Hello,
So, my yesterday’s prediction was wrong. Despite the expected dropdown, the price of BTC has increased, to $6640. Nice pump with good volume!
A few days ago, I pointed out two important patterns - inverse Cup w/Handle and Double Bottom. If we look at in detail...Double bottom is invalid because the 2nd bottom drops signigicantly lower than 2nd one, so the underlying condition wasn't met. On the contrary the Inverse Cup w/H is still valid until we close above $6630. But be careful because Cup w/H is continuation pattern with the prospect of going down. Also, at 4H TF, because the price of BTC has fallen in the last few days, so it began to form Descending Channel.
For supports and resistances refers to Fib Retr.
BTC is heading to very interesting zone - the top local descending channel and a few pennants (triangles)
Sum up, I wait for next price action, But I am still more bearish and likely expect next dropdown, to $6550 - $6450.
So, my yesterday’s prediction was wrong. Despite the expected dropdown, the price of BTC has increased, to $6640. Nice pump with good volume!
A few days ago, I pointed out two important patterns - inverse Cup w/Handle and Double Bottom. If we look at in detail...Double bottom is invalid because the 2nd bottom drops signigicantly lower than 2nd one, so the underlying condition wasn't met. On the contrary the Inverse Cup w/H is still valid until we close above $6630. But be careful because Cup w/H is continuation pattern with the prospect of going down. Also, at 4H TF, because the price of BTC has fallen in the last few days, so it began to form Descending Channel.
For supports and resistances refers to Fib Retr.
BTC is heading to very interesting zone - the top local descending channel and a few pennants (triangles)
Sum up, I wait for next price action, But I am still more bearish and likely expect next dropdown, to $6550 - $6450.
Comment:
Let’s first look at 1W chart:
Bitcoin has been stuck inside its Descending triangle consolidation for quite some time now, but bulls seem to be getting the control back. Price is already near the top line of this pattern.
RSI and Stochastic have been cruising sideways to reflect consolidation phase.
Also Bitcoin closed a Doji and under resistance to reflect consolidation phase too. In the long-term, no strong reverse signal confirmed yet.
If you look in detail at 1D chart:
Descending channel and Ascending channel are in shape and Bitcoin has been stuck inside Symmetrical triangle. This kind of pattern is difficult to predict with the prospect of going to both sideway breakout.
RSI and Stochastic indicators are heading to north, being bullish, and constantly offering room for growth.
Looking at MA trendlines…Bitcoin is above TEMA and SMMA trend lines and indicates more bullish momentum could come. MA10/20 are crossing each other and wait for the EMA10/20 Golden Cross (on 22.09.) to be confirmed or not. At the same time, EMA20 is acting as trend support , currently at around $6600. Meanwhile EMA100 is acting as our nearest trend resistance , currently at around $6800.
And finally , look at 4H chart:
This chart is important because of Fib Retr - they are acting supports and resistances as well. Today's rally was stopped by Fib 0.236 again. So, keep an eye on these levels. I expect pullback to Fib 0.382 ($6636). If this support holds, Bitcion could go to $6800.
Sum up, it is 50/50 both way. This week will give us clear direction.
Bitcoin has been stuck inside its Descending triangle consolidation for quite some time now, but bulls seem to be getting the control back. Price is already near the top line of this pattern.
RSI and Stochastic have been cruising sideways to reflect consolidation phase.
Also Bitcoin closed a Doji and under resistance to reflect consolidation phase too. In the long-term, no strong reverse signal confirmed yet.
If you look in detail at 1D chart:
Descending channel and Ascending channel are in shape and Bitcoin has been stuck inside Symmetrical triangle. This kind of pattern is difficult to predict with the prospect of going to both sideway breakout.
RSI and Stochastic indicators are heading to north, being bullish, and constantly offering room for growth.
Looking at MA trendlines…Bitcoin is above TEMA and SMMA trend lines and indicates more bullish momentum could come. MA10/20 are crossing each other and wait for the EMA10/20 Golden Cross (on 22.09.) to be confirmed or not. At the same time, EMA20 is acting as trend support , currently at around $6600. Meanwhile EMA100 is acting as our nearest trend resistance , currently at around $6800.
And finally , look at 4H chart:
This chart is important because of Fib Retr - they are acting supports and resistances as well. Today's rally was stopped by Fib 0.236 again. So, keep an eye on these levels. I expect pullback to Fib 0.382 ($6636). If this support holds, Bitcion could go to $6800.
Sum up, it is 50/50 both way. This week will give us clear direction.
BTC has another boring day. BTC stuck on market flat and is ranging between $6560 - $6600.
The price stays inside the descending channel and also in the Triangle pattern, in closer look. For resistances and supports reffers to Fib Retr. Also, the BTC is heading to the trendline resistance going from $17K. The previous attempts to breakout this trendline were unsuccessful. Let's wait for BTC to manage it this time.
BTC is highly unpredictable now. It's very difficult for me to say go up or down. I'm have neutral outlook and I'm waiting for significant price movement. We can expect the breakout soon or later.