TradingShot

BITCOIN short-term patterns and trend-lines for the next 10 days

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I am looking at the 4H chart today in an attempt to break down Bitcoin's short-term price action. Now, it is more than obvious that yesterday's decline was fueled by the stock market drop , so keep an eye on Wall Street as another round of weakness may break this pattern.

** Before we start, please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **

** The Channel Up **
Back to the short-term. Since May 7th, the dominant pattern (1.5 months and running) is a Channel Up. This has an Inner Higher Lows trend-line that has been supporting since May 25th and is in fact the one that has (so far) supported the recent decline (3rd contact as you see).

** The Falling Wedge **
The less dominant pattern is a Falling Wedge (dotted lines) since June 1st. This has been crossed by a wick to the downside only once, which is not relevant. This pattern also supported today the decline so along with the Inner Higher Lows trend-line apply a double support level (cross).

** The RSI **
On top of that the 4H RSI has touched and so far rebounded on the 31.000 - 27.000 Support Zone , which is holding and providing rebounds since the March bottom.

** The hidden Parabola **
Among these obvious patterns there is an underlying trend made of a Parabola that is defining the (Lower so far but could change to Higher) Highs. Every High is making contact with this Parabola on a higher Fibonacci level. If this continues to play out, then we should see $9900 in 10 days.


I hope you enjoyed today's short-term BTC analysis. Let me know if you agree or not with the above and feel free to share your work in the comments section!

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Comments

Im agree with 9900
We have a shooting star and also support line in rsi ... and also we had a successful touch on over sold so its time to see over bought again
And it would be around 9900 ~ 10k
In a normal and stable market you know
Thanks for sharing my friend
+9 Reply
@AminHa4, I agree with you! :)
+2 Reply
@AminHa4, Thank you for the excellent arguments Amin. Keep up the good work.
+1 Reply
AminHa4 TradingShot
@TradingShot, support line just broke...
+2 Reply
@AminHa4, Which support line? The one on my chart is intact.
+1 Reply
AminHa4 TradingShot
@TradingShot, in my chart I mean...
My imagination of uptrend decreased u know
+1 Reply
AminHa4 TradingShot
@TradingShot,
Look at these lines
Breaking red line just happened
I have to say 4h is trying to form a convergence here
But its too soon for a good reaction
If it confirm it, we can see 9600 area
Rejection of it(which I believe more to 8800 as support line) means 8k area
Sorry for bad quality im using phone now ...
+1 Reply
Very interesting point of view. Thanks for sharing it.

My plan for next weeks

+3 Reply
TradingShot bloodgood
@bloodgood, Very well structures analysis.
Reply
bloodgood TradingShot
@TradingShot, Thank you!
Reply
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