Bitcoin is trading at a strong support area.
There is the weekly 50 SMA, a longtime fibonnaci and also a big bullflag pattern, still valid if BTC turns around in this area.
If the bears win this fight i see the next strong level at the weekly 200 SMA, also this would be the target of the SHS pattern.
Hi, just noticed that its possible to switch the fibonacci to the logarithmic scale in the options. Works good on the weekly BTC chart. I drew one for the whole bullrun 2015 to 2017, and the bottom in December is exactly at the 0.618.
Logarithmic Fibonacci Magic ?
Welcome to this in deep, multi part analysis of Litecoin!
First part is fundamental, LTC or Chickun, (the name the real pros use for Litecoin), is a very strong coin, basically digital silver. Now that it has been chlorinated by the secret world government it will go to the moon soon!!
What every good stock trader knows: what is bad for your health is good for...
When looking at the history of the chart I see that the 100MA and especially the 200MA on the 15m and 5m timeframes often are resistance levels after a strong and fast dump.
These are possible sell/short entries on the way down if you missed the first wave. Always set a stop loss and try to trail it down when the dump continues.
I zoomed in after my weekly analysis. I see a strong resistance zone at the 7400-7700 levels.
On the chart is the 200MA and the 700MA(=100MA from the weekly).
Also I have drawn a short-time Fibonacci retracement with the 1.618 at similar levels.
A strong reversal in this area would be a bullish sign, it may complete a giant bullflag.
RSI is also looking...
Hi, I found a MovingAverage fractal on the weekly chart, maybe we are on our way to test the weekly 100MA to confirm the bull market.
Also very interesting : the current neckline of the H&S pattern is almost parallel to the neckline of the H&S pattern in 2017/2018.