Hi all,
This is my bullish view on BTCUSD, if you count the last time we went out of the channel as start of the that big pump that went to aprox. 20k then 6k is the 0.618 fib retracement. I'm bullish because this is a important buy zone for traders, after this dump we got a double top with almost 18% decline (absolutely normal, http://finvids.com/Chart-Pattern/Double-Top ; see adam and eve double top) + the last dump went to 7310 meaning we got a HL. This + the divergenge (MACD, RSI). Now we got a symmetrical triangle (http://finvids.com/Chart-Pattern/Triangles) meaning the breakout will probably be the same as it was entering the triangle (Sidenote: Kirkpatrick and Dahlquist state that symmetrical triangles breakout to the upside 54% of the time and these breakouts average about 73%-75% of the way into the triangle (the base, or left side of triangle, would be considered 0% and the apex, or right side of triangle, would be considered 100%) and that increasing volume on the breakout is associated with better performance of the symmetrical triangle pattern (2010, p. 318).). Next is breaking the downward trend with some big volume (long term trend, black) and after that the second downward trend (mid term trend, blue), though i except a retracement at the second downward trend but i don't have a glass ball and i'm not gonna predict the future.
Sidenote : Hopefully G20 creates some bullish momentum
Trade safely
This is my bullish view on BTCUSD, if you count the last time we went out of the channel as start of the that big pump that went to aprox. 20k then 6k is the 0.618 fib retracement. I'm bullish because this is a important buy zone for traders, after this dump we got a double top with almost 18% decline (absolutely normal, http://finvids.com/Chart-Pattern/Double-Top ; see adam and eve double top) + the last dump went to 7310 meaning we got a HL. This + the divergenge (MACD, RSI). Now we got a symmetrical triangle (http://finvids.com/Chart-Pattern/Triangles) meaning the breakout will probably be the same as it was entering the triangle (Sidenote: Kirkpatrick and Dahlquist state that symmetrical triangles breakout to the upside 54% of the time and these breakouts average about 73%-75% of the way into the triangle (the base, or left side of triangle, would be considered 0% and the apex, or right side of triangle, would be considered 100%) and that increasing volume on the breakout is associated with better performance of the symmetrical triangle pattern (2010, p. 318).). Next is breaking the downward trend with some big volume (long term trend, black) and after that the second downward trend (mid term trend, blue), though i except a retracement at the second downward trend but i don't have a glass ball and i'm not gonna predict the future.
Sidenote : Hopefully G20 creates some bullish momentum
Trade safely