So I've decided to take a look at Bitcoin's weekly chart with Elliott Waves approach.
I need to mention that I'm considering the pandemic drop, and the following weeks until the price comes back into its original channel, as a slope. Let's take a look as if it never happened.
First, let's take a look at the 4 main rules of Elliott Waves and see if they...
BTC seems to be forming a three drives pattern on 8 hours chart.
If this pattern completes as predicted, the price should hit 31500 area, between 14-15 July most probably, and then begin to rise after that to near the top of the first wave, 36500 area.
Following this up to take a long position. This is a great and reliable bullish pattern, only if it's...
On 4H chart of BAL USDT Perpetual, there's a bullish cypher harmonic pattern shaped.
Suggestion follows as below;
Entry: Around 22 (In the green zone, if possible)
SL: Very close to but just below point D in the chart (21.15 area)
Target 1: Fibo 0.768 - (24.80 area) Profit Suggestion: Sell %40 of your position
Target 2: Fibo 1.000 - (26.40 area)...
We seem to be forming a three drives pattern on 8 hour chart of BTCUSD.
So here's my set up for this short term.
Target 1: 35200 (%35)
Target 2: 36500 (%30)
Target 3: 37800 (%25)
I'll be keeping a %10 from this position just in case we see a rise in volume and RSI when the price comes to 3rd top around 37-38K. Just like...
As we all know by now that we're still in the bearish trend since 65K.
So taking a few steps back and looking at the daily chart, there might be a possibility for a rectangle continuation pattern forming.
These rectangle patterns tells you that the major trend may possibly continue it's way after completing the rectangle-like shape.
On 2 hour time frame, BTC has formed a bullish cypher harmonic pattern.
Target green zone. 34800-35500
Stop loss below the red zone.
Entry at your disposal. (:
PS: No financial advise, trade responsibly and always DYOR!
BTC may form the falling three method candlestick pattern on the daily chart. This is a reliable bearish continuation pattern.
The falling three method contains 5 candlesticks. The first candle is a drop with a large body.
The next 3 candles are bullish, forming higher highs and higher lows where the 3rd bullish candle commonly reaches the top of the...
I've tried to implement the Wyckoff Method on this 8 hours chart of BTC USD pair.
Today's dip, 28K area, might as well be the "Spring" part of the method. Either way, whether it's spring or ST in phase B, I think we will hit 40K area once more in the upcoming days.
And that hit will be decisive for us whether todays dip is spring or ST in phase B. If...
On BTC USDT Perpetual Contracts daily chart, there's a potential of a death cross.
A death cross occurs when 50 days MA crosses below 200 days MA, the opposite of the golden cross.
The prices of the 50MA and 200MA are ever close to each other after the golden cross happened in around May 2020, as seen in the chart.
Both of these indicators needs large...
We seem to form another ascending channel on 1 hour chart of BTC USDT.
It's still and very possible that the price might do zigzags in this channel but we know that if it fails to reach the top of the channel, a breakdown is more probable than a break out from asc channels.
A couple of divergences also occurred within this time frame.
Here's the daily logarithmic world in parallels for Bitcoin.
These parallel support lines must be your best friend when it comes to trading. Mostly in 30 to 45 degrees and they're reliable in almost every time frame.
When I'm in a day trading mood, I'd enter a position when it hits a line either for shorts or longs, and set my stop loss and targets for...
There's a possible HS formation formed in 1H chart of BTC USD pair.
Green zone (between 33500 and 34500) is a rational target for short term trading.
This will also mean that 35K support breaking, IF only this pattern is good, so it may move further down but collecting profits should be your number one priority.
Not a financial advise, always...
There's a possibility of a hidden bearish divergence formed in daily chart of the BTC USD.
Also, stochastic RSI seems to be at its max and headed down.
This idea is related to my 2 previous recent ideas, check them out too.
Trade carefully and DYOR!
PS: Take this to heart, the divergence cheat sheet: pbs.twimg.com
Yesterday, I've shared the daily bearish pennant pattern on BTC and today, we saw a drop from the top of the pennant. (And no, it's not solely related to Elon's tweet, the drop started way before he tweeted. He just made things move faster, that's all. Still, hate the man to my guts!)
Anyway, I see an ascending channel have been formed in 1 hour chart...
If we consider this pattern as a bearish pennant, then our targets might be around 23K-26K zone.
I still wouldn't take any long positions until we see a close back into that descending channel and make 40K area support again.