BTC/USD Projection for Short term.

Updated

Let see how BTC/USD can maintain all the trendline . as long remain above it. i'm still bullish .

Note

- Parabolic run doesnt end up so well without retracement and it's not a bullish sign rather a bearish sign in my opinion. Bumb and run pattern is expected because BTC/USD didnt have retracement, recent trendline is to steep and it's quite predictable will end up so badly just like recent price movement.
- Indicators turn bearish. in 4 hour and daily starting to looks bearish.
- 1st and 2nd trendline is broken officially and the 3rd trendline would be expected a major support for short term parabolic run. if it's closes below it, i expect a dump in price pretty bad. Talking about 4 figure USD and go back to 6k region usd again is possible if somehow trend cannot reverse.
- Bearish engulfing candle in daily is very bad if it manage to closes like it and also followed by candlestick that lower than it's previous red engulfing candles.

Note

i see a strength from buyer to retain the price between 10500 - 10800 for time being as it's consolidating around 3rd trendline and golden fibonacci ratio line.

Note

15 minutes crucial part on btc/usd challenging previous broken trendline

invalidated once surpass the previous broken trendline and consecutive candlesticks closes above 12750

Note

12500 sorry mistype

Note

Currently testing 0.618 short term fibonacci (11.680) after BTC/USD just got rejected by 2nd trend line that already broken previously.

Support that i keep watching is around 10.800 around 3rd trend line and golden ratio fibonacci line (Fibonacci Sequence x 1.618)
if price cannot sustain above that level would be a major downside waiting for BTC/USD toward 10.300 and posibly around 9.500 for short term

If price action could manage get above 2nd trend line or stay above 3rd trend line for a while, i wont be suprise the fomo will kick in once again toward previous all time high in this year (13.878).

Note

- After recent downfall from trendline it's seems found a short term support on 0.618 fibonacci short term (white) and it's consolidate around that area for a while.
- Indicator looks flat slightly leaning to bearish side for short term.

Note

- Nice impulse bullish power from 10800 area. But It's very bad looking btc/usd for now as it's already break 3rd trendline and if this candlestick could closes consecutively below 3rd trendline would be a bad sign for BTCUSD.

- Although this 3rd trend line is not official broken yet, it might still a change to regain above 3rd trendline. If so, would be a clear sign for bullish strength.

- Golden ratio fibonacci line ( Fibonacci Sequence x 1.618) is an important support to short term bullish trend to continue. around 10800 usd.

- Indicators mostly turn bearish.

Note

On 1 hour chart it's look like descending wedge is forming. If it's fulfill the pattern, would be a retest to previous trend line around 11600. Invalidated once the price action over extend the descending wedge down trendline or already broke below the 2nd support around 10400 USD.

Note

broken like waterfall.. noooo!!!

MisterCatt

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.