This is just a quick analysis of what this week's strong rejection can mean for BTC if indeed we are repeating the main fractal of the 2018 bear market.
First of all I am not a fan of this formation as we are comparing two periods under largely different parameters. The first was a whole Bear Market span. The second is currently only the start of the new Bull...
Pattern: 1D Bullish Channel supported on Higher Lows.
Signal: Bullish once the price breaks the 1D MA50 and reverses. This is a standard sequence on every Silver uptrend (see the chart below). The ideal long term Buy Zone is within 16.625 - 17.365.
Target: Initial target 19.500. Extension much higher, updates will follow.
Pattern: 1W Channel Down.
Signal: Bullish due to A) the Lower Low of the Channel Down and B) almost Triple Bottom as the April - May cohesion.
Target: 1.12000 (symmetrical point within the 1D Resistance Zone).
The big (relatively to the multi week consolidation action) decline came, catching many traders off guard as the 3 month 9,100 Support broke with stunning ease yesterday.
Even though we are not at 6000 yet as my last Bitcoin study presented as probability:
As the new Bull Market progresses, Bitcoin has left few questions unanswered. One of those has to do with its historic tendency to touch the 0.17 Fibonacci retracement level before the Halving during its 2nd accumulation phase.
But let's take this from the beginning. Each BTC cycle is divided into 5 phases:
* After each All Time High (ATH) and market top the...
Bitcoin has been consolidating since the June 26th annual High. This is not news. What is interesting though is how this price action on BTC can be related to the rest of the market.
During the previous Bull Market (2015 - 2017), Bitcoin and the Alts have had clear balance of power shifts. When Bitcoin initially attempted to reverse after the Bear Market bottom,...
Another short term pattern on Bitcoin. This time the chart is self explanatory.
The 1W Descending Triangle has been following a Lower High rejection pattern on the 0.786 Fibonacci retracement level. Only one time this level wasn't reached but still the 9100 1D Support held and didn't break the sequence. Proof is that on the next bottom the 0.786 retrace was...