SkyRockSignals

BTCUSD A chance to hit Moon or another fall after Fib 0.618

BINANCE:BTCUSDT   Bitcoin / TetherUS
BTC has had an unexpected and sharp rise last few days the price went up to $5 275. Usually such pumps end within few hours or a day consequently, we had a first sell off wave yesterday and the price went back to $4 750 level. Nevertheless we see a confident trade volume growth, currently BTC is still in bullish mood. Price moves above EMA 50, 100 and 200. There is a high probability of breaking through psychological resistance level of $5 000 again. However in case of success within a week the price will meet the most important resistance level of Fibonacci 0.618.

Our analysis is based on 0.618 Fib Symmetry Intact. Fractal structure can be seen at the 1-day timeframe chart. The first formation starts on the 4th March 2018 when the price went down to the Fib 0 support level , consolidated and grew up to Fib 0.618 resistance. It didn't manage to break it and decreased to a level around previous support zone . It happened two more times and now we have the same situation the price touched 0.618 level and correction started.

It is not a short signal, the volume grows confidently and the price is still above EMA200 level.

The next week is very important for Bitcoin . Its price will either solidly consolidate above EMA200 level, which will inevitably allow to break through 0.618 resistance and trigger a massive “bullish euphoria”, or will again bounce back to Fib 0 support zone around $3 172.


There were many good fundamentals last month and more come out each day. This is a 4th time Bitcoin price tries to break through Fib 0.618 and change the global trend. Our opinion is that BTC has chances to start a new bullish run. Overall we should carefully track price movement and open short positions once the price moves below EMA200 around $4 600 level
Trade active: Three days after the analysis was made we see a clearer picture of the current situation. There are two bearish signs at the market

1. Double Top Rejection
The double top pattern is one of the most common technical patterns used by Forex traders. It’s certainly a good method of identifying a potential top. This price action pattern involves the formation of two highs at a critical resistance level. Here we have critical resistance level of Fib 0.618 around $5 300. The idea that the market was rejected from this level not once, but twice, is an indication that the level is likely to hold. Here we have a touch on 3rd of April and on 8th of April. This is quite a bearish sign that the resistance will hold again as times before

2. H&S Rejection
Possible formation of head and shoulders which could impulsively bring the price above the resistance has failed. Bull's trap formed instead of it

For now situation is quite negative. We recommend to hold and set a delayed short positions order if price goes below $4 600 level. It can be a stop loss for your long positions on BTC
Comment:
Comment:
Trade active: It is commonly known that at a bearish market good fundamentals are ignored while on bullish market the situation is visa versa. Few days ago new restrictions to mining law in China were released. Nevertheless, Bitcoin continues its confident uptrend. It is a solid sign of a bullish mood at the market.

At the 2-hours timeframe chart we have a penetration of critical resistance level of $5 324 and previous "tops", hence bearish double top pattern is broken too. Three times before the price was dumped down after it touched Fib 0.618 level and at last it penetrated it. We forecast an impulse growth in case the price consolidates above $5 324

Studying thoroughly other timeframes it can be seen that rising wedge is formed and this bearish pattern has a huge tendency for subsequent drop. However, on the 1-day timeframe chart we have a price action channel which still holds the current level.

BTC is not stable and both scenarios have a high probability to take place. It is a great time for marginal and swing traders

We recommend to wait before rising wedge fall to enter long BTC position, moreover you should wait for Bitcoin price consolidation before open any positions with Alts. New signals and updates are coming soon, stay tuned

Sincerely,
SkyRock Signals team

Comment: This night we had a decrease which was forecasted in the latest update. The price went below EMA 50, 20, hence local price action changed to downward movement to the support level, where it bounced and consolidated. EMA are still higher than price movement such situation can be a sign of a further decrease, however we have an oversold Stoch RSI which can compensate the negative signal. Anyway this is a clear rising wedge pattern and the channel which held price movement has been penetrated down.

The decrease which happened tonight is not a fall of rising wedge though, as the price still holds at $5 000 support level. In case of breakdown the price will go to $4 200 - 4 400 level

Comment: At the short term timeframe we see that price touched support level 4 times and bounced from it. However there were some drawdowns and tests of a lower level, we can conclude that Bitcoin successfully consolidated above $5 000 level and this is a very positive sign.

As for now most of Technical indicators are bearish, moreover trade volume decreases. Nevertheless we have a hidden bullish divergence which can accumulate momentum power for a further run above $5 400 level

Comment: Hello Everyone!

Bitcoin price approaches to the critical resistance level of the 2nd scenario and will cross it soon. When it happens we will be in the green zone of the 1st scenario it means the party is on and market will continue its growth.

According to the technical analysis we are in strong buy state: ASO, MACD (10, 26) are bullish, while the price is above SMA&EMA (5, 10, 20, 25, 30, 50, 100, 200), moreover the volume is growing that is why we have unstoppable V shape rally
Positive TA moments:
1. Bitcoin’s Market Share Hits 8-Month High as Price Passes $6 000
2. The price is about to hit $7 000, so Bitcoin’s Price Spikes to 6-Month High


We are coming back to crypto trading from ForEx as many hot and profitable trades are coming at crypto market soon

Stay Tuned!

Comment: Ascending Broadening Wedge Breakout made the price turn bullish again. If we compare BTC with Average maximum upside gains it will result in 38% up according to retrospective data

As we can see Bitcoin has already made 40% upside movement after Breakout Level.

Consensus will end tomorrow on 15th May so there should be a correction phase. Be careful
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