Looks like a bear flag with potential dive to 2740 (Previous Horizontal support and also Fib extension level)
If it continues on the downside, it may reach the 2500s before it finds a good support level.
Head and shoulder pattern(pink)
SPX overextended above the trending Channel (Orange Channel)
retraced back inside the channel to the 50% Fib level (the large up move)
Broke the support at around 3250 and currently at the support level 3160.
The theory is it going to rebound back to the 3250 levels before it starts dropping again to the purple support area at...
Hello ladies and gentlemen,
The last post I spoke about the falling wedge and the trendline break and I think that worked as expected and BTC prices broke up the upper limb of the wedge and then broke the upper resistance of the pink trendline signaling that it is starting the new trend. It also broke above the 9K resistance.
Currently, the price is retracing. I...
Hello again
The chart is crowded but let me explain.
We are toward the end of wave 5 which is supposed to be short as wave 3 was extended. (Note Elliot waves in Blue)
Wave 5 is forming a falling wedge (note the wedge in dark red) which is the first bullish sign when the price breaks above the wedge
This also coincides with the double bottom pattern (darker Blue...
Despite that most of the news are OK for Bitcoin, the price went down. There is no clear evidence that it is going up or down. Generally, There are multiple resistance levels above bitcoin now that makes it more likely to drop. These are the most likely scenarios.
1. As you can see on the chart, the two black lines form an ascending triangle. The price broke it...
Despite the falling prices yesterday and today, I am still bullish. The main reason is that the wave pattern that formed recently is a very common pattern for wave 2 (flat ABC pattern). I believe we are toward the end of wave 2 and wave 3 should take us to higher prices (take a look at the chart - ABC in green). The small yellow inverse H&S pattern is not valid...
Hello, The chart is busy but I will try to explain my mind. I have reviewed the chart carefully and this is what I came up with.
There are two plausible scenarios:
1. This scenario assumes that the drop in BTC prices were a correction and Elliot waves are drawn in ABC pattern during that period. Then, Wave 1 (blue) starts, followed by wave 2 to the downside...
Good morning. The inverse head and shoulders pattern is almost formed. We need to break above the neckline at around $11560 with good volume (better to be around 75K) and close above the neckline. That would be a good buying signal. My charts time is UTC, so still 8 hours in the day.
I have also corrected the Elliot waves after Alexander (www.tradingview.com),...
I think Bitcoin is teasing everybody by fluctuating in that range without making any definitive movements toward one direction or the other. Below you will find the most probable scenarios and what argues for/against each scenario.
A) Inverse head and shoulders: price should increase (dark green short arrow) and break above the neckline (red line) with good...
I changed from candlesticks to price line to remove all the noise. Maybe this will provide a better way of applying Elliot waves. There are lots of anomalies as I will describe below. These anomalies are accepted as variations.
1. The trend is a downtrend as you can see and it started with wave 1 .
There is an anomaly in wave one. It forms a diagonal triangle as...
I cleaned up the chart so I can explain few points. I have already traded the dip and I am out. I have noted the short trade price, stop loss price and the target price on the chart (for educational purposes only). If you want further information about this trade, please review the previously published ideas. Here are few points I want to explain:
1. No one can...
I think most people trading bitcoin want to see the prices getting higher including me. Unfortunately, I can't see that on the chart. (I'm a swinger and I always use daily charts). If you are using different time frames, you might get different signals.
1. Candlestick pattern is shooting star, a good indication of a bearish move
2. The wick of the candle...
As you can see in the chart, Stoch is overbought now and there is a convergence between the price trend and the Stoch trend. There is also a similar convergence on RSI.Once there is a confirmation from candlestick pattern and confirmation from Stoch (bearish crossing), I think that will be a good shorting opportunity.
On a longer term, The downside move should be...
For swing traders.
As you can see in the chart, BTCUSD formed a bullish pin bar today crossing the 100 SMA. If tomorrow's Candle (the arrow) is bullish and closed above the high of today's bearish candle, I would say that BTCUSD will go up to around 15000 before it falls again. Today's low level has the 100 SMA and the channel line as support and I doubt that it...
First of all, I am a beginner. I would appreciate your comments as it will help me improve my skills.
The idea of head and shoulder formation is probably valid, but if you look at the chart in another way, you will see that there is a falling wedge pattern.
I think that bitcoin will continue to fall today and maybe tomorrow and then start to pick up when it hits...
