Short term analysis: At the moment, the formation of an ascending wedge is happening. The price is inside of the template and moves to the lower edge of it which is located around $6550. The price can bounce from this point, moving to the resistance of $6780, in case of overcoming it there will be a chance to get an impulse breakthrough into the range of...
1) indicators we have be making lower high and lower low on both RSI and MACD this confirm the ED (rising wedge) idea 2) pattern We have the obvious inverted head and shoulder, it's located right under a supply zone, ideal position for a fakeout setup and a sharp drop this also confirm the ED idea 3) Trendlines We are now very far from both baseline, and a...
I see hidden bear division on D1, and, a rising wedge. I understand some influencers have mentioned the rising wedge(bearish signal) could be a fake out, and that we could break the 6900-7000 resistance. However, taking cue from my previous experiences charting bitcoin, we've two indicators (both bear div & rising wedge) pointing a similar outcome, i.e. a drop;...
A more thorough analysis of the Short term situation is presented on this chart. If BTC manages to break through the resistance of $6500 and consolidate itself higher, then the price will have the opportunity to test the level of $7000. However the more probable opportunity is a slow and small rise after which there will be a decline to the lower edge of Ichimoku...
Let's look at the weekly chart on the right. The first thing that we can notice is that the TD Sequential (or DeMarks) indicator is showing a red 8, and that a red 9 will form if next week's candle closes below ~$6400. A perfected red 9 would require a candle closing below ~$6150. Either one could trigger enough buying momentum to cause a trend reversal that could...
$6800 and $5500 would be the short term targets in case of a breakout or a breakdown. Indicators look neutral even with the Stoch RSI overbought (curving up). If break down occurs an inverse Cup & Handle pattern forms, which could pull the price down to $5500, which COULD be our bottom before rallying, keeping in mind, much lower targets could be reached,...
We left the falling wedge after coming close with the base so a reversal to the start of the wedge is expected which would be 6700 USD price range where if we break 6800 USD resistance we should move to 7k area. Some indicators: Stoch RSI oversold bullish signal Confirmed the falling wedge reversal with the bounce and expected rise to the top Declining volume...
Hey guys, Have been away for a while, but now I am back on track. Bitcoin reached bottom at 6100 USD price range since when we have had a strong bounce to 6700 USD price range. Now, most traders and I myself don't account it as a bounce which would confirm a bullish divergence in the market after a deep correction like this one however there are some bullish...
Weekly Trend timeframe showing price has just reached our major support zone 4000 satoshi. Expecting some weekly consolidation at this level, stochastic rsi showing momentum has bottomed out. Daily Shifting over to our pattern timeframe we see price respecting a descending wedge pattern. Stochastic RSI still showing momentum is a our bottom. A daily close...
Look at the current situation with BTC. The price of BTC is $7656, slightly above EMA21 ($7628) and EMA50 ($7601). Also local upward trend support is located there. Strong supports, so I believe that BTC will retest the upper resistance of the ascending triangle at the price around $7750. But, now I'm not sure we'll go even higher. If we look at BTC, It forms...
Hi Guys, Here I am going to talk a little bit about the foundation of the Elliot waves then will discuss my idea. The form of the Wave Principle reflects the progress not of each man or company but of mankind as a whole and his enterprise. Companies come and go. Trends, fads, cultures, needs and desires ebb and flow with the human condition. Therefore, the...
Today, We saw huge dropdown occured by bearish Rising Wedge pattern. BTC dropped down, below EMA21 and EMA50 again. It can be seen that these two trend lines are a strong opponents for BTC. We saw some false attempts to break EMAs trend lines, but the true breakthrough still did not happen. Today's goal is to close above $7550, above EMA trend lines. Then...
The whole market has been on a drop lately which I think is going to be over soon and I have no idea based on what analysis some traders see a further drop...no idea... From yesterday's chart, I predicted the price to drop further and find its support at 7300 USD price range which is what happened today the price dropped below 7400 USD to 7350 USD and we bounced...
The price touched the lower edge of ascending channel and can break it down. It should move lower to the Ichi clouds zone which will be a support level around $7430. The volume is decreasing and indicators become bearish. The formation can be interpreted as an ascending wedge, which indicates the emergence of prerequisites for the upcoming downward movement....
The crypto market is facing some drop now.. So it can be good time to short some of your coins/ sell now and buy back later. Ethereum is one of the top coins and my advice for Ethereum holders would be to short by 3.70% and buy back at the price of 0.076 BTC. Some indicators showing a downward movement: STOCH RSI is overbought which is a bearish signal RSI and...
Hi all, A lot of new comers to Crypto join when buzz is at its apotheosis, and first reaction is "I want it too!". However the market does not care when you enter it, you have to understand it's speed and behavior and adapt to it, not the other way around. This week is special, since we are ending the Bear Market and entering the "Summer Bull Market" from...
So if you followed my yesterday's update, I talked about two scenarios that could take place and the first scenario which I said I believe is going to take place and that is what happened, the price dropped however I was incorrect with the price that it would drop to, still it was a good price to short at 7700 USD. However my prediction was a drop to 7588 USD and...
This graph shows both the short and long term trendlines . The short term trendline marks the buy zone. We are still inside the triangle, however we are reaching it's end. Currently bitcoin is in a rising wedge, any breakout will happen within 6 weeks... For this week bitcoin moves between an area of $6900-$8300 with resistance levels at $7900. If we break the...