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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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.