Hello folks and followers to a new update on my Bitcoin 1.00% analysis! So many things happened after my last report where I posted a bearish cypher getting consolidated and indicating a bearish trend . At the time of writing BTC 1.00% was at 8212 and it started the downtrend at 8600 just $67 earlier than I thought. After that Bitcoin 1.00% has broken the important 61.8 fibo support and bounced at 7400 in the middle of nowhere, no supports, nothing more than a psychological point. Next fibo level is 78.6 at 7200, and makes sense that the price could get there, but forget about what makes more sense, because sometimes in this space there is just a group of people deciding where this is going.
I´m following the current ascending channel in the 15 min TF and it´s being interesting. The price just went a few dollars above the last high, and just when seems that is breaking out, bounced at the top of the channel to go back to the bottom. At the time of writing is out of the channel, just out but still in the edge, so no guarantees here to see where we are going. The market is out of volume , but it could be back suddenly if we make a new high. My take here is this, making a new significant high and breaking the ichimoku cloud above of it will have a high probability to confirm an uptrend that will come with brutal force and leaving the channel below the kumo by about $50 could confirm that the bears took control over again.
There is a couple of interesting harmonic patterns that I´ll follow to the T depending of where we are going.
Both points will have a significant drop or pump and are not definitive of a trend change, so I´ll be updating once we get to any of the levels.
I´m following the current ascending channel in the 15 min TF and it´s being interesting. The price just went a few dollars above the last high, and just when seems that is breaking out, bounced at the top of the channel to go back to the bottom. At the time of writing is out of the channel, just out but still in the edge, so no guarantees here to see where we are going. The market is out of volume , but it could be back suddenly if we make a new high. My take here is this, making a new significant high and breaking the ichimoku cloud above of it will have a high probability to confirm an uptrend that will come with brutal force and leaving the channel below the kumo by about $50 could confirm that the bears took control over again.
There is a couple of interesting harmonic patterns that I´ll follow to the T depending of where we are going.
Both points will have a significant drop or pump and are not definitive of a trend change, so I´ll be updating once we get to any of the levels.
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We just left that channel without any effect, so directions are still unknown. I expect bounces all over the current channel being meaningless.
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This is getting intense.
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Watch out this inverse HS, it may work.
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Ok we breakout, however there is not much volume. Just watch out to dont fall in a bull trap.
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So after yesterday bull trap and prompt pump we are just now in another key point. Bulls need to get the price to around 6700 and keep it stable if we want to see a rally to 8ish. Otherwise there is a head and shoulder getting form which could trigger another drop, and this time looks like 7150 could be the target.
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HS is set up, we don´t want the price getting 100 points below from current price, that could easily kill any bull run.
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Another bull trap? Failed inverse head and shoulders breakout?
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Nice breakout of the triangle! Now pullback and straight to 7800.
