BTC in 2 possible scenarios, this is scenario 1: descending triangle broken earlier than expected with confirmation last night of the breakdown, we hit the support line 1 at $30,000 and bounced back soon after, we have a good change that at least we hit the resistance line of the triangle next and even have some chance to go inside again if not and we break down...
There is a strong possibility that soon we could be creating a new upside leg, this could go parabolic again and we could hit the real top if we manage to break the previous high, but if we fail we could start our official bear or mini bear market, I seriously believe we are going to at least create this new upside leg, lets see whats happen after.
Is this the final trend reversal with this W or are we going to continue forming this descending triangle? we only will know if we break this formation, fingers crossed.
We are breaking down a Descending triangle, I believe we have a descending broadening wedge formation too and we could bounce back there to go inside the triangle again or at least retest it because we are also forming an inverse cup and handle in the one hour chart, you can see more clearly in the 30 mins and 15 mins chart and the target for a breakdown is right...
We could have hit the bottom of a descending triangle now and not a falling wedge anymore, we should recover from this fall soon today, but I expect this triangle to break down next weeks or even days and continue to form the arch in a downtrend for some period of time, it could be Months.
Btc idea update. (best time to buy)
we hit the bottom of this falling wedge, we have a strong bullish divergence in the 4 hours chart, I believe we will touch the top of this wedge next week if manage to pass the 21 EMA line, nothing to worry yet.
We had touch the bottom of this falling wedge, at the same time we are having Bullish divergence in the RSI, I am now expecting a move to the upside the next few candles in this 4 hours chart.
It looks like we are in the way down from this parabolic arch we have formed and we could had hit the top of this Cycle but I believe we didn't hit the real top yet, but I also believe that we could form a mini bear market now and probably after summer we could go parabolic again to reach it, it is a possible scenario like the one in 2013 and we could go above...
the target measurement is almost $43,700 but I have a support line in a daily falling wedge at $45,200 if it hits today, so that would be the most likely scenario if we break down.
It looks like we are inside a falling wedge, I believe we could hit down again before up if we don't manage to pass the 21 EMA line.
We have 3 different formations on BTC daily chart, whatever it is be ready for the next big movement of bitcoin by next week.
Rising wedge breakup, we could hit at least $1,890 next few days if is not a fake out.
Ada have broken a W pattern and could easily hit $2.07 in a few days
BTC looks very strong, but are we going to manage to break this rising wedge to the upside? that would give us a target above all times high, normally this formations break down but anything is possible in btc, a big move will come when this break.
Bitcoin could easily hit over $100,000 this year, we are just consolidating and at any point from now we could have our next and possible final parabolic run till we finally hit the red line at the top of this rainbow chart I have created with the bitcoin Log Growth Curves Dark indicator.
we had make resistance today in the 21 EMA, If btc doesn't manage to pass above that line we could dramatically create a new lower low on the next few days.