BitcoinUpdated BTC before decision
BTC is captured within several, overlapping chart patterns.
1) a big wedge, beginning in jan 2018 and having its peak in nov 2018
2) rectangle, has been support in the early months of the year 2018, and is now a swing trend zone
3) ascending trend line - actually a support line
EW: I´ve drawn a possible EW-movement within the wedge. In this case we would be in a corrective wave C and this should lead the BTC to prices lower than 5.770$. Only after having finished this wave it should reenter a motive wave.
Indicators:
RSI within an ascending triangle, reaching the peak! With a value around 50 all is possible.
MACD - nothing to say.
Volume relatively low - anaemic
EMA 50: hit the price
bollinger bands: narrow - a counter reaction is probable
This all given I suggest, that the next move will lead us to lower prices, instead I hope I´m not right.
This is no trading advice.
1) a big wedge, beginning in jan 2018 and having its peak in nov 2018
2) rectangle, has been support in the early months of the year 2018, and is now a swing trend zone
3) ascending trend line - actually a support line
EW: I´ve drawn a possible EW-movement within the wedge. In this case we would be in a corrective wave C and this should lead the BTC to prices lower than 5.770$. Only after having finished this wave it should reenter a motive wave.
Indicators:
RSI within an ascending triangle, reaching the peak! With a value around 50 all is possible.
MACD - nothing to say.
Volume relatively low - anaemic
EMA 50: hit the price
bollinger bands: narrow - a counter reaction is probable
This all given I suggest, that the next move will lead us to lower prices, instead I hope I´m not right.
This is no trading advice.
Trade active
Note
BTC has entered a symmetrical triangle (3h-candles) - which is within the rectangle.Actually RSI is showing some strength, BTC oubreaked to the top.
When only focussing on the two indicators we could consider BTC to go up, even with a very low volume.
But with EW-wave the price of Bitcoin should go down (as mentioned above).
So one should be aware of a false breakout (bull-trap).
What is lacking is the volume for a new positive trend, in my opinion.
Note
Note
Very difficult situation. On the one hand, BTC seems to breakout of the long descending triangle - to the top. The smaller wedge (symmetrical) points to the right side and BTC is already in its peak. The upward trend of RSI is still active.
So one could expect an outbreak to the top.
BTC must make the move to the top, to end the long decline since the beginning of the year.
But - neither the volume, nor EW are confirming a positive trend. The possibility of a new rush is still high.
So I have decided not to invest in this uncertainty but to wait until the signs are more clear.
Note
Note
This correction hasn´t still finished. Since nearly 3 months we stay within the rectangle and neither an outbreak to the top nor to the bottom has been successful.
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.
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.