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ANALYSIS: 1W - Macro RH2 1D - RL3 below 10000 DBL on 9500 weekly support CONDITIONS: 4H - Confirmed RL3 approaching DBL/RH4 ENTRY: 1H - Sell stop confirmed DBL/RH4 on RL3 break STOP: 1H - DBL/RH4 TARGET: 1W - RL2 NOTES: Biased short 7600 next clear support is weak 6000 may become new DBL within larger macro consolidation 5000 first clear support following...

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Inverse H&S Head @ 3200 Neckline @ 4100 Depth = 900 Target @ 5000

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From the daily chart, market conditions have changed as of the April 13th failed reversal and subsequent upside break of the long-term trend that has contained price since all-time highs (orange line). There is immediate resistance above with a 9500 - 10000 resistance zone and the 200-day moving average. However, likely to be broken with continued upside to test...

BESTY Updated 

Bitcoin is currently testing a key support level in the orange trendline. This level has been relevant since October 2017 lows with multiple rejections. If this support fails, I believe 6000 February lows will likely be revisited and taken out to the next key support level below.

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Were February 6th lows the absolute bottom in this bear market cycle? - I'm not convinced and I do see potential for bitcoin to trade into the 3000's. If 'CURRENT SUPPORT' breaks, I believe 6,000 is the next key level. However, twice previously within this current bear market cycle, bitcoin has experienced significant downside capitulation when a long-term...

BESTY Updated 

Bitcoin is still contained within the falling wedge and now closely approaching the apex. Since March 6th highs at 11,500, two confirmed bear flags have developed within the falling wedge structure. The downside breakout of the second bear flag (March 17th 20:00 close) also broke the 8,000 key support level and closed below for the day. Support was found at the...

BESTY Updated 

Bitcoin 8,000 target has been achieved. Since March 7th breaking back within the channel and 10,000 failing as support, 8000 has been the next significant target where price found minor support at the 200-day moving average. However, the intraday price action (1-hour chart below) suggested an imminent downside break of the minor support and fall to 8000 which...

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The 200 moving average is currently providing support, however, in the form of a bear flag structure (better seen on the 1-hour chart below). If the 200 moving average breaks then i believe 8,000 is the next immediate target with a further significant decline likely due to validation of the bear flag structure and the March 9th bull trap. There is significant...

BESTY Updated 

The overriding structure that has been containing bitcoin since December is the parallel down channel. The channel has been adjusted to identify March 5th highs as the third rejection of the upper boundary of the channel instead of February 20th highs which was previously considered the third rejection. Two things to note with the adjustment of the channel:...

BESTY Updated 

The parallel down channel has been the overriding structure containing December all-time highs and February lows. A breakout of the channel occurred at the start of March in the form of a rising wedge approaching the 11,500 neckline of an inverted head and shoulders. 11,500 was achieved and held as resistance with a resulting downside break of the rising wedge...

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600 is the next significant support level and the geometry of the head and shoulders structure (orange annotations) suggests a 600 target (yellow arrows). If price achieves the 600 target and support holds then the top of the parallel channel (solid red line) would be the next significant resistance level. If price achieves the 600 target and support breaks then...

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The rising wedge structure that formed as price was approaching the inverted head and shoulders neckline (dotted orange line) has achieved the 10,000 projected target (dotted yellow arrow). I stated in previous breakdown that further bearish pressure would be accumulated on the way down with a double top formation rejecting the inverted head and shoulders neckline...

BESTY Updated 

Looking at a zoomed-in view of the right shoulder of the larger inverted head and shoulders structure. As price has been rising back up to the neckline after forming the right shoulder, it has done so while developing a bearish rising wedge structure. A downside break of the rising wedge (broken green line) occurred yesterday March 4th 11:00 candle close....

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Establishing the neckline: February 21st highs established the neckline of the inverted H&S structure (orange annotations) with confluence at the 50% Fib retracement level (faint orange line) when connecting January 7th highs (top of channel) to February 6th lows (bottom of channel). Confluence was also found at the resistance level (solid orange line) which has...

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In order for me to give Bitcoin the all clear for the official end of the bear and confirmation of the bull, I must see these 3 things first: Step 1: Upside break above the parallel down channel which has been the overriding structure containing bitcoin price action. Looking at the 8-hour chart, you can see this has already been achieved. Personally, I would like...

BESTY Updated 

Upside confluence as high as 17,000 with current inverse head and shoulder structure formation (orange). Downside confluence as low as 3,000 (pink) waiting game..

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XRPUSD technical picture

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ETHUSD technical picture