Dear fellow traders,
Let's take a look at the bullish signs at the chart:
Alternate Harmonic bat pattern:
As you can see on my chart the target of the harmonic bat pattern is around 6900. But to reach that target (my prediction somewhere in april 2019) we have some important levels to break.
Triangle:
The green lines showing a triangle on the bottom. I hear many people calling this a bear flag or bear pennant, but in my opinion it's clearly not a bear pennant (anymore). Considering the duration of a bear flag or bear pennant which usually occur in a short periode between 1 and 8 weeks, with excemption of 12 weeks, this is not a pennant anymore but a triangle. We have been in this triangle for 94 days now (almost 14 weeks).
Old channel since february 2018:
The blue lines showing the old channel we have been in since february 2018. The 4100 is resistance at this point. But this point is also the neckline of the inversed head and shoulders.
Inversed Head and shoulders pattern:
It's debateble that this is a head and shoulders pattern. But let's be clear that an IHS is not about a drawing contest, but about bottoms (or tops for HS) in combination with trading volume. The orange boxes showing that we have volume here for a nice right shoulder with potential breakout. Many people (including me) thought the right shoulder was begin january, but considering the volume and that it didn't test the neckline yet, it was not and forming a so called extended right shoulder now. At this moment we are at the neckline and i think bulls have more chance to succeed this time.
The july 2018 pattern:
Orange box in july shows many simularities with past 3 months. But it's more stretched and on steroids. Watch the breakout on july 18, and compare it with the zone where it is now.
Elliott waves
At the bottom of 3.1k, BTC did a 1 wave till 4300. Sharp styled wave 2 (ABC correction) to 3300. Wave 3 could go to 5k.
Important to watch:
Can btc make a higher high around 4400? The red line shows a resistance level since ATH. If this breaks 5k is target. I predict a retracement (wave 4) to test the resistance as support before breaking through the blue channel. If this breaks 6900 is target.
This is not a trading advice, but just my prediction for the coming weeks.
Let's ride the road to 6900.
Let's take a look at the bullish signs at the chart:
Alternate Harmonic bat pattern:
As you can see on my chart the target of the harmonic bat pattern is around 6900. But to reach that target (my prediction somewhere in april 2019) we have some important levels to break.
Triangle:
The green lines showing a triangle on the bottom. I hear many people calling this a bear flag or bear pennant, but in my opinion it's clearly not a bear pennant (anymore). Considering the duration of a bear flag or bear pennant which usually occur in a short periode between 1 and 8 weeks, with excemption of 12 weeks, this is not a pennant anymore but a triangle. We have been in this triangle for 94 days now (almost 14 weeks).
Old channel since february 2018:
The blue lines showing the old channel we have been in since february 2018. The 4100 is resistance at this point. But this point is also the neckline of the inversed head and shoulders.
Inversed Head and shoulders pattern:
It's debateble that this is a head and shoulders pattern. But let's be clear that an IHS is not about a drawing contest, but about bottoms (or tops for HS) in combination with trading volume. The orange boxes showing that we have volume here for a nice right shoulder with potential breakout. Many people (including me) thought the right shoulder was begin january, but considering the volume and that it didn't test the neckline yet, it was not and forming a so called extended right shoulder now. At this moment we are at the neckline and i think bulls have more chance to succeed this time.
The july 2018 pattern:
Orange box in july shows many simularities with past 3 months. But it's more stretched and on steroids. Watch the breakout on july 18, and compare it with the zone where it is now.
Elliott waves
At the bottom of 3.1k, BTC did a 1 wave till 4300. Sharp styled wave 2 (ABC correction) to 3300. Wave 3 could go to 5k.
Important to watch:
Can btc make a higher high around 4400? The red line shows a resistance level since ATH. If this breaks 5k is target. I predict a retracement (wave 4) to test the resistance as support before breaking through the blue channel. If this breaks 6900 is target.
This is not a trading advice, but just my prediction for the coming weeks.
Let's ride the road to 6900.