Price changes like in kaleidoscope - You can turn and twist BTC chart and will find different formations and patterns and that’s why for now You are better off sticking to support and resistance.
As expected price fall from rising wedge but not much as stopped on 6400 support. Rejection candle suggest that there is a chance to go back to 6650 but we would love to...
BTC is struggling to go up and long wicks pointing upward only confirming this. If we break green support which been holding price since yesterday BTC might stop on blue diagonal support but more likely this won't hold and price will drop to 6300 and than could dive to 5800. Looks like there is not enough buyers on the market to establish proper uptrend and result...
1D chart wedge was broken and stopped at resistance. There is still plenty of room to grow to 7000 before reversing and retesting 6500
Financial market is full of surprises and that’s why You should know that although 1D chart gives opportunities to go up ( broken falling wedge ) 4H chart indicates price drop back to 5700....
No surprise for many of You that BTC created massive descending triangle and yesterday we got confirmation of breakout from that formation. Average price drop for triangle is 25% - 4850 level.
BTC is moving in falling wedge and next bottom touch could be at 5500 region and that could lead us to temporary uptrend.
OK so we have few possible scenarios to choose from. Let’s start with simple support and resistance
Looking on 1H chart BTC broke resistance and if successfully close above it blue bar become support and that’s a good base to go up to somewhere around 8100
Now wedge. As You can see we are touching (almost) top edge and if...
Anything on chart can be measured and explain logically. Using our wedge I want to show You that trading can be nice and easy. We don’t have to guess where price gonna stop or where is the top so we can close our position and enjoy money we made.
Falling wedges are known to break upwards ( statistically more chances to break up then down ). With a help of...
BTC is creating Reciprocal AB=CD pattern
What we have :
AB to C - fib 1.414
What we need :
BC to D - 0.707
Once we cross red line ( price move has to be confirmed ) BTC should go to point D without problems.
Point D is a reversal point so expect back to uptrend channel.
If BTC move up and exceed point C pattern become invalid.
This information is not a...
After completing Bearish 3 Drives which indicating price drop BTC created another harmonic pattern called Bearish Total.
Here's some numbers:
AB to E extension - 1
AB to C extension - 0.78
BC leg retracement - 0.78
Now important stuff - I expect max price drop of 0.61 retracement of DE leg which comes around 9200, but that might change as I see BTC in strong...
BTC is in progress of creating Bearish 3 Drives.This is totally Harmonic Pattern based on Fibonacci numbers.
What is interesting in this set up is the fact that if BTC price reach 3rd drive at point F on chart we will automatically get Double Top. Another thing is that BC leg extension at point F is hitting 1.61 fib. So point F will be completion of Double Top,...