Pattern: Head and Shoulders on 1D. Signal: Bearish (break out of 2800 and 2785). Target: 2755.
Pattern: Channel Up on 1D. Signal: Bullish if the price approaches the 7.46740 Support. Target: 7.4700 (4H Resistance).
Pattern: Emerging bullish channel on 1D. Signal: Bullish as the price rebounded on the 1W Support and broke the 1D Resistance to start a new medium term uptrend. Target: 1.4200 (just below the 1W Resistance Zone).
Before claiming that it is pointless comparing Bitcoin to Gold take look at the charts below: On the first chart, the $9000 mark has been hit purely based on a signal given by the similarities of Bitcoin's price action after its bottom to Gold's respective pattern and the buy signal it gave after the +33.50% bounce. See how smoothly Bitcoin's price action...
This is a quick reflection on Bitcoin's Fibonacci Channel's within its long term parabolic growth curve. In the two previous cycles, the price touched the -0.382 Fibonacci retracement level before it rebounded. This marked the end of that market's bear cycle and that bottom gave way to the new bull cycle. This time it hasn't done that (price touching the -0.382...
Pattern: Triangle on 1D. Signal: Bullish if the Triangle Lower High breaks (i.e. a Higher High is made) or if one Support is tested. Target: 5.8450 (the 1D Resistance).
Pattern: Monthly sideways movement within 1D Support/ Resistance levels since April 22. Signal: Bearish as the price approached the 4H Resistance. Can also add if it approaches the 1D Resistance. Target: 1.1120 (just above the 1D Support Zone).
Pattern: Parabolic Channel on 1W. Signal: Bullish once the price makes contact between the parabolic curve and lower parallel Higher Low trend line. Target: 9.000 (Higher High).
Pattern: Emerging Channel Up on 1W. Symmetrical pattern with 2018. Signal: Bullish after the 1W Support was tested. Target: 66.70.
Bitcoin has been very volatile lately after the parabolic rise made a stop. 4H is trading on an Inverse Head and Shoulders pattern and its neckline has just been marginally crossed. This is an early bearish signal as it brings BTC face to face with a pivotal Support, the 7600 level. This is were many major Support levels cross paths creating a strong Support...
Pattern: 1D Head and Shoulders. Signal: Bullish as the price has touched the Support of the neckline. Potential rebound towards the Resistance but tight trade due to the bearish momentum. Target: 870.00 (top of the neckline and symmetrical Resistance).
Pattern: Upside break out from a Channel Down on 1D. Signal: Bullish as break outs on the previous Channel formation resulted into a reversal. Targets: 125.000 (0.618 Fibonacci retracement) and 126.800 (full retracement as the previous break outs resulted into).
I don't want to go into much detail on this one. This is just the current volatile price action explained by the assumption that Bitcoin is trading on a symmetrical pattern. The July 2018 - December 2018 price action is close enough to be an inverse formation of the December 2018 - today formation. Their distance from High - Bottom is identical (144 as opposed to...
Pattern: Channel Down on 4H. Signal: Bearish as the price was rejected near the Lower High zone. Target: 1.11190 (just above the Support Zone).
This is just a quick update on BTC's current stress zones. The outlook after Friday's sell off is a High Volatility zone within 6855 - 7455 where the price is currently consolidating. A high volume break above or below this zone will set the direction for the next 48 hours. Notice how the supply channel started on April 25th has provided support so far on more...
The markers were there regarding the importance of this first strong Resistance and gave hints on how to trade it: You were also informed of how parabolas tend to behave during bull cycles: So now that we have established that trading Bitcoin based on its historic price action isn't all that bad we can start drawing some more meaningful conclusions....
Pattern: Rectangle on 1H. Signal: Bullish on the Support, Bearish on the Resistance (scalping). Target: Short TP 12.4600, Long TP 12.5800.
Pattern: Channel Down on 1D. Signal: Bearish as long as the Lower High sequence holds. Target: 14.400 and if the price bounces back to the resistance then aim at 14.250.