On the higher daily TF, as you can see there is descending triangle formed. Recently, we just confirmed the downline of the pattern as a respectable support.
I believe we are accumulating now to retest the falling trendline (triangle top).
We just formed double top resistance on 4H chart, and i do think we also formed rising wedge pattern, but definitely not significant one.
There is high probability we will breakdown from here, you can enter short position by using retracement or breakdown strategy..
We are inside 2 significant triangles, ascending and symmetrical. My opinion is this current trading zone is the accumulation phase, which may lead another breakout to the next Daily resistance around $12.800.
We actually just broke down bearish wedge and create new bearish pattern.
Indicate shorterm retracement at least to green area.
If green support area hold the price, we could make a perfect cup and handle pattern on daily chart.
Also on the daily chart, we successfully create golden crossover between 50 & 200 MA.
So, on a bigger scale. We're still in bullish if...
Breakout on the 4H chart after formed double bottom
MACD crossover + RSI bullish pattern
Current retracement position is strong support ✌️
Current price 90-92
Sell target should be 96-98-103-112-134-150
If our double support (horizontal line + top channel) hold the price.
There is possibility to break 200 MA, and expect at least 20% price movement
Buy Area: 1640-1615
Sell target: 1775-1892-2028-2212-2399
#BTC OVERALL REVIEW
The pattern has formed a perfect cup, if a retracement occurs to retest / confirm support at 8570 (or 8249). Instead it will form a Cup & Handle Pattern that'll make the bullish power even more extreme.
Will there be a retracement?
1. Projection of 5th wave length are usually 1x or 0.618x 1st wave length. If you look at the chart, the...
Looking at the daily chart, it is clear that since September 2018 we always make lower highs and lower lows.
There are several higher lows but not quite significant.
YES! Around May-July, there were 2 higher highs formed. But after the breakdown, unfortunately we instead made a descending triangle pattern. (already had a breakdown on November)
Our middle line on...
9100K pump yesterday was a fake breakout and at the same time it confirmed our DOUBLE resistance (top channel and top wedge).
If we see from November to mid-December there is an ABC correction. Then it immediately formed the first 3 waves of the elliot waves, it's likely that we will soon enter the 4th wave.
Now the chart has already breakdown the rising wedge...
An overall update for longterm #BTC:
Overall market is still bullish, with a short term bearish retracement.
Our daily chart has broken out a downtrend channel and formed a smaller uptrend channel, right now we are at the top of it.
Please also note that there is a rising wedge formed, we are exaclty right at the apex now.
RSI Daily is also at overbought...