Philakone and Tone are currently synced up as bearish atm www.youtube.com Saving this idea to see if his Elliot wave plays out as expected.
Originally I had this as a falling wedge pattern, but it's defs looking more like a descending channel. RSI, MACD, rejection from the top of the channel are all indicating a breakdown in the Bitcoin price going into the rest of this week. I would take profit if you have been in a long since last week.
Just saving this for future projection to see how the next bull market plays out compared to the 2017 cycle.
Current environment and setup is looking like a small h/s inside of a larger h/s structure. If price does break down over the next week or so, the target puts us right at the bottom of the downward channel trendline. A bounce from that trendline thus creates the right shoulder (or left upside down) of the larger Inverted H/S structure.
After that amazing 42% pump from Bitcoin over a day... we've broken above the top trendline of this multi-month channel. Parabola formed, can kinda eck out a cup and handle formation, but more importantly.... resistance turned into support. 1st target 9800, then 1:1 extension back to 10300ish.
The longterm log rising curved channel in Bitcoin has forecasted Bitcoin price action for the last decade and with more and more investors starting to pay attention, this trend does not seem to want to be broken. Just 1 look at the current market structure suggests more likely than not, Bitcoin will break down a bit further, but we are still at the beginning of...
This is my current market structure outlook for BTC atm... BTC is trading in the golden pocket of a larger multi-moth golden pocket. I've outlined some zones of doubling down on dollar cost averaging and tripling down too in zone 2 (which touches the long term Bitcoin 10 year+ bottom trendline that's never been violated. Bullish Rally zone is obviously area...
Using RSI, NVT and Mayer Multiple in my latest Bitcoin forecasting, loving both these 2 crypto/Bitcoin centric indicators. I've posted horizontal red dashed lines to indicate the buy zones I'm waiting for. I'm dollar-cost-averaging every week, but if we hit those marks, I'll be double/tripling down! Video on Mayer Multiple www.youtube.com More on NVT by Willy...
There has been a battle on crypto twitter about who is right, when I first saw this pattern forming jul/aug it looked just like a descending triangle, nothing crazy. Then a slew of crypto TA's on twitter and youtube started to suggest it was a giant bull flag instead. With all the noise I made my estimate of a 80% breakdown to just 51%. But all the triangle...
Drew these trendlines weeks ago, HK drama coincided with the last daily bull rise... but got checked at the resistance line. 0.5 fib didn't hold, so next target for a bounce from support should be from the golden pocket or the middle trendline. IMHO there is strong support there, lastly if neither of those hold we could see BTC head back to the bottom trendline....
Recent news about the Yuan's devaluation may have helped the bullish pump from the Daily Adam and Eve pattern, but this downward trend is strong and is more like a mini bear cycle. Similar in style to the start of the 2018 bear cycle. Lessening dollar cost averaging atm, will max it one a rejection and if price gets closer to the bottom trend line. Or max if...
IMHO, it's more likely that BTC will breakdown, with basically a 1 in 3 chance it breaks up... even if it breaks up, I agree with Tone Vayes (only on TA) that it will just head into a Bull Trap around 5k before breaking down drastically. This is still my long term outlook for Bitcoin: We need the 200 EMA > 200 MA deathcross to finally cause Capitulation, so we...
IMHO and also after seeing similar charts posted by others, we need a 200EMA > 200MA death cross to finally get us to capitulation and to resolve the bear market. After that happens and price follows similar action to the last bull run, we can get back to a bull market. No price targets, but if that death cross happens, could be another $1000-$1500 price drop. Not...
Multiple touches of the bottom trend line, BTC getting weaker and weaker, bears in full control... Bulls no where to be found, most likely waiting for the next breakdown to happen. I'm also waiting myself...
Made some great trades in the past week/weekend... the volatility of the ascending broadening wedge made it an easy environment for scalps on even the 1 minute timeframe. However it's broken down out of it now. And ETH is looking scary up till the Daily timeframe. Will be looking for supports, but for the moment all in cash and just waiting.
BTC is looking for a lower high on the weekly, IMHO lot of indicators pointing to more bullish action through out the rest of 2018!
On the 4hr timeframe. Watching closely for a break up or rejection from the expanding channel top trend line. We do have a 2 closing strong above a 1 using the TD sequential indicator. I'm personally not trading atm, but I put in a long position at $119, all in cold storage.
This setup on this Chart was actually for the 10 minute chart, where you can actually see the 2nd green hammer candle, but TradingView only allows you to publish on the 15minute chart as a minimum timeframe. Anyways this is an example of Momentum Trading with the Heikin Ashi candle sticks. I'll post a better example on a larger timeframe later.