BTC is either in an ascending triangle, OR a channel, if one is discounting the covid drop in march.
Having been just rejected from breaking out to the upside, logic would say the bottom of these structures now needs to be tested.
This leads to 2 target areas.. if an ascending triangle, we are looking at 10k bitcoin again. If just the channel, then bottom is...
Thought we might pull back, but the oscillators are so bullish, nothing is dipping very far below neutral.
Cleaned up the chart, showing current support/resistance.. possible path to bounce around in before stepping up again.
I think we will see the convergence of several items on this 4 hour chart.
1) Prior highs diagonal trend line broken with this latest upward diamond pattern, could now be tested as support.
2) This lines up near the 200 MA (green line)
3) Also near diamond pattern measured target down (vertical line)
4a, & 4b) Add in falling RSI, and bearish MacD,
So, I think the chart tells me that we have a rising wedge, which indicates a bearish move to the downside.
The top blue line, is very nice. I like that new highs have posted, and it isn't too steep. This is a nice long term trajectory for btc.
The bottom blue line, needs to fall off, as it is too steep to be maintainable. I drew a green line visually at the...
Seeing possible head and shoulders, and tomorrow the fiat market is suspected to tank.. So thinking this is bad scenario
On other side,
Also see possible Elliot corrective wave C, also coming down, but not too far - 67-6800
So, I'm looking at the 7900's which is a convergence of the 61.8 fib retracement, as well as the 200 day moving average. I see the price heading here, it might take a day or two, but once there, I expect it to fall back to test the blue upward trend line. Maybe it comes back down to the 7100's and from there I expect another leg higher past 7900, making that the...
so today, my chart looks like this.. just looking for the next support level and come up with the 61.8% fib retrace.. around 7950. also at 8150 is the weekly 55 EMA, so somewhere in there might be the next stop down. It looks to have broken out of the wedge to the down side, and would expect that to continue until we find support.
just note, we still have a...
When I draw out what is there, it looks a little too neat for my taste.. a little too perfect
The purple line is the long term trend line, which has been broken recently a few times, so I'm not sure how much it is worth, but I think it still has some influence.
The blue line is a similar trend line, that just doesn't go back as far, and flattens the curve as...
Just a weekly look at how things are setting up..
Closed below the 21 weekly EMA, now looking at the 55, and possibly the 100 to stay in the channel.
200 MA in green bringing up the rear.
IF, it stays below the 21 EMA, then I think this is bearish to the downside, but if it were to break above it, and break out of this channel for a couple of weeks, then maybe...
Identified on this chart, are potential target lines in blue representing previous resistance and floors in the price of bitcoin. I have shaded them in different colors, but it doesn't have to bounce inside them as it did with the yellow area.
I don't know if it is going all the way back down or not.
There are some that believe the current Bitcoin is broken,...
I keep seeing bullish ideas pop up on my screen all day today, and have no idea what all you people are smoking..
The failed bull run was likely an abc correction of the continued downward momentum, so we have finished wave 1, and have seen a small bounce for wave 2, which I fully expect to be followed up by a sharp wave 3, down to the 4800 area, followed by a...
drew new less aggressive support line, giving a little more room to breath in this triangle.. i guess this is a wait and see until etf decision in late sept?
there is room to make some money inside here, but what is the catalyst for the move higher?
i don't know of anything that really moves the needle.. maybe time to look at alts.
Well you may be able to keep riding this coaster if you are short... quite contrary to the signs you would normally see at a theme park, but I digress..
We broke that support line.. heck, I even turned off log on the chart to give it the best chance of not breaking it, but we did anyways. Unless this turns around quickly as in a false breakout, then I think this...
So we broke the last down trend, and have redrawn the new flatter line, which matches up with our lower support line, giving us another symmetrical triangle. We are also approaching the 61.8% retracement of the latest lower high, and so there is a potentially a buying opportunity coming up soon. I think this breaks to the upside, if the support line holds. ...