BTC Prj.2019. P02E10. New Higher Highs!
Updated
Keeping is short:
#BTC has been following a parabolic line (support) since the April breakout, which is acting like support,
One can also observe 3 major accumulation phases that have a wide range of volatility.
These patterns always turn out to be some sort of bullish pattern. However the one that's forming seems to be potentially a larger reversal pattern, a rising wedge.
We also observed at the breaks outs, we have over-extended patterns, that include a fakeout to the highs with a following correction.
So why not here, all done in 3-4 weeks.
Note:
The use of the pitchfork demonstrating we are operating at the over extended boundaries, that is >100% and closer to 200%.
The parabolic line getting steeper.
Consolidation or accumulation phases (in purpose)
The current pattern could be anything, but the assumption is another upward wedge
BTC Dominance at a all time high this year
RSI - Daily, 75% with another rally to the upside peak of 91%.
Major fib levels being the targets as highlighted as 0.618 and 0.786
15 minutes Chart
1 HRLY Chart, short term targets
4 HLRLY Chart, close up
Daily Chart
#BTC has been following a parabolic line (support) since the April breakout, which is acting like support,
One can also observe 3 major accumulation phases that have a wide range of volatility.
These patterns always turn out to be some sort of bullish pattern. However the one that's forming seems to be potentially a larger reversal pattern, a rising wedge.
We also observed at the breaks outs, we have over-extended patterns, that include a fakeout to the highs with a following correction.
So why not here, all done in 3-4 weeks.
Note:
The use of the pitchfork demonstrating we are operating at the over extended boundaries, that is >100% and closer to 200%.
The parabolic line getting steeper.
Consolidation or accumulation phases (in purpose)
The current pattern could be anything, but the assumption is another upward wedge
BTC Dominance at a all time high this year
RSI - Daily, 75% with another rally to the upside peak of 91%.
Major fib levels being the targets as highlighted as 0.618 and 0.786
15 minutes Chart
1 HRLY Chart, short term targets
4 HLRLY Chart, close up
Daily Chart
Note
There was a big divergence that came through to drive the prices down. This could be attributed to buyer exaution or not enough new money. Never the less, we have some more dropping to do. Next target 11K range and potentially 10.5K to follow.Note
Important stages to watch...to determine when to go back in. For now, we are still in a bullish trend however if 11k is reached, it can point us towards the 9K or even 8K's. Lets see what happens. Looking at the 4 Hrly, the RSI has room for more lows as its past the support line for this trend. at 38%, looking to drop to 28% whcih matches the 9700 price.Note
Still looking weak, lets see how 11k to 11,100 looks nextNote
Bouncing off the goldern pocket known as the 0.618 retracement (11000), followed by a large green candle, gives a positive sign. In addition, another trader calls this the cradlezone with a large green candle on the 4 HRLY, followed by another green candle, on the fib level, gives it a boost and hence the fib. extension targets could be 2 fold. One at the 0.618 and the other at the 0.786 as my chart. Target 1. 12250.Note, it was a frustrating exercise to hold onto the 11k buy today as it went down to 11070 before this run up. There was a bullish divergence that made this happen which can be observed on the 30 Min chart.
Note
A possibility as well for a inverse H&S if the bulls hold at critical points during the weekend.Note
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This community has signals now but with no risk management comms.
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