In my opinion after yesterday's drop lower timeframes are showing strength, which makes me think that bitcoin might be preparing for a bigger move up in the upcoming days/months.
This is a very early assumption, because first we need to see:
1) a breakout from current local range
2) re-accumulation higher
If the above won't happen, the idea is invalidated.
It seems like over the last 2 weeks bitcoin has been working on some sort of flat correction. What we're seeing right now is most likely a final impulse that leads to confluence zone of 32-33k with a lot of extensions there, previous highs awaiting a sweep and a price gap/1d.
This move should see exhaustion soon, and most likely will be followed by a drop to the...
Keep in mind that the whole move is considered to be a bearflag which in theory should lead us to believe we're going to break down eventually
But in my opinion the accumulation at lows is way more apparent than distribution at highs. Notice, that the two previous wicks at the bottom were immediately bought back causing rapid recovery, while tops have been rather...
The idea here is that the whole price action since March 2021 is a running flat correction and is about to fill it's last (5) leg of wave (C)
Fib extensions are pointing at about ~0.81 as potential bottom .
Even if the idea is wrong, the price is about enter previous zone of accumulation, so it's likely that soon we'll see a bounce anyway👍
The price reached previous accumulation zone and formed an expanded wedge (increased volatility)
If we see a breakout from the formation followed by a successful retest of current local resistance (~0.38) we can expect another bullish wave soon.
BINANCE:PHAUSDT is on the way to 0.33x area to test dynamic and static resistances as well as EMA 100; and possibly try to break out from the channel. But rejection from this level shouldn't come as a surprise either.
If we see a successful breakout, we can expect further continuation to the upside in the near future (too early too speculate)
Long term targets...
In my opinion BINANCE:RUNEUSDT rally needs to take a break. The last 3 day the price was moving up in a rising wedge formation with lowering volume and bearish divergences all across the board. The price just broke the dynamic support and I think it is now headed towards 8.00 - 7.00$ to complete wave (4)
Take profit: between 8.00 - 7.00
!!-- always DYOR and...
On a bigger scale the price can definitely go for one more leg up, but I think before it happens it needs to correct further down. This gives us a potential short opportunity.
Trade idea setup: (visible on chart)
Take profit: between 23.00 - 22.60
!!-- always DYOR and remember about risk management 👌
The coin was listed during strong downtrend in crypto market. It is most likely highly undervalued (if anyone cares, just saying)
Waiting for the situation to develop..
The price reached strong support, left is previous trend forming a potential double bottom there (confirmation after breaking above >0.10$) Multiple bullish divergences can be spotted on various indicators => (RSI,MFI,OBV) The divergence on OBV is insane.
- The chart with longer price history from Bitfinex BITFINEX:DATUSD (different ticker) looks ok (the price...
CRYPTOCAP:BTC.D reached an area of strong resistance. The confluence of levels in this zone along with a bearish formation (descending triangle) favors a bounce back to 39%
If it breaks the resistance (~44.50%) we can expect a quick rally to 49%
The next few days/weeks will tell us more about where we're headed.
!! be prepared for a small altseason🤑 as well...
Recently the price reached last zone of support (blue), 1.618 fib extension, and node of high volume. After 200 days of downtrend, this could be a potential reversal zone. It won't be easy though, there's a lot of resistance ahead.
🟢 If price action turns bullish I expect the ~1.60 area to be a local top, then another break above this level would confirm a...
The dominance has formed a local descending formation - it's either a channel or a wedge depends on how you draw it- but either way the odds of it breaking to the upside are higher. If it continues to drop within its trendlines, it will soon reach an important zone (4.35-4.20) which is also where the lower trendline of yellow parallel channel is. This confluence...