BTC - continuing a long term uptrend
Updated
H&S formation was invalidated by a double bottom (neckline was not broken) then a resume of a long term uptrend started in November, from the 7000 to 5000 correction. Updated Fib. levels starting from this correction match exactly the current support at 0.5 ($12700) and the "battle ground" at 0.382 ($14300)
Note
Ok, so I did a little more analyzing on the chart, and here is what I think:- despite a descending triangle in an uptrend, which in general is a very bearish formation signaling a trend reversal, ours seems to be quite the opposite, meaning a very strong confirmation of the bull run, long term. I base this assumption on the fact that the lower edge is at the 0.5 Fib level and it held 3 times already as a confirmed support. Also, in a classic bear triangle, the volume diminishes as we get closer to the apex, which in our case is quite the opposite (meaning more fight for the levels). Also, during the massive sell off, there was a bullish divergence which gave the correct signal for an upward movement
- I expect another test of the 0.5 Fin level just about or a little after the today`s Segwit2x split (due in about 3 hours from now) and afterwards an up spike that would break the edge up and put the price back into the long term up trend
Note
Here we have the block that supposedly will generate the fork:Note
And a few hours later we can see that "fork" didn`t have any impact on the price of BTC, which formed a nice double bottom and now is testing the trend channel line:Note
One day later, with all the XRP frenzy going on, BTC is showing signs of bullish revival. It didn`t even reach the support line and it seems the sellers are facing though resistance at the same place where a double bottom was formed earlier:Trade closed: stop reached
It seems the BTC has lost the battle for the uptrend and is now on its way to test the next Fib level, 0.618 at around $11000. Strong bearish candle closing under the support line
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