As you can see we failed multiple times to breakthrough the old rising wedge support turned resistance line. We then formed a tight sym triangle before having our recent break up.
Once again of course we're being rejected by the ATH resistance line. This shouldn't come as a surprise to anyone at this point. Would imagine that should we close the daily below the...
Well overnight we've had another rejection of the breakdown support now turned resistance line, along with another rejection of the daily 50EMA - that makes 3.
Damn good chance now that Bitcoin will resume to the downside. Was hoping that overnight we'd crack back up through and into the 9350 area but alas it was not to be.
Not saying of course that we can't...
Easy to understand, close under the support and it's bear time.
The Previous Rising Wedge resistance has been support for a while, should we close a daily under it then the odds are in a decent drop down. Perhaps as big as 25% based upon the target of said pattern breakdown.
If the Bitcoin bulls have anything left in the tank, now is the time to show it.
Speaks for itself, it's decision time. The old Rising Wedge resistance has held us up and is now the last chance Bitcoin has to remain bullish in the medium term.
I believe that Bitcoin is currently in the process of forming a triangle squeeze in a range just under the big weekly sym triangle, with an eye to breaking out of it in early June.
My actual prediction for what is likely to happen is that we get rejected again around the 9800 region (if we make it that far, we then fall back down and continue to make higher lows...
So far we are still working out way to filling out the weekly pennant. Another touch and rejection of the top, somewhere around the 9500 region would be perfect. All in all i'm still confident this is the pattern that truly matters for Bitcoin. The DMI, Momentum and RSI weekly trend lines all match up to this system perfectly.
The best breakout time? Somewhere...
Bitcoins symmetrical triangle breakout is looking good again this morning having spent the weekend repeatedly testing the breakout resistance. We are currently making our first real attempt at breaking above the nasty 4hour rejection candle from the initial breakout.
Volume looks ok for this push as well. Should we break the 4hour candle of death then the...
So we have broken out of the Sym triangle as hoped for. Unfortunately we posted a very nasty 4hour rejection candle soon after reaching the 7150 region.
The previously planned for retest is currently occurring as we speak, we have come back down to the red dashed resistance turned support and now we are currently attempting to break back up. The real key level...
So to be clear, this is only showing on Bitstamp - not other exchanges. Therefore it is probable that a breakout hasn't technically occurred. It's interesting nonetheless hence why i'm posting it.
We can see that we have closed 4 hour candles above the triangle resistance. This is good, the candle broke with volume - also good. The not so good is that the red...
The Bitcoin Symmetrical Triangle gathers pace and we are heading closer and closer to decision time. We now have enough touches of resistance and support to be happy that the pattern is what it is.
Coupled with decreasing volume and voila, the triangle is born.
April 2nd would be a textbook day to get this breakout up or down, so keep an eye for it happening...
The sym triangle Bitcoin is in the process of forming is still progressing nicely. We dipped under 6k and then strongly bounced off the last possible trend line for this pattern to be legit, with of course, those very nice hidden bull divs on the DMI, Momentum and RSI giving you a heads up that we might not fall too far.
For this to now prove to me that we have a...
Pretty simple chart. Bitcoin is currently in the process of forming a Bull Penn / Sym Triangle. We currently have hidden bull divs on the RSI, Momentum and DMI, indicating the strong possibility of a bounce from where we are now to the top range of the pattern in the coming days.
Potential breakout day could be around April 1st with a 24% target if we do break...
It's simple. Huge bull pennant on the weekly. Fall and close a weekly below the support and Bitcoin is in the real shit.
Ideally, slowly climb to the upper resistance into the halvening. Then bust out upwards at the end of the year.
That's all. Don't over complicate anything and always ZOOM OUT
