BTC - up or down again for BITFINEX:BTCUSD by PipEze

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trendanalysis harmonicpatterns btc bitcoin

1D chart wedge was broken and stopped at resistance. There is still plenty of room to grow to 7000 before reversing and retesting 6500

Financial market is full of surprises and that’s why You should know that although 1D chart gives opportunities to go up ( broken falling wedge ) 4H chart indicates price drop back to 5700. I’m talking of alternate AB=CD pattern.

Comments

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Nice prediction. For scalpers , short and mid term traders this chart is working nice:

Very nice work, Balocik. My instinct, which is NOT TA, is not convinced we are rising more than we have. I think your first chart (light blue arrow) is a good call. Mind you, whichever way it goes is not bad. If we bottom again, wel then we are establishing a bottom. If a bull run appears, then we are on our way to recovery. None of this is bad news if you think about it.

TradeClass

@TradeClass, It's a tricky situation as that breakout from wedge can be false.

PipEze

@PipEze, the breakout was true. From my understanding of TA, breakouts from a falling wedge should be upward. So, it behaved as expected. However, I am NOT calling a breakout up as a new bull run.

Let’s look at 4H chart
Also at 1H and 2H

I think is self explained

If we hold up over 6400
Break 6450
Then shooting for 6600
And 6900 after

meveme

@meveme, agree

PipEze

@PipEze, unfortunately been rejected twice. Also at RSA 46 has happened or 6450+ on USD I still see up trend. May be not today but soon

PipEze

@PipEze, we r getting the strength back once again :)))