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.
BTCEUR trade ideas
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?
BTC hourly chart, printing a nice signal BTC hourly has shown a Bull Flag signal and is currently breaking out of its ascending triangle.
Short term price remains strong to the upside.
I have two targets (1 & 2) showing the measured moves to the upside.
So hopefully this week will be a good week for BTC
Not financial advice, its my reading of the chart pattern playing out