BTC is still in the ascending channel (lower section) and has been bouncing off of my long-term trendline. Ascending channels typically are a short-term bullish pattern that often forms within long-term downtrends as a continuation pattern. BTC was in a downtrend when this channel first formed but I wouldn't necessarily call it a long-term downtrend so I am hoping...
BTC did an amazing run in 2017. Now it's time to reset some indicators and go back to the bullish log channel we left during the mania mode. This doesn't mean BTC is dying or anything, we just need a healthy correction and might as well see the current price of around 12500 in February. Last time we broke such a long consolidation triangle down was again because...
BTC is clearly trading in a rising channel, I had previously published a chart showing BTC forming a rising wedge pattern but I really should have given the pattern more time to form before publishing that chart. The pattern has progressed to where it is definitely a rising channel. Rising channels although short-term bullish, often form during downtrends as a...
I hate to be negative but it looks to me like BTC is forming a bearish rising wedge pattern. As I have said before long term I remain very bullish on BTC. A Rising Wedge typically forms during a "reaction rally" following a significant downtrend. Because of that, it often results in a downward break and a continuation of the previous downtrend.
Sell below 15496. Stop loss at 16615. Take profit at 14126. Reason for the trading strategy (technically): Price is seeing major support from our ascending support line and also at 15496 (Fibonacci retracement, horizontal pullback support). We will only sell on the break of this major support which would trigger a push down to 14126 support (Fibonacci...
So far BTC is slowly working its way through my resistance zone. Hopefully, we get another push higher here and it can break out of resistance. IMO this is the strongest area of resistance if BTC can break through and push above $18,000 there will be much less resistance up to $20,000.
BTC broke resistance and is now retesting it as support. If it holds, it will go to the next resistance, which is target 1 and coincides at a fibonacci line. A slight pullback after that can be expected. If the bulls aren't tired yet, they can push through again to target 2. If I made you money, please consider me buying a beer: LTC: LfbKuDHZaDTRUV9pXJuWCUcG14XLrGtBcs
Bitcoin is testing major resistance at 15194 (61.8% Fibonacci retracement, 100% Fibonacci extension, horizontal swing high resistance, bearish divergence) and we can see that there is a strong ascending trend line support that is squeezing recent price action. A break is likely to occur soon and we would increase our conviction of a potential drop if price closes...
Bitcoin is testing major resistance at 15194 (61.8% Fibonacci retracement, 100% Fibonacci extension, horizontal swing high resistance, bearish divergence) and a strong drop could occur at this level to push price down to at least 12915 support (Fibonacci extension, horizontal swing low support, Fibonacci retracement). Stochastic (34,5,3) is seeing major...
BTC over the last 24 hours has been moving higher but has a lot more work to do before I will be convinced that the worst of this pullback is over. Below are the steps I feel are necessary for BTC to continue higher. 1) I would like to see BTC clear the most recent high at $15131, it will have to overcome resistance in the $15,000 area first. 2) Next, BTC will...
We've got a Head & Shoulders pattern completed (it is cleaner on the H4 but I've charted on daily to show the ABC correction as well). Our first target will be $8k and second target is $5k. Stops would be above the $17k psychological resistance level. Now that we've broken the neckline, I would expect a retest of the neckline as previous support and should now...
In our last week's forecasting report on BitCoins, we forecast BTCUSD would potentially hit the target of 16,400 which it did today. We thus initiate a new forecasting reporting on BitCoins and see how the price of BTCUSD would potentially react next. From a technical outlook, the close of 26 December 2017 could not take out the high of the candle on 22...
BitCoins 4.50% made a dramatic move to the downside on 22 December 2017. Investors like you may be wondering whether the price of BitCoins 4.50% ( BTCUSD 4.50% ) would continue to go down in the following week I am sure. From a technical outlook, BTCUSD 4.50% has been oversold and the move is too dramatic. So, there is indeed a possibility that the price will...
Hi Seildev here Today we’re looking at BTC/USD pair. Right now it’s at 15825 and we can see some key elements: - Breakout of downward wedge - Respected horizontal zone 13075 has been respected (full body stays above discounting the wick) - Full body candle close above 50 and 100 day EMA - 1 Hour chart current bull flag forming for another leg up - RSI...
Analysis of BTC forecast based on channel described and fractal growth. Next target for now is 42k usd with a little correction to 28k or a major correction to 20k and after 166k usd with a big correction to 40k usd and finally to the moon above 1 million and to the floor passing a deep depression for some time to repeat all again and again. If follow the...
IMO BTC is looking stronger today, it has broken above my short-term trend line and is just starting to break above my long-term trend line. I would really like to see BTC get above and hold the 100 period SMA.