Double top for bitcoin.On the 15 minute we have a double top.
We can go to the 47050 line.
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BTCEUR trade ideas
Bitcoin must break three trendlines for going up.If bitcoin breaks the three trendlines,
we shall go up again. Fingers crossed.
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Bitcoin had a 19 % drop to the moving average 21.Bitcoin had a 19 % drop to the moving average 21.
That's healthy for bitcoin because we had a creasy bull run. Now we can go up again.
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Bitcoin no longer finds support at the 100 daily MA, but it...
First of all, these corrections are incredibly important and healthy for the overall trend. Without them it would've been over already. I'm happy it happened, I was getting worried about the overly parabolic nature of this bullpen. I'm on the sidelines for the moment waiting to get back on the BTC train. This is my chance it seems. Fingers crossed.
WHAT I HAVE NOTICED:
- Before this bull run: BTC corrections would find support at the 100 Daily MA. Almost all of them.
- NOW: I found that currently on both the USD and EUR Bitcoin charts, most corrections end at the level of the 50 Daily MA.
The most important thing!
Use Fibonacci Retracement tool. They almost always stop at the golden ratio level of 0.618 from the last big move.
I expect 40.5k because of the confluence of the 0.618 fib and the 50 MA. Additionally, the corresponding level of the previous cycle also retraced to just below its previous significant (followed by a nasty correction) ATH.
TREAT THIS INFORMATION CRITICALLY. I'm no expert on this.
Strong Bearish Divergence on the 1 Day chartWe have a strong bearish divergence forming on the 1 day chart.
We had a lot of good news around Bitcoin lately, but we might see some correction in the next days.
Tell me what you think!
Bitcoin 4hr chartAll targets met todate.
Opservation , is that momentum is hotting up , leg (a)(b) took less than 1 day to close.
Diamond pattern for bitcoinDiamond pattern
My prediction is 49700 euro.
Raising wedge channel also
Maybe we go to the 1.618 Fibonacci line.
That's 50300 euro.
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BTCEURWhere there is a good trend, bad trends will eventually follow.
Lets see and wait for the magic to unfold.
BE READY
Bitcoin 1hr chart Price channel Looks like the current trand is following Elliot wave theory. We are in a move on the leg (a) direction.
Don't be spooked by the current trajectory and the media.
Not financial advice, just technical analysis on the current hype in the media.
Potential Head & Shoulders formationFrom the 4hr chart a very nice RHS formation is in play, if the formation is completed , it is a Head & Shoulders chart .
I personally want to see it rejected in the near future.
H&S are great when going up but you can loose your shirt coming down if not managed well
Bitcoin predition - Next moveThis is for my personal records, it is not financial advice.
This chart plots what I think is happening next in the 2020-2024 Bitcoin cycle.
We have just finished the first correction since the All Time High( ATH ) was broken towards the end of 2020.
The first real pullback has occurred (Heskin candles).
Wit hthat level of detail , we can now draw the Fib trend onto the chart to gauge the ratios.
This is what I think they are.
BTCEUR - Pre Halving lookahead potentialThis chart is for my records and should not be considered financial advice by any readers.
The prediction is solely based on Fibonacci (% values) plotted over the 2016- 2020 cycle.
For each period Hi to Lo the return to 0.23 is common.
Coming to the 2020 halving cycle close , I am predicting in or about €6,620 ish as a lo mean value post halving for the 2016/20 cycle.
The trend was upward for the 1st 18mths followed by 30 mths of down trend for the 2016-20 cycle.
BTC's ascending triangle, more upsideBTC continues to build bullish patterns after bullish patterns and providing great entry set ups. This time it's an ascending triangle after the bull flag I mention in my last idea.
After breakout, it's now on its way to test the triangle's resistance, as support. I expect more upside, even though RSI on monthly and weekly charts remains in overbought territory.
What do you think we are going?
