Bitcoin rises to the top of the channel in last weeks Bullish breakout
The resulting rally ran out of steam near 6+ month trend line resistance and staying inside of the falling wedge.
If Bitcoin is unable to get the legs to break through the resistance we could be looking at a pullback to the bottom of the wedge for another touch at support near 13k area. It is...
Ethereum Bullish signs:
MACD 4hr & Daily ticked bullish
Ascending triangle (60% probability upward move)
All 4hr MAs are now in range or under Ethereum price making it possible to get above and break out
Ethereum could be a leading indicator here for which way BTC is going to move after consolidation
Clean consolidation for bitcoin over the past week/ weekend.
Beautifully setup ascending triangle leading into the week.
Bitcoin and Ethereum consolidating at current price levels in preparation for breaking the triangle later in this week.
Currently very bullish with a price target on breakout near 56k by end of February
My personal forecasted scenario for Ethereum
Reason for forecast logic
1) Affinity for triangles
2) Pull back from last weeks breakout and consolidation price of 1700 - 1800
3) Bitcoin still drawing focus from ETH at this time due to cool off and cycle back to ETH soon
4) Double Top at 1800
Bitcoins breakout of ascending triangle began yesterday
Break of the daily descending triangle which had been forming from ATH for weeks has now broken with the potential to reach a 30% upside
When looking at the candle count your position should have begun yesterday on candle 2's momentum above candlestick 1
However we can see your stop loss may have been...
Ethereum chart on daily pattern showing a very clear ascending triangle
With some leniency to the rule of 3-4 touches on top and bottom, you can see a daily timeframe triangle has formed.
You are looking at a breakout top target that puts us into the 2k price zone!
Looks like Bitcoin is finally deciding on a direction.
Breaking down out of the large Triangle it has been forming for weeks,
While BTC has bounced at 30k support temporarily I expect a nice complete pull back further
Buying area is:
28000 safe purchase
24000 area ultimate bottom
20 Week MA is currently near the 24k area
Another strong support cluster resides near 22k
Bitcoin continues to trade in the rising wedge
Markets expect huge correction from on chain analysis
Traders moving supply to exchanges and market moving into euphoria phase
This is what a perfect 30% correction could look like before a bounce to continue the bullmarket
BTC has broken back into the channel and proceeded to confirm the top of the channel with a rejection at resistance.
For now we should expect the bottom and top of channel to act as resistance and support
Bitcoin holding the support level
Unfortunately the 40 MA has moved above the current price and may begin acting as resistance.
I believe Bitcoin fails to hold the support level the next expected level is near the 17000 - 17200 level
This is a good buying zone and the most likely scenario
If the 17k level fails to hold we are looking to fall into the previous...
Bitcoin loves triangles,
Currently predicting a formation of ascending triangle for consolidation before breakout above 20k
We can also almost call a double top based on how close the ATH hit to previous high