We can see that Bitcoin almost touch rising wedge resistance. Rising wedge is a danger pattern for bullish, if this pattern break down, bearish target at 6588, but to reach that we have 6872 as strong support, this is our keylevel for this week.
You can see that bullish flag perform again. We can buy bitcoin at 6994 at flag support and aim for bullish flag projection at 7387 with maximum target at 7500 (internal pattern projection from previous analysis)
or, if key level touch we can buy with same target. but careful, if keylevel break down, bearish will perform with long body candle.
To understand more about this setup, check our video analysis.
What's your take on CBOE futures expiring 31 Aug on how it will affect the BTC price? Last 3 expiration dates resulted in a dump but this time we are in a up trend. Thanks
DrMach
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@get2knowcrypto, so everybody was thinking we will go only up up up and up. Was somebody thinking about a small correction? Or was everyone hypnotized that's it is growing again - as in today's world. To the moon
Here's my quick input on Bitcoin's track - I see 3 white soldiers with firm uptrend on 1W Chart - Nice chart BTW
telensky
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I don't think this rising wedge is valid. It uses the BitMex move on 21th Aug but this was artifical manipulation, not natural market move. We are in a nice sinoid wave so I don't think long red candle is likely. So, the support line of your wedge I think is valid, but the top line actually doesn't exist. You can draw similar thing at beginning of every rally and it will break upwards.
telensky
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but the consolidation can come soon, but not so brutal as you see it here. We will be watching to hold 50, 100, and 200 hourly EMA.
@telensky,
The market realy dont care about what you think bro...
jbluebs
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@telensky, I agree that that spike was due to manipulation and down time at Bitmex but disagree that it should change the chart. It still reflects the market psychology and reflects where the liquidity is.