Yesterday's Chinese fuckery seems similar to the one we had 10 days ago.
It's so far following the same steps in terms of retracing till the previous levels etc.
If it keeps up repeating the same pattern, it'll end up with dropping hard till the end of the previous dump.
After all, peeps will want to buy lower after the settlement so they will sell their existing...
I noticed a trendline is being formed in this recent BTC rally and apparently it always pullbacks on it at 0.786 fib line of the previous surge. Then the next surge reaches the 1.618 fib line. Rinse, repeat.
If this is to happen a third time, I expect a pullback to 5420 and another rally to 5700+.
I can even tell you the exact time when the rally will begin:...
haven't been publishing ideas for too long, I liked the colours of this one so I'm gonna go ahead and publish it.
Also if it does play out like this, I get to say I told you so.
0.618 fib, long term uptrend line & falling wedge will come into play if there's ever gonna be a 3rd leg.
I mark this chart neutral because I think it's a short here but only till the...
Yesterday, I anticipated that the previous low would be too tempting to test so it would break the bearish resistance, though just momentarily. That resistance proved itself to be stronger than I thought and price bounced from that precise point.
However it wasn't a proper bounce, didn't go too high and since then we're consolidating within that range.
I wasn't going to publish this one since it's a personal chart but I'm doing it for a personal request from @puchbike.
So it's up to you to follow the advice or not :)
This is largely based on the previous drop from 24xx to 16xx. The soft support (thin red line) will be broken momentarily because it's too tempting to test the previous low, 1650. And it did...
The crossing bull and bear trendlines have been very useful at explaining things so far.
Since the drop from ATH the bottom downtrend line (thin red line) acts as a soft resistance and the upper one (bold red line) acts as a hard one.
Everytime the price reaches the thin red line it's hammered back down or it manages to break it and goes up, only to be rejected by...
The bounce seems to be over with a perfect touch to the first fib level.
Also, by now it formed a great bear flag, which suggests another leg down, roughly around the same hight.
That would be around 0.020-0.025
In my previous chart, I thought this will visit 618 fib (around 0.03) and then turn south.
But having another look into it, 764 fib also is a plausible retrace target, for the following reasons:
1- it's not as overbought as I'd expect it to be. it's not even above 70. Also RSI looks like it's gonna make a new high.
2- the fact that the tip of rising wedge...
The bounce from the big dump has almost met the 0.618 fib.
Also, a rising wedge pattern is very apparent by now.
Not to mention the bearish divergence starting to show itself, (though that's not necessarily something I rely on)
All signs of a bearish continuation.