Looking at Bitcoin on the Weekly chart

What we are seeing is not impossible. A clone of the last big drop in BTC has been cloned and projects a retrace to the 618.
*OBV is looking to roll over
*Histogram has rolled over below the 0 line
*Willy isn't stupid or over bought at this stage but it has been hovering in the bullish zone for a while now. It does look like its rolling over with the W%R breaking bearish from the 13ema.
*VPVR has a fair few notches that need filling
* The 200 and 50ma no where near a daily death cross
* I do see BTC playing in this triangle for some time. This time next year will be very interesting when it comes close to the end of the triangle.
If BTC breaks this .382 fib we potentially go down to the 618 with is an exact AB+CD from this current range.

Trade with caution

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Comment: The clone is this that im looking at

Comment: BOOM!
Trade active: Hate when im right, so many haters

Comment: Short term play

Comments

Very nice setup my friend, the priceline may take bullish divergence form the support of your pennant, lets see
+3 Reply
@moon333, correct. Let's see how the 382 resolves
Reply
is this possible ? this would take years for bitcoin to see 20k again..wow
+1 Reply
@CSCduarte, a 618 retracement is possible. There is a nice tail down there that needs to be eaten and also a juicy gap on the CME chart. Anything is possible. You should have a plan just incase this does play out
Reply
Clean chart, solid idea, I'm thinking a drop to the 7.5k region, then from there I guess we'll see how stuff reacts, thanks for sharing! check out my analysis if you get some time! Happy trading
+1 Reply
Nice TA, this is how I look at it long term
+1 Reply
It can be... but you know correction pattern always have decreasing volume. But this triangle pattern's volume is increasing.
+1 Reply
Very good analysis. My thoughts are similar at least a down move to $7250
+1 Reply
Fantastic pennant catch.
+1 Reply
Lets go test the 2700 zone dump it
+1 Reply
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