Bit of non-aligned charting of Bitcoin, we know patterns and interpretations don't make trades on their own but symmetrical patterns?...still No but it is interesting to see another view of bitcoin pricing using symmetrical patterns.
If there is a breakout of the neckline channel, this could be potentially be seen as completion of the lead up and exit of the downward slope, predicting future price moves in this environment is fraught with issues so quick cap on indicators:
MACD shows positive signs of upward movement, still vulnerable to price drop at this stage
50MA will see slight improvement over next few days (late Feb rise) but wont recover till signs of major price support. 50/200 MA convergence is indicative of the long road ahead.
RSI has moved out of oversold territory and up to 45 which over the past few months has lead to continual downturns in price. StochRSI overbought although volatile in this environment, is looking bearish although positive aspect of the overbought line being fluid, its seems to stay there for period of time, this situation prominent during the $6000 rebound and should be expected regarding trend reversal, this overall seems to signal a slight pullback which would fit the pattern above.
Notice how the volatility has been taken out of the market with longer less intense price action, it does appear a price squeeze is happening from above graph, breakdown of the final predicted channel in red would happen if drop below $6000 were to occur. So looking at the recent red zone with an Logarithmic Scaling view we can see that the channel created by the black main trend line & channel line is narrowing, limiting the amplitude but increasing the frequency, this is typical of an reactionary response, in being no volume has lead to consolidation, we can assume any volume for the time being will be towards the net-long side more than short, at least until $6000 as this level would allow traders to cancel positions and move to lower stops.
While people are looking for similar volume to the Feb rally, this is highly unlikely as previous rebounds have been set at 24HR volume of 7 billion, even traders now have to work harder for their money which increases risk, which is a tight ask with consolidation. A view would be the retail HODLers that were inclined have reentered at the $6000 bottom hence no fluctuating volume to pressure an upturn. Underlying, these may be long term views which you wont profit from today but thoughts like these will save your portfolio later.
Anyways take look for yourself, give me some thoughts/views, Up/Down or a market with serious problems?
BTC is seeing some tough times , so I should write this:
***Education Purposes only***
Comment:
Quick update, the breakout neckline seems to be playing out, which if you follow Symmetrical trends like I follow symmetrical trends, should occur on April 24th round $8500 but may be late few days as analysed in "Bitcoin BTC - Sentiment Change or Trap & Alt Coins"
Comment:
Symmetrical Pink Line indicating $11500, hence upwards trend reversal at the middle of June/Start July.