Most charts and all the news are extremely bullish.
I zoomed out on the weekly timeframe to look a little longer at the good old ascending triangle.
It might play out like the end of 2017.
I lost about $70k at that time!
I do think there's momentum to invalidate this idea in the shorter term, particularly because there is very good reason to be in BTC due to...
Though the previous 58500 swing high was more than enough to sell off but taking off the stops above the 10th of May 59580 and not giving only 0.06 USD to the market to reach 60K is a good idea indeed. With this impetus in the extreme weakness area the targets upon the channel lower border break-out should be automatically extended - from 24.5K to 12.3K. The...
The Head and Shoulders pattern is one of the oldest recognised market structures. Representing a fully formed fractal when completed, the H&S confirms a short term reversal in trend.
Setting the levels 50%,100% and 200% on the Fib tool, I have devised a simple system of confirmation/action to take advantage (profit) from the completion of the Pattern.
1st...
The way the price has been climbing up towards 57K since last Thursday proves to be very exhaustive one: as in December 2017 on the daily chart we can see the rising wedge which was generated within a trap above 51500. Thus the overall picture suggests a very large correction channel to the previous rise of 55000 dollars (until high of the 14th of April)....
Understanding Rate of Change (ROC):
Rate of change is used to mathematically describe the percentage change in value over a defined period of time, and it represents the momentum of a variable. The calculation for ROC is simple in that it takes the current value of a stock or index and divides it by the value from an earlier period. Subtract one and multiply the...
What kind of market reaction are you waiting for in response to the forthcoming SEC decision today, tomorrow and on the 25th? Most likely negative taking into consideration where BTC is at the moment. Overnight the price has painted the local swing low @58950 and that is exactly the level starting from which the bulls’ problems might begin. Lower than 58950 the...
After an ideally painted 2nd point on the upper border of a very large correction channel we were pleased to see the complete bearish Wolfe’s pattern execution on top of the chart followed by a deep retrace. The further descending way of the price might very well be fast, severe and sustained. After breaking of 50400 we are likely to see the price impetus...
Just something that came to my mind, what if this is the left shoulder and could it do something similar? I used the fib to see if it will match the 0.5 fib. Who knows, maybe I am wrong but is something that came to my mind.
Ongoing formation of a tweezer top candlestick pattern on the daily Bitcoin chart. Overbought Stochastic.
Pay attention to the white line which is the Fibonacci 618 if the price goes beyond that level it will get the 0.50% at $46,908.
Yesterday’s work against irrationality brought the price back to the broadening wedge new entry trigger @54560. However, this morning we can see no price strengthening within the wedge framework. At the same time, we’ve got a break of a strong support level of 54560 with its low @54140. This so far false break will turn into the true one as long as the price goes...
Two 4-hour timeframes candles @ 9 a.m. @ 1 p.m. CET yesterday diverted the attention of bulls from the necessity to step back to 48K level before breaking a very strong one @50380. Since it was not done and we currently show the price weakness instead of its strength the buyers have now found themselves in a double trap - above 51K on top of the previous 50380....
A Friday 3-minute impetus of 2200 dollars at 11 a.m. CET has changed the picture but not significantly enough, as we can see on Monday morning. Despite the formed broadening (blue) wedge last night’s attempt to launch the price from its 3rd point and even out from a trap below its lower side has ended in failure. However, at the moment the price being again in...
Crypto markets across the board showed their hands for a possible reversal at previous highs.
Will this be a continuation of the bearish pressure seen during September?
I believe this is a retracement before large extensions towards 60K.
We will be entering trades as we observe price action at our key support/demand zones.
