As we can see the price fell back under the downtrend line. Sign of Bear trend
A weekly 20MA is showing downtrend too (not shown in chart).
We can spot possible trend reversal zones.
Fib 61.80% zone (7900-7800$)
Fib 78.60% zone (7300-7200$)
Uptrend line of the triangle. (6800-7000$)
The breakout of 8167$ level (fib 61.80% of major fib retracement) could be a...
We can se another downtrend line now.
Price reached the daily MA200, found resistance and couldn't break it with upward movement.
Price could find resistance in the 7700-8160$ price zone, where we can find:
- 61.80% fibonacci level of the major bullish structure /grey one)
- the 50% fibonacci level of the latest bullish movement (red one)
- the previous...
A bearish divergence between BCHUSD price and RSI indicator is formng in proximity of level 23.60% fibonacci of last major bearish structure.
Doji is forming too. signs of trend reversal.
possible targets are in the 1150-1000$ zone.
EOS moving in channels.
Bigger channel (red) longer term bullish, smaller channel (purple) shorter bearish.
Previous wave movement could repeat in the last one.
So i would consider good entry points the Fibonacci retracement levels around 7.64$ and 7.19$
and i expect upward movement when price is near the red channel upward trendline.
Pay attention when price...
We can se the false Breakout of the previously mentioned 61.80% fib level at 8167$ that now is again a resistance level.
RSI is in a possible reversal zone, and the price could be forming a Head & Shoulders pattern.
Multiple 4h close under 8167$ could lead to a retracement.
The target of the short term bearish retracement could be 7607$ that is 50% fib levele of...
This idea is based on Masterluc famous chart.
My trendlines are a bit different but we can see many correlation in price movements.
At the moment we are in a support zone formed by the MA50,the ascending trendline and 461.80% of the huge fibonacci retracement.
I drawn just three of the infinite possible move.
The bearish one has correlation with the bearish...
Looking at the log scale of BTCUSD daily we can see the price still under the major downtrend line.
At the moment the price is fighting the 61.80% level of the major Bullish structure.
To me to consider BTC bullish again we have to see prices out of the MA50 and the downtrend line after breaking out the Fib 61.80%
Anyway MACD, and RSI over 50 , supports bullish...