For the past few months I've been noticing BTC follow the same rigid accumulation or distribution schematics.
The matching rectangles represent the phases of the cycle. Buying climax, Overbought region, etc etc.
Now I would expect bitcoin to run again in an overbought rally perhaps to 14k+.
We would then see a retrace potentially to 12.5k, get a few weeks of...
Bitcoin is still trending upwards short term, but it is approaching a range where it may be sold off.
Logarithmic trend line
We are approaching historical horizontal support/resistance zones or I like to think of them as zones of liquidity.
The upper 7000s range
The 8.5k area
The lower to mid 9000s range, where we bounced many times mid to late last...
BTC is in a short/midterm uptrend following the huge sell-off recently.
Many believe that the price wasn't meant to drop as much as it did. This could have been due to thin order-books and a lack of liquidity. This is why I excluded the lower wick.
Broadly speaking the trend could be catagorised into two zones of accumulation and distribution...
BTC can quietly cause another short liquidation, following this period of low volume sideways consolidation? All the while the crisis is picking up, and then boom, unload it all at the 61.8% retracement?
Time to ladder some shorts?
Looking at the 4 hour chart getting a detailed a look at the price action we can identify from previous support and resistance flips and the VPVR indicator that this area is critical for BTC in the short-mid term.
In recent days, the price of Bitcoin has dropped from a local high of approx 10.5k and has failed to test higher targets in the region of 10.9k-11.k....
Ok, hello everyone. We just had another pump the other day on a Sunday, and since we have rejected and we are trading at 7205 at the time of writing, below the 50 SMA on the hourly.
Now, I believe the pump was possible manipulation. Volume was extremely low when the move started @~7200. This probably went on to cause a short squeeze with some fomo longers...
After redrawing some trend lines and looking at what bitcoin is doing, it still seems bitcoin is in a falling wedge. Which is of course a pattern which normally breaks to the upside. Sellers are showing early signs of exhaustion, even though the macro trend; encapsulated within the wedge hasn't changed. I think we will follow this pattern and get a breakout around...
Bitcoin has now broken below a month long support at approx 6880-7000 and is now in the mid 6ks
We are now starting to close multiple 4h candles in the mid 6k's, for the first time in months.
We are below
.618 fib at 7200
most major moving averages including 200dma
Looking at the chart, we can see BTC has been in a falling wedge structure...
We've seen throughout the trend, though not on this chart, for weeks now, bitcoin has sometimes been dumping then v bottoms, only to double top to create what kind of looks like an iH&S. Here is another example and I expect as to break down and fully retrace, a la bitcoin style. The target would be the support of the huge falling wedge that we have fallen back...
See last time after we dumped into the 6ks we formed and ascending channel upwards, but the uptrend started to weaken, and a small symmetrical triangle is formed, this is then broken and we go onto form a much larger symmetrical triangle. I think we are now forming a larger symmetrical triangle, which will will most probably break down from, as the trend is still...
It looks like bitcoin is in its phase of trading below 10k and is now flirting with the 9500s.
I'd like to mention that in my opinion there is a high probability of reversal to the upside here.
There are many support ranges here.
See triangles and Fibonacci retracements. 0.786 @ 9675
We have bounced from this range several times previously, as shown and this...
BTC is in a large descending triangle which it has been forming since the end of June - a series of lower highs followed by a relative flat-line of support. This is shown by the lower yellow box. It ranges from about 9.1k-9.4k.
We see a lot of bulls/moonboys thinking it's going to all of a sudden rip to all time highs and rip through strong resistance like it...
Firstly, looking at the bigger picture BTC is probably in some sort of large descending triangle/pennant. We are making LOWER HIGHS.
What I've noticed is that since we reached ~12.3k and failed to break through we have potentially formed another sort of descending triangle/pennant - 12.3k high 10.95k high, 10.45k high. We've been seeing a lot of sell pressure...
Bitcoin is coming to a boiling point
Is a larger correction about to happen and is bitcoin going to break to the downside? Or are we just seeing a consolidation pattern before a boom to 14000 or even 16000?
To me it's very hard to tell at this stage.
Firstly I see a pennant with downsloping resistance and uptrending support. If this breaks to the upside, could...