We are at the 50% retracement line. We are near the bottom of the wedge and we are near the end. I think all in all things are gonna go up from here and it will break the upper boundry and shoot up.
XBTEUR hit 0.236, ready for a bounce in the regions of 0.618/0.786.
My target is €385 however it could drop as far as €377 in order for it to bounce off the trendline. This is also a 0.382 retracement line from the low in march and the high in April.
I think this triangle will break. When they look like this, ie. the upper line is almost flat, it usually doesent break up. But with the media attention Bitcoin has been getting, i think it will break, and that will start a significant bullrun after. Copied the bars from run on the left to get an idea.
Final Destination: Bottomless Pit
Let´s be honest, the fundamentals are just too bad and rejection after just breaking up super weak. My bets are on Ether here...
It seems when candles show no clear direction in movement, price will eventually resume the direction it was headed. I drew a random trendline from the bottom closest to the current consolidation, and drew it through the middle of the consolidation. If price action starts next month (May 2016) it may go as high as $525 and i think that could be a conservative estimate.
This is not easy for me to explain. But first of all, The big rally before the triangle, did not break down, meaning, the current candles are almost higher than the candles from that rally. Thats incredibly strong. The tight, emerging uptrend i drew, although the price is outside currently, as you can see, it was briefly outside a few days ago as well. And the...
Bitcoin attempting to leave emerging uptrend. However, its still in a wide downtrend. I dont know what this means. But im rooting for bitcoin. Have a nice day.
I dont know but thats what this chart suggests. Have to make across the upper trend line this week(3 daýs left at the time of writing) for bullish action confirmed.
