this would be a little long idea, I'm sincerely asking you to read until the end with all the comments to understand my idea completely.
I'm gonna analyze the bitcoin chart from weekly to hourly time frame and using some kind of different indicators to see as much reaction and knots as we can to find the proper behavior of price since the last dump.
after a small break out from the bottom of the channel, I decided to make some changes to my chart.
so I drew a new channel which shows us we had a small change in our momentum, and the new fibo extension indicates new support and resistance level.
I expect the price goes to the further targets up to the top of channel, surely we will have...
after the first pump from 29K, the extension fibo got us proper and fine targets till now , we just reach the target and because the distance of the next target from here is a little high I believe we need a proper correction OR a huge amount of money and investing from whales or big institutions,
by the way from 29k till here we have about 70 % growth...
dominance in daily time frame is still ranging in that yellow static channel I drew before . after a fake break out from static channel it just hit the green bullish channel top and bounce down.
I have indicated everything that happens before in my previous ideas you can check them all.
now it's struggling with static channel ( yellow ) midline.
as mentioned in my previous ideas the green upward channel is still valid,
I see 2 tension point that are targets for bitcoin which I mentioned them in the chart with ( T ).
in my opinion, there is 3 scenario :
green: due to the market news and situations in the overall financial market, I believe other markets need a retracement and lately cryptocurrency has...
everything went like I was predicted till now .
I will attach my previous BTC.D updates in the description
now BTC.D reach to good support which could have 2 different way from now in different time frames.
4H: I can see RSI is in the oversold area, and as the support is strong enough so candles could bounce up for the top of the static channel ( yellow...
this is a new idea, my previous idea about BTC will be attached as the first update below.
as I predicted before in the 1H time frame we had a obvious rising wedge which fulfilled and candles broke from the bottom and fall,
now I'm seeing 4 possible scenarios which I mentioned in color in the chart .
the green and most probable scenario we have 38% fibo...
ETH.D is in a key area, breaking above would cause an alt party, at the same time BTC.D is falling, so it's most likely for ETH to break above.
personally, I believe we will start an alt party in 2 days, maybe less.
after hitting the first target we are going for the second one which is the midline of the bullish channel.
I believe the could be some retracement in that area
however, we have 3 possible scenario
1- bounce down to the red support which will lead us into an alt party
2- bounce down but the upper band of static channel support it
3- without any bouncing...
hash ribbon talks .
on daily time frame we got some moves and signals , which could lead us for a bull-run .
as i see this is a optimistic probability and due to the situation of the over all markets might be failed .
but we have to say what we see in our perspective
ok after some kinda pumping time, we have a good and strong resistance ahead which is the upper band of the same rectangle we are stuck in from MAY 19.
we also have to consider some. other information such as RSI which will be in the overbought area at the time price reaches the upper band.
1st scenario: I think we will bounce down, but it's just an idea there...
ETH just got the demand power from beneath,
breaking 1st and 2nd line could be the sign of alt season
IF ETH could break the 1 and 2 lines I believe it would reach the previous ATH and may make a new one.
we have to track the fundamental news also
3 reasons for reversal scenario
1-loss of momentum in strong suu\pport areas
2- falling wedge
3-a weak bullish divergence
i know these are might not be enough for a strong reversal, but they have enough power to cause a small pump