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Low $9k range looks like a temporary bottom for Bitcoin.
The bearish Gartley pattern that Bitcoin seems to be making could lead to a drop to around $10k.
This could be a good entry, possibly revisiting $12k if $11k becomes support.
We're finally seeing the start of a correction and hopefully get a bullish continuation soon.
I assume Bitcoin will correct further, so I'll be looking for these 4 signs:
1. RSI pivot\bullish divergence.
2. Oversold MFI.
3. MACD bullish crossover (as indicated by arrows).
4. Support on 55 or 100 EMA.
So the H&S didn't play out, now everyone is super bullish and convinced Bitcoin is heading to $10k and beyond.
Of course this is possible but once again I've gone back to 2016 to look for similarities.
Firstly, the current 3 day chart shows RSI is heading lower while Bitcoin hasn't been able to close above $8900.
We can see that previous resistance at $470 was...
Unable to maintain $7900 confirming Bitcoin will likely break below $7500, which has been support for the past month.
We could see a rally to $7800 first.
4H chart shows support on 200EMA and 50/100EMA resistance.
Bitcoin volume and momentum have died off, so maybe expect a move soon.
OBV has flashed red below the CCI line for the first time since Feb.
How today's daily candle closes might provide clearer direction in future move.
After breaking the bullish trend, Bitcoin found support at the 4hr 200MA.
If Bitcoin can get above $8k, then next significant resistance could be at 100MA around $8200.
A break below $7300 could send Bitcoin back to low $6k levels.
Interesting to note how price found support on the VPVR point of control before breaking out.
Might see another breakout if Bitcoin can get support at $8700 of this descending broadening wedge pattern.
I'd like to provide a long term trading strategy for Bitcoin on the weekly chart for those who aren't particularly interested in day/swing trading.
Using the Trend-Based Fib Time tool, I positioned the points on the first and second pivot after capitulation. Then added the fibs where it was an ideal time to buy. I found these were 2.382 and 3.786. Then placed the...
The MACD is turning over which could be a sign it's time for a change of direction.
A drop of between of 25% to 40% would take it back to previous support and would be similar to the correction experienced at the end of the 2015 bear market.
Litecoin recently formed a rather nasty bearish RSI divergence but perhaps could still head higher to $120 or $150 if Bitcoin can maintain its bullish trend.
Litecoin Halving is coming up in early August so there might only be 1 month left before it starts to cool off again.. it peaked 48 days before the previous halving which would be around mid June.
Bitcoin went up 218% from the low of 2015 until it hit the .618, kicking off the new bull market.
Appears Bitcoin has also hit the .618 now, but a further increase of a similar 215% could take Bitcoin to $10k which seems to align with the .786 fib.
Unless we see a correction first perhaps to the .382 at around $6400.
I've been a crypto trader since 2017 and I'd like to share my first trading idea based on momentum and Fibonacci.
If you consider the top of each impulsive move into the 8K region is where momentum peaks, the .236 extension ends on lower momentum and then is followed by a correction.
So are we going to see another attempt at $8400 on lower momentum or can...