support level would be rapidly depleted.
Next targets to test.
61.8 % Fib retracement level (drawn from the bottom of this cycle to the recent local top set) at 27k USD.
M-pattern measured move target at 25.2k USD
Symmetrical triangle breakdown target at 23.1k USD
Continued analysis from:
Next targets to test.
61.8 % Fib retracement level (drawn from the bottom of this cycle to the recent local top set) at 27k USD.
M-pattern measured move target at 25.2k USD
Symmetrical triangle breakdown target at 23.1k USD
Continued analysis from:
Comment:
Potential head-and-shoulders trade to retest the base of the sym triangle as resistance, before continuation downwards?
Comment:
Short term bullish trade for BTC once confirmed on the higher timeframe. Inverse head and shoulder. Trading selected alt (COTI) for higher %gain without using leverage — entry at the bullish divergence on the RSI before the h&s pattern was subsequently formed (with trailing stop loss). BTC likely to retest the base of the sym triangle that it broken down from earlier, and will likely get rejected to confirm it as resistance. However, if it somehow (unlikely to) manages to pierce back above the symmetrical triangle, that will register its latest move into a massive (bear trap) fakeout, and will likely to continue higher from there.
Comment:
Retested the sym triangle..appearing to be getting rejected.
Comment:
Bullish confirmation on the hourly with BTC breaking back into and above the prev. sym triangle lines.
Comment:
Overall this latest consolidation looks like a Wyckoff accumulation. Before the massive dump, several bitcoin analyst already alerted to a possible Wyckoff distribution pattern forming -- indicating market price manipulation to try to sell their holdings after initially pumping the price up with their entry.
www.youtube.com/watch?v=Lhf_2gJJ...
Now, the present price movement appears to be in a Wyckoff accumulation with this run up back into and above the previous symmetrical triangle lines to me. BTC confirm back into a macro bullish phase if it breaks above the 42k USD range that I have drawn.
www.youtube.com/watch?v=Lhf_2gJJ...
Now, the present price movement appears to be in a Wyckoff accumulation with this run up back into and above the previous symmetrical triangle lines to me. BTC confirm back into a macro bullish phase if it breaks above the 42k USD range that I have drawn.