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Here is the 1h chart as promised.
While I wrote this idea down a heavy drop occured and we are now already near the falling wedge again.
So the move could also look something like the blue path now. Important is the retest of the falling wedge.
The price broke out of the falling wedge.
I expect a retest of the falling wedge and after that a short rally up to at least the heavy resistance.
This scenario gets triggered if the price drops below the yellow line in the 1h chart. (Comment about this will follow shortly)
Well ok it already happened while I wrote this...
If you cannot recognize the similarity I can't help you.
Don't forget, history repeats itself. This is why all this TA stuff works in the end.
-- Prolog --
Bitcoin dropped hard in the last two days. Some reasons might have been a.e. the "Binance API hack", MtGOX trustee dumps lots of Bitcoin, SEC Statements about regulation (kind of a bullish thing in my opinion but.. nevermind...) and so on.
Anyways, it broke through the top of the downtrend and this showed a possible reversal of the bigger trend. There ...
Since all the technically bullish signs I mentioned in my Bitcoin TA got broken, we're now heading back to the bottom line of the channel BTC once left.
As you can see from 25.05.2017 to 25.10.2017 Bitcoin moved up and down in a normal and healthy uptrend channel.
But then suddenly the development of the Bitcoin price went parabolic and got pumped more and more, ...
The uptrend since the low of 7.5k got broken. Also EMA20 fell back below EMA100.
There is a possibility for a double bottom at around 7.5k now.
If BTC breaks through the support at 7.5k without building a double bottom we might fall to around 5.5k.
Yesterday I made a TA to get my own opinion where the bottom for BTC could be.
From a technical perspective the BTCUSD chart looks very bullish to me atm and we also got a small upwards movement since touching these supports. So around 7.5k could have been the bottom. Below a list of bullish signs.
Bullish Signs since yesterday:
- fibonacci retracement level ...
Short term buy opportunity now.
Price attacked upper resistance then double tested the support. Now it broke out of the flag on the upper side.
I expect a touch of the upper resistance again - or even a breakthrough.
(DigiByte could also be a good long term investment in my opinion)
IOTA/USD formed a big symmetrical triangle after its rally. It's currently going towards the end of this triangle and we can expect a breakout soon.
At the moment the price is in a sideways movement. This is another sign that a breakout will happen soon.
It is difficult to say if the breakout will occur on the up- or downside. This will likely depend on what news ...
I am playing with the thought that this was just the first Elliot Wave impulse with the correction to the 0.5 fibonacci level.
In my opinion there is a big chance for a very big Elliot Wave 3 now if all things go well. We will need further good news about IOTA but if their team keeps improving their technology and keeps making more partnerships (or more specified ...
Next to IOTA I see BitShares as a really good HODL asset from now on.
The breakout of the downtrend occured and the price broke through the first fibonacci retracement level & resistance.
This built a support and I see a lot of potential in the future for BitShares because of their concept (enormous scalability, security, Proof of Stake a.e.)
ETH built a support and seems to stick to the fibonacci retracement levels for the breakout. Let's see if we can break the upper line of the inner triangle directly.
Next target is the fibonacci retracement level at 0.5(345.00)
I see a really good buy opportunity in the next days.
ETH is moving up and down in a big triangle (pennant) - as the price is nearing the end of this triangle, we can expect a breakout soon.
I am pretty sure the breakout will be on the upside because Ether or better said the whole Ethereum platform has a lot of potential to grow in the future.
Every touch at the ...
The ETHUSD price looks like a very big pennant to me.
The price could rise up to 350 in the next time. Green box is the "buy zone".
At the end of the penannt it will likely break out, i guess it will be on the upper side because ETH has a lot of potential in my opinion.
After BCH hit the bottom of its downtrend it is now at the resistance of its last peak at 397.70 and the psychological resistance of 400. This two make a strong resistance and at the moment it seems like BCH isn't ready yet to break it.
So in my opinion a further way like "B" seems like the most realistic.
I don't think this way is possible anymore. (not ...
BTC/USD price could repeat the ABC pattern (bold) or drop directly to 4150
I think it could turn out in 2 different ways:
1.) drop to 5k then bounce back and reach new heights (top at around 6450). And then drop to around 4200 and then reach 7400 or higher
2.) directly drop below 5k to around 4150 (not exactly following/repeating ABC pattern) and then reach ...
In this TA we can see an uptrend with a potential for a long position with a chance of +220% performance