Hi friends! Welcome to this update analysis on Bitcoin! Let's get right to it! Looking at the daily chart, you can see that BTC has printed an explosive move above the 50 EMA (in orange,) just as it did in the bottoming fractal of 2015! If you recall from my recent BTC analyses, I have been comparing a fractal repetition in the current price action, to the bottoming pattern that was formed in the last bear market, during 2015. As you all know, I have been expecting a suge above the 50 EMA and the triangle, to further confirm the bottoming fractal, and we just got that evidence today. Now that price is showing that it is continuing to follow the 2015 fractal, we can expect a breakout above the triangle, and an eventual rally toward the top of the downtrend channel (in blue,) somewhere in the low 4000s.
Looking at today's candle, we can see that price has pierced above the top of the triangle, weakening it as a resistance level. As I write this, price is actually beginning to rally back above it. On the MACD we can see that it's breaking out above the zero line, which is a technical buy signal, while price is also breaking out above the triangle, which is a technical buy signal as well. So, let's look for a daily candle to close above the triangle. If BTC can do that, we can start to take out the recent highs, in our climb toward the top of the downtrend channel.
See the attached 2015 fractal analysis for your reference.***
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
You will say another things in two weeks!) Now hold tomorrow break down!)
I have met it before!)
mayks
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@AIMORAN, each movement is always "as expected" :)
AIMORAN
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@mayks, yes! That’s why guys you shouldn’t worry about this! We will see 3200$ or likely lower, it’ just a matter of time!)
Everyone is bullish, so we will see a big dump very soon!)
AurieK
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@AIMORAN, Yes, that is what its called..."tradeing"
Trendbeat
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So much chart spam in masters comments section...
deactivatedaccount123
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Magic, what do you think of the 50/100 MA death cross on the weekly, or how about the hidden bearish divergence that is STRONG AS F***?
Would absolutely love to hear your thoughts on these two bearish signals..
@alexanderII, these lines are subjective, and therefore, unreliable.
jollygreen
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@alexanderII, Hmm I am pretty sure your longer term hypothetical short view is irrelevant to the current short term analysis. Does your chart mean you are shorting?
I have met it before!)