If the handle breaks bullish and one enters near that region, it looks like a promising long opportunity.
Although, there might be greater returns to be some altcoins i.e. XRP or EOS as these altcoins have had a nice bounce on the 0.382 4H retracement (and 1.618 pullback extension) . See
Could this be the perfect short squeeze storm?
1. We are at a major support
2. BTCUSDSHORTS are almost at a record high, last time they were this high was around 10th April, after which we saw a massive short squeeze
3. Tightly hugging the underside of downtrend line meaning there isn't much distance to go to break through.
If we get enough of a breakout, there...
Looking at the weekly chart we can see the strength of the current support level.
On the 4H chart, there looks to be a bullish divergence forming. IMO, the current support line it is at is a pretty good long entry. Could also wait until trend line is broken and buy of a retest of a previous resistance
A different perspective of the same idea referenced here:
- High volume bullish candle
- Occurred on recent bullish breakout's 0.382 retracement
- Occurred on the 1.618 retracement of bullish break's bearish correction
- Strong bullish stochastic RSI (double...
We are currently at the 0.382 Fib retracement of the recent long term bear trend breakout. We are also at a 1.618 retracement of this counter trend bearish breakout (using the last swing low - swing high of the bullish breakout wave). We are also at the 1.272 extension of the bearish breakout. If we don't reverse here, the 1.618 area at 6000 would seem to be the...
IMO we are seeing a large descending wedge, not a descending triangle. We are currently on the 0.146 weekly Fib retracement and seen some significant bullish price action recently at these levels.
If we do break down through the wedge, I expect we will go down to the 5000 region. As such a round number, less than people have been able to buy bitcoin for a good...
Just tracking a personal idea but feel to share any feedback.
Looking at two buy zones:
Main idea: 0.5 retracement to big previous support and 1.618 fib extension in a gartley formation
Sub idea: Wedge consolidation where it only goes down to just above 1.70