Seems to me that an inverse head and shoulders pattern is forming on the 4H chart. This could mean that Bitcoin will test the resistance line at around 9500 Euros once again.
If we do fall trough the 7500 Euros level it doesn't seem to look very good to me. I would only trade this if the indicators show a sign of reversal.
Feel free to discuss this idea with me.
Price is at key level.
Crossing of blue bull trend channel, fib resistance level and past support line.
Bounce would lead to retest of red bear channel from the top.
Failure would put lower floors around 7400 euro on the map again.
Bear might win this one short term. Correction is expected as people take profit. Next run will hopefully break resistance.
The decrease in the asset in the price on the basis of x-volume indicator data. Well visible are the infusions from the bears and the zealous distribution of bulls. Levels by X-Lines. Both this indicators you can find in my list of scripts.
This is my thoughts about BTC future. Very long term. Maybe you have some remarks on it? i think this will last till Semptember or December. And we will see new ATH!
Please share your opinion about it.
I don't think we will hit 50K € this year but it's possible to see up to 30k
Feel free to comment my mistakes and share your thoughts.
BTC will not complete H&S and is going down quite fast. Let's see if the support at € 8300 is strong enough, but I think we will see a test lower at € 8150. If it goes like the last time we will se a bounce. Dangerous zone for opening any position.
There is a reverse H&S forming, but also low volume and other contradictory signals. Best option now is to wait and see if the market takes a clear direction.
Example of a trend break after active accumulation.
The analysis was performed using the X-volume indicator. Thin vertical dashed lines indicate candles with active accumulation. The blue dashed lines indicate the process of redistribution. For details, refer to the instructions for the indicator. It should be noted that it is not true to speak of a trend change...
Symetrical triangle in formation between the top of the downtrend channel and the bullish trendline formed since the bottom at 4700€.
The next few hours will give us the long-awaited answer :
- BREAKDOWN BELOW THE BULLISH TRENDLINE : We are still in the bearish channel (in this case, prepare your short in direction of our first target, the intermediate line...
If we can break trough the resistance at around 9500 Euro and find support there, we might be bullish again and reach our next target at around 12800 Euros.
I think for as long as we don't break trough the purple trendline we're still in an uptrend. We'll see how this one turns out I guess.
BTC/EUR has broken above major EMAs and momentum studies are bullish.
We now see scope for test of cloud base at 10000 levels.
Technical studies on daily charts are turning slightly bullish. We now see +ve DMI crossover.
The pair has broken above 38.2% Fib retracement at 9198. Next major resistance lies at 100-DMA at 9938.
Break into daily cloud could see further...
