We have had monthly declining volume since 2015 but the price has been increasing since then! This is very bearish and is indicative of a major reversal which looks like has already taken place but the major volume has not come in yet to indicate capitulation! My guess is much more downside price action! Be careful!
Currently looking for the .5 Fib retrace of this entire move up from the bottom of the last bear market.
This coincides with this monthly trend line.
Target is $1800 with possible capitualtion wick to lower 1k levels at the .618 golden zone.
Looking for a monthly candle body close on this line.
Monthly macd cross
Rsi not oversold on the monthly yet
We have technically broken this long term trend line going into a possible global recession!
Capitulation is highly possible like what happen when we broke this line before in 2015! ( shown at bottom of trend line)
Bitcoin looks to of held the demand line support line which coincides with the golden .618 retrace.
I expect a bounce here!
Possible retrace to .382 or higher to close CME gap at 9.1k then continued downtrend and then break of the demand line to find support at the second demand line which is also where the 200 week MA is!
I updated the channel for weekly closes top and bottom. As you can see we have only really hit the bottom channel 1 time if you don't count that wick. Top channel has been hit on 2 occasions so far with 4 weekly candles right at the top of it recently. I am looking for a long dragged out down trend back to the median line. I have outlined in green different...
This is an update to my last Pennant formation!
Blue Vertical Line is estimated Halving Date!
Both charts are posted for future reference!
Upward break out would confirm to the market that the Macro Bull Trend is still strong and a confirmed bull market would continue!
ABCDE Triangle Pattern which would have started at the lows of July 2017.
Looking for the 3rd bottom touch around 5500 which is the .618 retrace of the 3k low to 14k high in Log Scale.
This level also coincides with the 200 Week MA.
The Blue Vertical line is the estimated Bitcoin Halving.
I do believe after this pattern fully completes which wouldn't be until...
Bitcoin capitulation still coming with plenty of room to breathe until then!
The Halving will be the biggest Bull Trap in Bitcoin's history!
Monthly RSI will hit oversold for the first time in Bitcoin's History!
ABCDE Triangle completed!
Targets after we break the upsloping line are between 41-50 USD! Golden .618 Fib on this chart (Kraken) is $50.20 and on Coinbase it is $47.47!
I believe ETH pumped this entire market up more than anything during the 2017 Bubble as everyone had to use it to buy mostly SCAM ICO's and also it was a major trading pair for ALTs other than...
As you can see from the previous bull market that we corrected in a massive ABC pattern with a 1:1 extension of the A wave to the C which led to it being hit and then a true capitulation wick followed! I expect the same for again! The 1:1 extension of our current A wave to the C would put us at around 2200 USD with a true capitulation wick of the same percentage...