Very very important chart.
What to look at:
- Multiple triangles made of black think support trendline and red overhead local resistance.
(Black support breakdowns are labelled)
**The current impulse to the upside is interesting because this is the first time during this bear market that we close above the local resistance red line.
On Oct15 2018, we made an...
Significant trendlines cross overs can be used to anticipate violent price actions.
After a boring week of consolidating we have reached the apex of the wedge structure.
Anticipate violent move rather soon.
Bias is bullish. But shed longs if price action does not reflect impulse.
Two trendlines blue and black.
Both are respected by price action, especially as we kiss the blue line all the way during the recent sideway price action to the down side.
Now the buyers must defend the price above these lines.
Red lines indicate drop back below trendlines and we anticipate strong bearish momentum.
For the time being we accumulate, and add-on...
EW and trend analysis can be found in previous ideas.
Just want to mention the MACD cross over possibility and histogram ticking to the upside on a W1 time frame.
This is ideal for long term HODL investments.
Same with RSI bouncing off at bearish reversal zone of 20-30.
We are waiting for overhead resistance at 3800 on lower TF to be taken out. And then...
confluence: 2.618 ext of wave 1-2 of c
.786 ret of bear swing
ABC to the upside in a bear market.
Anticipate wave 5 of C.
- 5 is in and we move down. Unlikely as we didn't interact enough with 616 ret.
Although we do have interaction with 1.618. But the market is hesitant with sideway action. Thus primary count remains 2.618 ext target,
The current preferred count of mine is a successful ABC correction since ATH. (see related post)
And that the bull swing from Dec is the start of a new impulse to the upside.
Price retraced to .786 level of recent bull swing as anticipated (btc has propensity to retrace.786 in first waves or recent corrections to the upside during moves down)
I loaded some...
Using the inverted chart to plot a successful ABC correction since ATH.
This count fits fib perfectly (and so i like), although in a few cases the guideline of alternation doesn't apply.
In summary, we have a zig zag (5-3-5).
-A wave has a truncated 5th wave but that's ok. Fib fits perfectly.
-B wave retraces .5
-C wave has 5 wave structure. And using fib ext...
- RSI attempting to print bullish divergence. To satisfy the rules we must break the first high at 42 to count as a printed bullish divergence.
- Price action wise on the D1 chart:
A red candle after two green days.
The bounce was of a larger degree than all previous red candle sticks during this decline.
The bears are showing their hands fairly early given that...
We broke historical trendline support in late november.
Now price is printing reversal pattern at 1.618 ext in black from a .618 retracement.
A dragon fly dogi yesterday.
Price action is forming a descending wedge as RSI flattens.
There is no obvious structural support between 2980 support and ~ 1k, so this is a price area to look closely after.
- Two critical uptrend lines to watch:
~black: wave 3-4 lows
~ red: beginning of wave 1 & wave 3 lows
-->Obviously, the black one is more significant (textbook & in reality).
- One critical channel to watch:
~ the downtrend channel on the right.
- One extreme support to watch:
~ dotted line $0.30
- One local support to watch:
~ red line at...