The sudden drop in btc has created half of a range. I thought it would have the strength to bounce at least one more time, but it seems like it decided to go under and create somewhat of a new range. The yellow line is not certain, but what is certain is the light purple line that marks a top for this bearish cycle. It generally should bounce off the purple line...
The price has finally hit the bottom, temporary as it may seem it's cause the area where the horizontal green and faded pink is where the price has hit twice before making it a solid area to bounce. However the overall trend is down especially after the symmetrical triangle got pierced and crabbed until the recent fall. Now the triangle is a descending triangle...
Sinking below the triangle we're now in the sideways pattern that is quite frankly getting on my nerves. But this present a potential opportunity assuming the orange line remains as a strong resistance, this could go back down to the lows when it breached, or even lower. Keep an eye on overall markets these things tie in together in more ways than one. Good luck and dyor.
Now that the flag has been broken, the price is heading down, but not before hitting a few stops along the way which may act as support. It is currently at the first support which was the previous low from last week. The next will be the 15300 or so and finally the bottomish would be around mid 14k; 14500ish. In the long run It could very well pull a whole...
The bear symmetrical triangle with flag pole shows a potential downside of 7% with an extended upper line placed at the start of the lower flag line. It has yet to break, but when it does it could go. With the current FTX hack FUD this may be possible, so be careful out there.
The confluence of retracement lines show where the resistances and supports are. My absolute bottom is the wick of the hammer from the 13th because that's where huge buys occurred to push the price back up. If that fails all those huge buys will turn into sells which pushes the price much lower. But if we manage to stay above that, then it may act as the last...
The 8h helps clarify what can be seen on the daily, and the reversal happening on the weekly. A 2 week trend down hitting multiple candles, and even if it manages to surpass the downward trend, that doesn't hold, and falls right beneath it again within 2 to 3 8h candles. This is all happening while btc is up 3% right now. Usually it's been kind of a 1 for 1 move...
If we continue to move down, and break through the bottom of that descending triangle and the 50d EMA, we could see a pretty significant move down. Might be stopped by a number of supports, and that 200d EMA. Could go as far as 0.0117 but that price target is a bit iffy based on how everything has held up so far. We shall see. Moving well with BTC too.
Seems like a rising wedge was breached by a huge drop and is now just bouncing back up. I reckon if the long term trendline (purple) doesn't hold, we're in for a fall. 20k was a significant number, and not breaking past and holding that may be a 3 year double top, as those who bought at that level 3 years ago are liquidating their BTC for a slight loss. It's a...
On this Daily chart, you can see that it has hit that 50d EMA 2 times already but held. A break/hold below that would solidify a continuation downward maybe to ~0.0159 which is the weekly trendline I set up. Lower than that, and we're going places. Buying opportunities arise when the weekly shows strength so check there for long term holds.
The Macd and overall chart shows a weakness that may form over time. Depending on where we end up tomorrow it may confirm or
debunk my analysis. Because we weren't able to get to previous highs from the summer, we may see a retrace to lower levels on the long term. That is, unless a possible mainnet release in December, but it's likely to be released next year....
I'm a firm believer of horizontal resistances and supports, and not so much diagonal resistances and supports. So this chart shows both of them with me messing around with the lines. I believe that if the diagonal lines work out, that there could be an upward breakout on the 1h but it still has to go through the serious resistances of 0.004489 then 0.004725....
I know people talk about golden crosses alot, but this might be the first time ever that a golden cross occurs on the daily. I don't know if it's significant enough, so it might be cool to find out what happens after the cross occurs.
Depending on how tomorrow closes whether above or below the real body of the high wave doji will determine the continuation or reversal respectively . I believe there's also a resistance at the high of the doji.
