Currently, the RSI is weak as bitcoin is hitting a slightly lower low, I was hoping that the price would break past 6000 at least, currently there is not enough supply of bitcoin for the price to go down tremendously. The bear pennant (yellow ascending wedge with the green pole) has the price target of 4800 as mentioned previously. If the sell volume increases and the RSI picks up momentum then I believe that bitcoin may hit that price, however, there currently isn't that much volume for the bears to break through the support of 6000 the price objective of the bear flag/pennant, which I stated to be more of a flag in my previous thread, still has a price objective of at least 5500. Bitcoin will probably hover around 6100 and distribute before dropping below it if it does. Otherwise I would assume that this is the head of the greater head and shoulder I have drawn on the last thread, June 18th, and that has a bullish divergence on this slightly lower low, although it was not as low as I wanted it to be.
To be clear
Take away: The price objective of 5500 is still in effect, although the strength of the downward movement is not as strong as the prior move down. There is a possible opportunity for a large inverted head and shoulder to occur. I am on the fence about either possibility, but I am sure objectively and statistically speaking one is in greater favor of the other but I do not know which one as of now.
Previous analysisis posted on the bottom and my analysis will get better, sorry for the slopy presentation as well, I dove into this interface face first to help me practice my analysis and trading.
To be clear
Take away: The price objective of 5500 is still in effect, although the strength of the downward movement is not as strong as the prior move down. There is a possible opportunity for a large inverted head and shoulder to occur. I am on the fence about either possibility, but I am sure objectively and statistically speaking one is in greater favor of the other but I do not know which one as of now.
Previous analysisis posted on the bottom and my analysis will get better, sorry for the slopy presentation as well, I dove into this interface face first to help me practice my analysis and trading.
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I have redrawn a possible head and shoulder pattern that could occur, this would definitely be a double bottom after this point. We will see what happens, although I believe it is important to note that 5500 is STILL IN PLAY and is more likely at the moment.
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So bitcoin has just broken through 6000 the volume on the down side looks better, but it is not as strong as I have seen before. Currently, it is near the price objective of the ascending wedge of the pennent/bear flag, 5800. The current price objective of the pole puts it around 5250, however, I am not certain that it will hit this price because the sell-off looks weak. But if everyone is waiting for that price point and there is not many buyers, then it is likely to hit it. We will have to see.
This is an image of the pennant/flag and the price objectives for it. The price objective of the larger pennant is 4800.
This is an image of the pennant/flag and the price objectives for it. The price objective of the larger pennant is 4800.
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It looks like it will be forming a small head and shoulder pattern on the 1hr candles, there is also a bullish divergence occurring there
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There is a bullish divergence on the daily candle stick as well! Hopefully it follows through with a strong bull run!
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Last up date for the day, but bitcoin did not have a high volume outbreak so hmcurrently it is still in the down trend and the objective price is still 5500. I apologize I let my emotions get the better of me.
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There is currently a descending wedge and a bullish divergence. However, there is no buy volume and there is still more sell volume although total volume is still decreasing, so I suspect that bitcoin will probably decrease on less volume and on a weaker RSI.
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In the image above, the price objective of the rising wedge has currently been hit, and the next price objective will be 5500 and that means the descending triangle will breakout downwards.
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Crazy, bulls broke out and it looks like it’s not fugazi! It’s currently outside of the triangle, which is the price objective of the descending triangle was 6200. It also looks like a strong inverse head and shoulder! This could be the double bottom!
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First trendline to retest is roughly around 6800
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