BTCUSD Is undergoing sharp downsides, this on the left can be observed to repeat touches along the top / middle of the channel On the right is a fantastic observation of the 4W chart for BTC showing a horizontal that touches two places of the previous bull and bear run. We can then use this price level as an area of support. 14K lowest, 20K great entry, fire sale
I believe BTCUSD to be near the bottom, price should not go much lower than the prior ATH, that will be a strong level of support for price (yellow line) Vertical green and red lines are periods of bull and bear market behavior respectively Get some BTC while its cheap!! Was just wrong about the wedge structure on the analysis above
Making assumptions that price may recover due to this bounce above (orange dotted line) leading to a breakout within this expanding green structure The dashed white line goes directly through the middle of the green formation Price speculation idea
Break out of the Fibonacci Circle of the dominant upward trend The green dotted line can be seen to be hodling While price has climbed out of the previous 1.618 resistance and into a new fib arch
The 200MA on a Weekly timeframe in this case is a strong support point for price Similar price action can be seen along the 200MA within prior rectangle Both will likely lead to continuation
Considering the lack of a bullish divergence in the current MACD scenario, yet it being so similar to the previous movement, will we see continuation of the dominant uptrend? (in grey). We will have to see if a continuation pattern on the MACD follows the current formation, as it did in the prior yellow rectangle containing the bullish divergence
Using Fibonacci circles we can see price rise above the circle briefly then retest the area as support, this is a common feature among 1.618 and 3.618 In both situations this pattern has led to continuation of the bull trend, which looks strong (dashed line)
A nice upward channel has been provided on TJX Within this upward channel three points for the inverted H&S can be identified, this is a continuation pattern within the channel Buy the right shoulder along the bottom channel band
A chart pattern formation completion upon price movement upward Third peak must be established Price has cleared 1.618 of a downtrend circle Bars pattern is price speculation Weekly Chart
TSCO is currently testing the upper line of this larger broadening wedge formation This is looking to act as a point of resistance, supported by a bearish double top formation
The up strongest up channel can be drawn with a formation that formed very early (2012) Red horizontal lines are top points along the up channel We currently just experienced a top point along this channel and price is falling from its touch I have placed a green box where I think price will recover on this Weekly timeframe
A classic cup and handle pattern formation This formation loves to break out to the upside after complete formation
The up strongest up channel can be drawn with a formation that formed very early (2012) Red horizontal lines are top points along the up channel We currently just experienced a top point along this channel and price is falling from its touch I have placed a green box where I think price will recover on this Weekly timeframe
Repeating structure in green rectangle Continuing the up channel Red horizontals are the very similar points just on different magnitudes
Green trend lines are strong up trend lines A H&S pattern is completing itself above the trend lines This H&S will bring price back to a strong level of support at the horizontal white line Daily Chart
Head and shoulders patterns everywhere! The left head and shoulder pattern is the structure for the larger left shoulder! Pretty cool
A new support has been found upon a line that was recently seen as resistance (green dotted) This is also above a larger up channel formation This support touch should result in a bull bounce
Areas in white rectangles show very similar price pattern and both lead to a should of the head and shoulders pattern present on the diagonal uptrend line A larger double top can be observed between these two peaks All these assumptions support a downward move on this Weekly timeframe