RSI momentum waning up at these levels(3 instances of divergence) Testing previous 2nd Jan high, channel support and RSI trend line. Break of this level opens up downside towards mid pitchfork level Bounce at this level will see retest of mid channel level/Upper level of pitchfork For a larger picture of pitchfork pattern:
Caught between 2 zones of support and resistance. Support area (red box) much stronger. Confluence of old support level (3rd may 2016 low), .764 fib retrace of 5th may - 8th sept decline, .5 retrace of 8th sept - 27th oct incline. Look to fridays NFPs for guidance on which way this will break. Will be back with an update after release
Bounce off 1st wave high + 50 day moving avg + rsi trend line + .382 fib retracement of 30/12 - 3/1 climb. Not massively confident in the support. Could spike lower and retest triangle trend line. Upside still capped by red zone. Need a pick up in volume to slice through it
Looking at the pattern in the recovery after the 08 financial crash, there are some similarities in the current recovery of oil 0.03% prices. 1st level of resistance being tested now (May 2015 highs) 2nd level will be 0.5 fib retracement of June 2014 - Feb 2016 crash. Area has also acted as support/resistance at various times. 3rd level .618 fib...
Finding a good base to climb. .5 fib retracement of 30/12 - 2/1 climb Retest of parallel channel + mid point of largest parallel channel See how this most recent 4h candlestick finishes. Potential morning star pattern / hammer.
5th wave up to be completed or strong resistance push it back down? GBP weakness across the board helping this move
Looking for a corrective ABC pattern after 5 wave advance Break of RSI trend + trend line connected from 1st + 4th wave should give downside momentum Break of resistance at ~0.713 will invalidate this play in the short run
Looking for a corrective ABC pattern after 5 wave advance Break of RSI trend + trend line connected from 1st + 4th wave should give downside momentum Break of resistance at ~0.713 will invalidate this play in the short run
Break of .236 fib which has acted as good support will open up downside Parallel channel hit and reversed price action earlier today Waiting for break of yellow line & RSI trend to confirm downside potential firstly towards purple box (confluence of 2 fib levels) and secondly towards .5 and .618 fib levels.
Another bounce off recent support or will it finally break to test neckline?
Along with my previous analysis 4H chart is setting up an inverse head & shoulders (albeit not a perfect one). Break of the neckline could coincide with the break of the RSI trend. Some bullish doji/hammer patterns If the daily candlestick too turns into a hammer pattern will be a strong bullish signal. RSI still capping short term advances
Past 4 times RSI breached 80 there was a nice pullback End of 5 wave climb and end of corrective ABC wave .764 fib extension of 7/11 -> 27/11 -> 12/12 in contact Previous area of resistance in late august/early september
Good support found around the .618 fib retracement of 27/12 -> 30/12 decline & the .236 fib retracement of the 17/12 -> 22/12 decline. Break down from channel could be a false breakout. A break of the RSI trend line could see a pick up in bullish momentum Could be the beginning of the 3rd wave in an elliot trend starting from 22/12 bottom.
Just a good look at how aggressive the moves in bitcoin have been and the various pullbacks throughout the years
$13500 acted as solid support and now it's turned into a strong resistance area for the near term. Expecting a test of the bottom channel line around ~$12000 A break of the RSI trend could be problematic
I don't necessarily think this bear trend will continue but if it does some things to keep an eye on. The longer elliot wave trend starting on 17/12 (white) The smaller elliot wave descent starting on 27/12 (blue) The various fibanacci retracement and extension levels. Yellow trend line if we do manage to collapse that low (rule out nothing in cryptocurrency)