BTC has retested support at $6000 and appears to be ready to break out of the descending wedge.
The blue Gann Fan is drawn from the breakout of $1000 to the peak at $2000.
The Purple Gann Fan is drawn from my predicted low at $4000, and adjusted to include the recent wedge formation, and many other significant points (some are circled). This places the low of $4000 at the end of July.
The Fibonacci retracement (white) is drawn with 0 at the breakout of $1000 and 1 at $14000. This outlines $4000 as 0.236 and and $6000 as 0.382.
The ADX on the DMI (white line) is approaching 50, which indicates that we have been in a severe and prolonged bear trend. This suggests the potential for a bounce in the near future in order to "balance out" the chart.
The next intersection of the two Gann Fans occurs on the 0.618 Fibonacci level at $9000 in 14 days. Following this bounce I expect the Purple Gann to hold a bear trend as price drops to the low of $4000.
The blue Gann Fan is drawn from the breakout of $1000 to the peak at $2000.
The Purple Gann Fan is drawn from my predicted low at $4000, and adjusted to include the recent wedge formation, and many other significant points (some are circled). This places the low of $4000 at the end of July.
The Fibonacci retracement (white) is drawn with 0 at the breakout of $1000 and 1 at $14000. This outlines $4000 as 0.236 and and $6000 as 0.382.
The ADX on the DMI (white line) is approaching 50, which indicates that we have been in a severe and prolonged bear trend. This suggests the potential for a bounce in the near future in order to "balance out" the chart.
The next intersection of the two Gann Fans occurs on the 0.618 Fibonacci level at $9000 in 14 days. Following this bounce I expect the Purple Gann to hold a bear trend as price drops to the low of $4000.
Comment:
Potential inverted Head and Shoulders forming with Neckline on local Fib level. Wait for retouch of 6000 for entry. Potential 50% trade opportunity to $9000 in 14 days.
Comment:
Looking for right shoulder for entry
Comment:
BTC:
The right shoulder now appears unlikely to form. Recent spike up above key level of 6250 and drop down to 6150 resulted in 21 min candle close on the 235 SMA. This suggests that this SMA is strong support, and we will soon break above and find support on 6250. This could result in the break of downtrend resistance.
Alt Market:
We are now in a buy zone, as BTC breaks the resistance there will likely be a surge in the wider market. I will be posting some market signals to capitalize on this, but BTC itself will perform well with a 45-50% surge to $9000 in two weeks.
The right shoulder now appears unlikely to form. Recent spike up above key level of 6250 and drop down to 6150 resulted in 21 min candle close on the 235 SMA. This suggests that this SMA is strong support, and we will soon break above and find support on 6250. This could result in the break of downtrend resistance.
Alt Market:
We are now in a buy zone, as BTC breaks the resistance there will likely be a surge in the wider market. I will be posting some market signals to capitalize on this, but BTC itself will perform well with a 45-50% surge to $9000 in two weeks.
Comment:
I stand corrected, we now appear to be in the right shoulder:
Comment:
The head and shoulders formation looks almost complete. We had a nice bounce off of 6000 and now price looks ready to complete the formation and break out of resistance. I will post a long position entry soon
Comment:
Break out and support on resistance, 7 SMA through 77 on 343 min chart. I expect rapid growth in the next 10 days or so
Comment:
Candle support on Kijun Sen and 7 SMA support on 77 SMA on 343 min chart
Comment:
Looks like a healthy correction: