Entertaining various parabolic scenarios when this one stood out to me.
First the setup
In bitcoin's past, parabolic corrections usually land within the 0.5 to 0.786 area, most commonly around the 0.618 level. First off we map the parabolic curve – tested many times over throughout this bull run indicated by red arrows. Next we draw fibs from the 2015 low to an...
Before we can safely move upwards a test of 5k is required to solidify support. So how do we get there?
Possible ABCD Pattern
AB leg ATH 7900 to 5400 (complete)
BC correction to just under 7k (6940 – in progress)
CD leg completes pattern at 5k for long entry
Possible scenario until mid-November.
BTC/USD rising wedge pattern, traditionally breaks to the downside.
If 5450 (23.6% fib) is broken to the downside, support at 4200-4400 (61.8% fib).
Previous pullbacks have typically retraced to the 61.8% fib.
On the 4hr we're in a symmetrical triangle testing upper resistance and lower support. Chance of breaking either way. Upside takes us to ~6800, downside strong support at ~4800. I'm personally feeling a break to the downside but it could go either way, and in Bitcoin land, mostly these symmetrical triangles break to the upside. Swear to god if I see another EW chart, lol.
Daily chart for Bitcoin BTC/USD possibly forming an epic Head and Shoulders H&S.
Here's the scenario:
1. From mid Sept to mid Oct we've seen 100% increase in the price of Bitcoin from the support at 3k to an ATH of almost 6k.
2. Mid November a contentious hardfork is locked in with NO replay protection.
3. Confusion ensues, price may dive back to our 3k...
Hey guys, appears as if a head & shoulders is forming on the hourly BTC/USD pair on Bittrex.
Massive sell-off at 4400 resistance triggered start of right shoulder formation. Looking to bounce at 4300 back up to ~4350, then complete formation around ~4200 (trend line created from two lows on the 26th of Sept and 5th of Oct).
Target approximately ~4200.
ETH/BTC pair has followed this arch of resistance to a very strong support at ~0.067 bouncing off it 5 times now. On the daily chart, Stoch RSI is oversold priming us for a reversal to the upside in the lead up to the October 17 Metropolis release.
We may see some resistance around the 0.075 range as we break through this arch resistance line to the upside. Look...
Possible head and shoulders patter forming on the 1 hour BTC/USDT (Bitfinex). Bounced off trend line at ~4150. Should retrace up to ~4200 to form the right shoulder before retracing to ~4k at the bottom of our support zone. Possibly wipe out a bunch of stops at just under 4k followed by continuation of uptrend.
Take some profits around 4200, re-entry around 4k...
Currently in an ascending channel, steadily increasing price with low volume profile worth keeping an eye on. RSI currently overbought on 4h, almost overbought on 1 day and 1 hr. We might see a slight pullback to ~3900 area with sideways action until we hit our downward trend line at around the 3970 mark. If volume is picking up by this point we may break through...
On the 4hr charts we're in an ascending channel. Currently we have descending volume profile, a lower high within the channel and descending RSI indicate it may break to the downside to test support once again and then possibly continue the uptrend.
If we break downwards from the channel, we have fib support at 3820 and then major support between 3500-3600. Given...
Everyone knows now that China's exchanges will undergo scrutiny and likely require strict regulations before being allowed to continue. Today we found out that BTC-C is shutting down, and possibly in the coming days we'll see other exchanges coming out with the same news. The BTC-C shutdown has been the major catalyst for this second wave of downward momentum....
Fibonacci Extension from previous 2 lows to previous ATH confirms consolidated support at ~14.100 with next support/resistance at ~14.500. Next leg up takes us to ~15.000 psychological resistance and fib extension with final bull-run resistance at ~15.700. The Brazilian markets have a tendency to play catch up, and when they do, they usually overshoot targets in...
See us possibly hitting 2480 (previous resistance point) before dropping to 2320 (last solid support level) before dropping through that to 2120 (where we bounced from solid support on 15th of June).
This judgement is based on recent, previous support/resistance levels and a combination of just how closely the market is following the 2013 bubble so far.
Looks like we're in a bearish channel, possibly finding support at 1100 (38.2% fib retrace of previous major low at end of March) or 1060 (50% fib retrace).
Should bounce off support back to 1200 or 1220 previous resistance areas by last week of April.
Signs of a pretty consistent price channel since 2015. Price dropped below channel during 2015, but generally channel holds true.
Seems BU is dying out without genuine support from minors and clearly very little support from the economic majority, i.e. general nodes, exchanges and commercial nodes.
Expecting resistance just about or around 4k within the month...