BTC broke below the 7100 support line on its 17-week consolidation in a textbook symmetrical triangle. Symmetrical triangles are dominantly a continuation pattern; however, they can also be a reversal. The breakdown suggests BTC may be in for a lot more pain as the bear trend continues.
Bull case: Symmetrical triangles can become "busted" where support breaks...
BTC is approaching strong support around the 6900 level, which, if broken, would almost certainly spark a large selloff. The RSI is nearly oversold on the daily and looks like it would become oversold upon reaching the 6900 level. I tend to favor a bullish sentiment on support lines and bearish on resistance. Here, until the 15-week symmetrical triangle is broken,...
ZEC was listed on Gemini, adding serious legitimacy to an already solid project. Clear bull flag stemming from this news. I don't think the short term pump is over.
As predicted in my last post, BTC has broken out of its falling wedge. This likely signals the end of the recent retrace from $10,000 back to $9,000. With Consensus 2018 next week and the bullish Wall Street sentiment, we may see a strong rally in the near future.
BTC has been in a nice uptrend since its impressive early April breakout. The log and linear bearish resistance lines have been broken (log line in lower frame here). BTC is forming a classic falling wedge pattern, which is generally bullish and breaks up continuing the uptrend. Furthering bullish sentiment is the NYSE, Goldman Sachs, and the NASDAQ showing...
BTC is breaking out of its bullish pennant formation, which could lead to a steep increase in price. BTC has a long bull flag poll from its big move up at 6500 and considerable consolidation in a pennant shape narrowing from an earlier high of nearly 9800. Big gain potential ahead if BTC draws another long poll. Happy trading!
Waves has slowly been pushing out of its falling wedge pattern. On the short time frames a clear breakout today from the bullish flag pattern. Notably, this morning, Waves dumped all the way to .00048 before recovering fully and quickly - eliminating weak hands. Almost 1 year since Waves ATH BTC ratio was achieved with many months of falling wedges and...
BTC has broke up from its bullish pennant after a steep incline and sharp retrace. Funny dump and recovery with volume last night. The bulls appear in control.
The Waves price painted higher lows while the RSI oscillator painted lower lows. Thus, we have a clear hidden bullish divergence, which shows underlying strength in the recent breakout. Buy the dip.
BTC is having a bit of a retrace following a massive pump. The retrace is forming a wedge reversal pattern and has a bullish divergence on both the Stoch RSI and RSI oscillators on the 30min time frame and Stoch RSI Bullish Divergence on the one hour as well. Stoch RSI and RSI are oversold or close to it on short time frames. Finally, the wedge closes around 7800,...
BTC's RSI has a clear hidden bullish divergence on the 2hr time frame and other short time frames (higher low of the btc price and lower low of the oscillator). This suggests underlying strength in the massive break out. Consolidation here may lead to a break up from the bull flag looking pattern.
BTC has pulled a bullish upset! The falling wedge reversal has broken up with volume from a symmetrical triangle clearly visible on short time frames. Always remember, a symmetrical triangle can be a reversal and is not always bearish. This unlocks the door for a serious price recovery.
Patterns in play that broke out:
Falling Wedge
Adam and Eve...
Waves is breaking out of its multi-month falling wedge, which is similar to several other alt patterns currently. On small time frames, we can see a hidden bullish divergence (price makes higher low while oscillator makes lower low). This suggests more pump is coming. Let's just hope BTC doesn't break down anytime soon.
BTC is barely slugging past the resistance line of its greater falling wedge pattern. The volume is dismal. There appear to be few buyers and sellers. BTC touched back to the breakout and regained some ground but without enthusiasm.
BTC 5.19% is on a bounce up through a wedgy looking trend channel. As you can see from the higher low of the price and lower low of the RSI oscillator, BTC 5.19% has a hidden bullish divergence on the 30minute time frame. This may mean it will have the strength to break out from the greater falling wedge pattern.
BTC is trending down a bearish channel in what could likely be a falling wedge reversal pattern closing around 4-5k. However, BTC is poised to bounce on the trend line support around 6k, which is also the last bottom price. If support is found at 6k, watch the price to see if it breaks the trend channel or falls at resistance. A breakout above the current trend...
The bad news: BTC is bombing and showing every sign of a classic bubble burst. The good news: it's happening very quickly. The current trend channel (likely a falling wedge reversal) closes a little below 3k, which is where I will look to buy again. Often, there is a break out before the absolute close, so I will look at bit above around 4k. Below 4k mining will...
