We can make out a broadening wedge pattern going forward as we have established diagonal support along the lower red line and resistance under the green heartline. A broadening wedge typically indicates increased volatility and with Elon Musk putting bitcoin in his twitter bio and January options expiring it might be that we're in for a crazy week.
Here we can see some new lines of support and resistance. On the 4hr we have resumed off a previous resistance line confirming it as support. If we can carry on this momentum over the green heartline this is further sign of bullish sentiment.
Decided to dive deep into logarithmic charts for BTC for my own peace of mind.
What we are seeing quite clearly each cycle is that the angle from top to top is halving each time. We are also seeing a pattern from bottom to top in each cycle being roughly 0.619 times the previous angle from bottom to top. The effect of this is that we can accurately predict the...
Looks like the bottom of the wedge we broke out of to the downside is now acting as resistance. This is likely to be bearish in the short term if we carry on doing this. For me this consolidation period is too uncertain to trade but still a great time to accumulate off fundamental support lines. Look out for them.
Ethereum is finding support but still being whipped around from BTC influence in the short term. I'll be looking for a break of the red resistance line to confirm the start of another run.
$30k is proving to be a fundamental level for bitcoin converging both as a 50% fib retracement and a horizontal support level. This does not mean that we cannot still break to the downside however. My goal through this dip is to accumulate at significant levels.
Eth stormed into new all time high territory yesterday. To ensure that we stay bullish in this alt season the bulls should retain ATH level as support. If we see a resumption of the support line today this is very bullish and means we would enter price discovery territory.
Ethereum has broken a long term trend here to the update. Really simple analysis on this chart we can see on the weekly a breakout relative to BTC and marks potentially the start of a run for ETH. In order to confirm this we would need a close on the weekly above this resistance imo.
We've seen price honouring support at $35k now three separate times. While this is bullish it shows a strong sentiment to consolidate to the downside. This week I will be looking to see which event happens first: 1. we break outside the triangle using it as support (very bullish) 2. we break down below our $35k support and consolidate down to $30k. There will be...
We have had a few more days now to gather our thoughts and see which levels BTC is honouring at the moment. We can see an ascending wedge pattern that we have stayed within the confines of. Within this wedge however we have a support line at $35k that it is honouring - if we a breach of this support then our next level is at $30k. The bullish argument here is that...
We saw yesterday a tilted head and shoulders pattern formation and noted that Btc should breach this in order to show a reversal in sentiment. It has since done this and I am now looking for further confirmation with a bounce off the heartline affirming a bullish run until our next resistance at previous ATH.
Tilted head and shoulders can be seen. If we bounce below the line then further consolidation will be seen. If we breach the line and see it being support then we will see bulls flood in by the end of the month.