Bitcoin, Second bullish falling wedge and more! 20% profit!
Hello dear traders,
Some more information in the exciting battle between the bulls and bears for what concerns Bitcoin / BTC-USD and the rest of the crypto market.
As you know we have a confirmed head shoulder formation in Bitcoin . The target is now 28500 for this pattern. However, there are more HS formations as you can see in my previous analyses. There is also a target of 20000 but that doesn't happen overnight. It goes up and down in waves. Also that number will take probably months. So that is mid to longer term.
We are here talking about short term!
The situation for Bitcoin now:
I compared the 2 corrections waves and it appears to be a perfect AB=CD pattern! Really one from the text books! That is a buy signal but for me there must be more than just the AB-CD . And you see we have also formed an almost exact Bullish falling wedge like the previous one! The previous one showed a gain of 17.75 Percent after breaking out to the upside. So if we project this onto the last formed Bullish falling wedge we will indeed end up at about 50 -51000 usd. It could be more but everything points in that direction.
So now it remains to wait for that breakout. If Bitcoin goes below 40000 then it is on its way to the target of the head shoulder pattern 28500 usd. So be prepared for that possible scenario! A negative thing I see in the volume is that it increase when prices fall and decrease when Bitcoin rise. That is a bearish sign. The other factors like the Bullish falling wedge, the perfect AB=CD pattern en the bullish divergences forming in the RSI and other indicators are the very positive. So clearly Bulls and Bears have awar going on now.
Who will be the winner here? Please share your opinions for a very interesting discussion!
Note: this is a short term forecast with a technical recovery because Bitcoin is heavely oversold. Longerterm, than everything is looking bad for Bitcoin.
Traders watch the levels, place stops and risk a maximum of 1 percent per trade. I keep saying this because without it, trading will stop sooner or later!
Disclaimer Traders this is my view no advice to buy or sell. Also always do your own research!
Guy's, please follow me for updates and give me support with a thumbs up. That motivates me a lot to analyse for you! Wish you profitable trading!
Some more information in the exciting battle between the bulls and bears for what concerns Bitcoin / BTC-USD and the rest of the crypto market.
As you know we have a confirmed head shoulder formation in Bitcoin . The target is now 28500 for this pattern. However, there are more HS formations as you can see in my previous analyses. There is also a target of 20000 but that doesn't happen overnight. It goes up and down in waves. Also that number will take probably months. So that is mid to longer term.
We are here talking about short term!
The situation for Bitcoin now:
I compared the 2 corrections waves and it appears to be a perfect AB=CD pattern! Really one from the text books! That is a buy signal but for me there must be more than just the AB-CD . And you see we have also formed an almost exact Bullish falling wedge like the previous one! The previous one showed a gain of 17.75 Percent after breaking out to the upside. So if we project this onto the last formed Bullish falling wedge we will indeed end up at about 50 -51000 usd. It could be more but everything points in that direction.
So now it remains to wait for that breakout. If Bitcoin goes below 40000 then it is on its way to the target of the head shoulder pattern 28500 usd. So be prepared for that possible scenario! A negative thing I see in the volume is that it increase when prices fall and decrease when Bitcoin rise. That is a bearish sign. The other factors like the Bullish falling wedge, the perfect AB=CD pattern en the bullish divergences forming in the RSI and other indicators are the very positive. So clearly Bulls and Bears have awar going on now.
Who will be the winner here? Please share your opinions for a very interesting discussion!
Note: this is a short term forecast with a technical recovery because Bitcoin is heavely oversold. Longerterm, than everything is looking bad for Bitcoin.
Traders watch the levels, place stops and risk a maximum of 1 percent per trade. I keep saying this because without it, trading will stop sooner or later!
Disclaimer Traders this is my view no advice to buy or sell. Also always do your own research!
Guy's, please follow me for updates and give me support with a thumbs up. That motivates me a lot to analyse for you! Wish you profitable trading!
Comment:
Traders, we are on our way to the lower targets according my previous analysis with the HS patterns. Right now BTC is heavely oversold. They are manipulating the market and the reason is that they want your stops to be hit!
That is why I wait for a close below 40000 on a Day candle for closing my temp. short term long in BTC.
For the rest of the coins, I wrote also that ALTS will dive much faster then BTC. BTC lead all the others.
A volume spike can help find where the decline stops.
Take care and I will update later.
That is why I wait for a close below 40000 on a Day candle for closing my temp. short term long in BTC.
For the rest of the coins, I wrote also that ALTS will dive much faster then BTC. BTC lead all the others.
A volume spike can help find where the decline stops.
Take care and I will update later.
Comment:
Traders, a good way to find a temp. bottom is when a selling climax happens. This is starting to look like one.
Comment:
Remember, the big guys want your stops to be hit! That is why I never sell in this volatile markets before a decent candle is closed. Just to avoid manipulation by these guy's!
Watch out for a trap! I suspect that the big boys want to get your coins by an agressive sell and then a bounce back. Not saying it will happen but as we know, manipulation is very heavy in crypto world.
That is why my stops are at 40 not 42. If BTC indeed go lower then 40 we can buy them almost sure cheaper.