BTC has made up it's decision and broke out of it's downward channel with strong buy volume. It appears that BTC could be forming an inverse head and shoulders pattern along the way. This makes sense as the the right shoulder forms a perfect retest of the previous top trend line. A break above the neckline is a strong buy likely leading us back up into the 12k...
Looking at the 30M chart, you can see that BTC is in a clearly defined downtrend with multiple taps of the upper and lower margins. A break below the bottom trend line is a strong sell. A break above the upper trend line is a buy. Overall, bears maintain the momentum. Look for trend reversal in the 8k range, followed by 6.5k if 8k doesn't hold.
Bitcoin has once again been rejected in the 13k range. Of course, FUD is flooding the markets stating "BTC is a scam" and "fake currency". Let's take a moment and zoom out. As you can see, BTC is potentially forming a large bull pennant. The daily chart looks incredibly bullish with multiple RSI spikes into overbought territory. Until this pennant is broken, I...
You can see here that the inverse head and shoulder pattern is still a potential play. On a bigger picture, a bullish pennant has formed with a target in the 15-16k range. BTC has been consolidating since the spike in late June. We know that there is a significant amount of overhead resistance at 12k and 13.8k so we will have to see how BTC plays out. If the...
Hi all, BTC has been firmly rejected at the ~12k level. What we have seen to this point is a sharp 0.5 retrace. Buyers have not shown up to play so there is a strong chance we continue to retrace to the 0.618 or 0.786 level. We may see an inverse head and shoulder pattern form along the way. I will likely go long from 10300-10600 with a stop loss at 9650.
Since my previous chart, BTC has broken down from the symmetrical triangle. Bitcoin has currently found support on the 4H 128MA. As BTC descends from the previous pattern, it appears to be in the early stages of printing a falling wedge. If the wedge plays out, my target buy zone will be exactly where my previous buy target was with the symmetrical triangle at...
Looking at XLM, the sellers to be temporarily exhausted. You can see clear bullish divergence on the 1H. XLM has a strong overhead resistance in the $0.12 area. We may see a quick bounce here. Stellar is still in a downtrend but appears to be approaching the bottom of the channel it has recently been trading in. You can also see that the buying volume has picked...
Hello all, You can see that a symmetrical triangle is forming on the hourly based on lower highs and higher lows. We should know which direction Bitcoin will break within the next few hours. I have outlined a way to play this neutral pattern. Please use your best judgement when making trades.
From my previous posted chart- I called that BTC would either break out of it's ascending channel towards a target of 14k or fall to bottom of the channel. BTC has broken out of the channel and 13.8k has been met. We are now retesting the top of the previous channel. Additionally you can see that BTC has landed two perfect wicks off of the 0.236 retracement. If...
Bitcoin continues to inch higher, however, now appears to be forming a rising wedge. Bitcoin continues to test the top of the channel. If BTC can push higher and out of the wedge, 12k and 14k are next targets. If BTC cannot push higher, a retest of the bottom of the channel (9900-10000) is likely. Take note of the bearish divergence on 4H RSI.
Bitcoin has made quite the run-up over the last few months from 31xx to 99xx. The bulls are fighting strong and I do believe that we have entered a full blown bull market. That being said, even the strongest bulls cannot fight indefinitely. Ideally, we see the bulls take a small breather here. the 10-11k mark still may be breached but I don't expect that...
I noticed an interesting fractal appearance of this current run up compared to the recent previous run. Both seemingly invalidate the bearish divergence and continue to prove that Bitcoin simply does what it wants. Looking only at the fractal, BTC has room to climb.
Bearish divergence currently visible on 4h and 1D RSI. Recent price action very bullish - caution should be given to shorts. Long targets and short targets based on historical support and resistance.