Pattern: Ascending Triangle on 1D.
Signal: Bearish as it is testing the last Resistance (twin rejection) Zone before the 2019 High.
Target: 1290 (Higher Low on 1W).
* If the Resistance Zone breaks, assume a fast rise to 1345.
Pattern: Resistance/ Support trading based on Fibonacci levels.
Signal: Bullish as the price is near the 0.618 Fibonacci retracement level and the 50.40 - 51.25 1W Support Zone.
Target: 57.45 (the 0.382 Fibonacci level which may act as a Resistance).
Bitcoin is now next to making the 0.382 Fibonacci retracement test (ATH to 3150 bear cycle Low) and one thing has shocked the crypto world more than anything. The considerably shorter time it has taken BTC to do so compared to the previous two cycles. Few expected such a strong and continuous rebound since the 3150 bottom. Is this right? Since most researchers...
This strong pull back the moment Bitcoin broke the 9000 barrier has many worried. But should we be? In this analysis I point out which levels we need to watch, and if they hold, are able to sustain the aggressive uptrend that started in early February.
First we see that in the course of this Parabolic Rise, every time BTC pulled back from a peak, the Support line...
I have attempted to break down the current 4 month parabola into a strong sequence of patterns and what stands out is the Ascending Triangle.
Before each aggressive bullish candle sequence within the Parabola, BTC consolidated roughly within an Ascending Triangle formation. When that Triangle broke upwards, an aggressive new Top was made.
Assuming that each...
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).
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: 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).
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...