mgibson91
Long

Expecting bullish reversal shortly

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
IMO we are seeing a large descending wedge , not a descending triangle . We are currently on the 0.146 weekly Fib retracement and seen some significant bullish price action recently at these levels.

If we do break down through the wedge , I expect we will go down to the 5000 region. As such a round number, less than people have been able to buy bitcoin for a good part of a year and the exact 1.618 extension of the first December drop , it's hard to see dropping past that point. Hopefully, we would instead see the start of a sharp trend reversal propelled by the massive 1.618 extension being met
Comment: We also have a hidden bullish divergence:
Comment:
Comment: Few points of confirmation here:

- Daily candle closed as bullish engulfing
- Above average buy volume
- MACD crossed bullish on same high volume candle
- Stochastic RSI crossed bullish on same high volume candle

Comments

Thanks for sharing the great analysis...
Reply
@Hubris, My pleasure! :)
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This is a spot-on analysis. Keep it up!
Reply
@Aurea, Thanks for the encouraging words!
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I agree man, see the same thing
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