Bitcoin back to 1160
Updated
I know it sounds crazy at this moment of capitulation, but I think we'll be going back to 1160 next week. Short term we're going to hit the lowest support level at 840-870. It's the lowest red line in the chart. We haven't visited that support level since August 2nd, 2016. After we bounce back, I expect the descending tightening wedge to break up and take us to 1160. There is a strong FIB resistance at that level.
If you would like to know why I think it will break up on March 29th, please visit my other chart (it failed but the explanation still matters).
If we break down 840, we'll be going into a BEAR MARKET, so watch out!
Good luck!
If you would like to know why I think it will break up on March 29th, please visit my other chart (it failed but the explanation still matters).
If we break down 840, we'll be going into a BEAR MARKET, so watch out!
Good luck!
Trade active
We're on our way to a double bottom, conclusion of the descending tightening wedge and then big upside to +$1000 againTrade active
I'd recommend to SHORT now and LONG around $870. At this point we have resistance on the Gann Fan, FIB retracement level and a historic trendline that goes back to the beginning of this bull market. Trade active
NEW TARGETSLONG at 850
SHORT at 1140
Trade active
Zooming in:Trade active
Could be...Comment
Yes. Previous one was a bullish flag. Now it's about to go down!! SHORT IT!Comment
BTC made another leg up but I don't think it will stay at those levels for too long...Trade active
Bitcoin is trying to approach the resistance line at 1010. Bears will wake up there, bringing it at least $50 down.Trade active
It started to go down, but I think this CUP & HANDLE setup to break the resistance is quiet likely:Trade active
It just went down straight. No CUP & HANDLE pattern formation.I think we might see a bit more upside, but the downtrend will continue!
Trade active
I think this is the last chance to SHORT at this level.Likely HEAD & SHOULDERS formation as well!
Trade active
Bitcoin made one last jump to the top of the descending tightening wedge. I think the resistance is too strong there so I recommend shorting it if you haven't done it yet.Trade active
Just like I expected. A rectangle/triple tops formation has developed. It's going down now. Short if you're holding any. See you at the bottom!Comment
As I have stated before in my previous charts, I believe the triggering of the negotiations by the UK to leave the European Union will have a bullish effect in Bitcoin.bloomberg.com/news/articles/2017-03-20/u-k-to-trigger-brexit-on-march-29-launching-two-years-of-talks
We managed to break the upper resistance line of the descending tightening wedge at $995. The Gann Fan resistance has become a support so we may see it coming back up. Check it out:
If it goes down, I believe the bottom is at $960, where it would hit the previous resistance line that has now mutated into resistance.
Let's see what happens.
Trade active
Bitcoin looks like it's ready to take a nice and neat dump.Trade active
Bitcoin has broken the bullish tendency it acquired after breaking out the descending tightening wedge upper resistance (white line), and now we're reaching the pivot line:This line is the same as the one seen in Ethereum:
Expect a major turning point tomorrow!
Remember I believe fundamentally, this is related with Brexit:
goo.gl/MCs9an
Also, resistance seems to be between $988-$999
Let's see what happens now.
Trade closed: stop reached
Although we didn't go lower in the descending tightening wedge as expected, we're still going to 1160, and beyond. Check out my new chart where I'll be detailing the process!
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