Green Box highlights the 50% retrace of major swing low to high as well as the most recent swing retracement levels.
If BTC gets a strong bounce from highlighted area, the next bullish signs to look for is a break of up-sloping resistance with a backtest in the new trading range.
Fibonacci time zone from 3k to 13k shows BTC will enter Golden Time Zone around Sep...
- The Cypher has a PRZ around $8500 with a .786 and 1.272 D-point coinciding with the .50% retrace of major swing low (3k) to high (13k)
- The Bat has a PRZ around $7300 with a .886 and 1.618 D-point coinciding with a .618 golden retrace of major swing low to high as well as the .236 or major swing high (20k) to low (3k)
With the bears in full strength it would...
BTC made a higher low double bottom with higher levels of relative strength and MACD bullish momentum. The interesting area to watch is the MACD moving averages breaking or rejecting the down-sloping resistance of a descending triangle pattern.
- Sell target is .886 retracement as there is a big bearish bat pattern PRZ and is close to double bottom measured move.
The right shoulder has formed a falling wedge with current price action. There isn't much sentiment for a bullish move yet, but a break of the falling wedge to the upside could be expected as MACD bearish momentum is losing strength on the 60 min chart.
Typically False Breakouts dont go higher than 5% from the breakout point. Here is a perfect example of price breaking the neckline, rising less than 5% and returning below the breakout point. Price action has formed a head and shoulder pattern with RSI bearish divergence on the neckline.
.618 retrace on the handle which has now double bottomed with Class A Bullish Divergence. Could be in for something big.
Weekly chart also has bullish divergence on the Cup Neckline.
*Not Financial Advice*