wuliwong

wuliwong

We see clear class A triple bearish divergence has formed on the BTC daily chart. This is an indication of a likely bearish reversal of the short term uptrend BTC has been experiencing. Recently, BTC has been holding the heartland of the bear flag channel that it has been in since June 16th. The recent upward price movement did not reach the top of the channel and...

wuliwong

BTC fell below this supply line that has not been broken since March 28th. The recent bear flag has resulted in a new touch of the supply line on the weekly. If it could have a breakout of this very significant structure we could see some great price action. Im not holding my breath though.

wuliwong

A lot of people have jumped into long positions, thinking the bottom is in on BTC. I believe there is a clear bear flag developed on BTC and this recent positive price action in BTC did not violate the flag. Volume tends to be pretty flat in bear flags as well and we haven't seen a huge volume days since the flag began to form. I think there's better than a coin...

wuliwong

Drawing a bullish shark pattern, starting at the Covid crash in 2020, the shallowest retracement to meet the requirement for the pattern is the .886 which lands us at $10,109.08. The deepest retracement (1.13) would land us at $3,143.90. The Shark is the only M-shaped harmonic that I am aware of where the second peak is higher than the first peak. I drew it using...

wuliwong

If BTC continues to dump without a signifiant rally, this will not play out. But if we see a recovery at this point, there is class A bullish divergence forming in the MACD. This isn't reason to believe that the bottom is in and we are heading to new all time highs, but it could be a sign of a significant reversal in the short term. Most likely, I expect that it...

wuliwong

Zoom is finishing out a type 2 return after a huge M shaped harmonic pattern. There isn't any divergence on the oscillators but the double return and the bottom of the M-shaped harmonic both occur near levels of historic resistance which are now support. I'd like to see reaction off this return before I made an entry.

wuliwong

BTC 4HR Update. My last idea showed the development of hidden bullish divergence between the last two of the higher lows in the train of 5 in a row. The last low wound up going lower but it looks like it is now locked in. That only strengthened the hidden bullish divergence. As long as we don't drop below $40,064, then we are still making a higher low. Things...

wuliwong

5 consecutive higher highs as BTC has broken out of a slightly ascending wedge pattern. There is hidden bullish divergence (MACD and RSI) now developing between the last two lows. This is all looking pretty bullish for BTC in the near term.

wuliwong

I have had a descending, broadening wedge drawn for a while. Somewhat later I identified a falling wedge inside of the broadening wedge. I noticed an intersection of the supply lines of the two wedges and the demand line of the falling wedge. It corresponded to the lowest daily price for BTC, so maybe it does have some significance. BTC previously broke out of the...

wuliwong

Previously, I've posted the falling, broadening wedge for BTC on the daily. Now we are seeing a smaller, falling wedge with decreasing volume forming inside of that. Could this be a signal that a breakout to the positive side is coming? The falling wedge is a bullish pattern but ideally it is a reversal pattern that occurs as a small downturn in an overall...

wuliwong

Pretty clear, regular bullish divergence developing on the BTC daily MACD. Could this be enough to break through the various resistances above to break out of this descending, broadening wedge?

wuliwong

The failed breakout could lead to a significantly lower retrace. This deeper retrace would setup a higher than previously projected price objective. Hard to call until the bottom is reset and the price objective also depends on exactly where on the wedge the breakout occurs.

wuliwong

The price objective for the descending, broadening wedge playing out on the BTC 1D chart is 74671.84 if the breakout that is starting now plays out.

wuliwong

I suck at drawing these lines and getting the touches but if it isn't exact, it's pretty close. This is a bullish pattern. So BUY, BUY, BUY! :)

wuliwong

BTC completed a head and shoulders pattern with a break down below the neckline. The measured move is to 51510.80.

wuliwong

The MACD and RSI oscillators are both showing hidden bullish divergence on the BTC 4HR.

wuliwong

Not sure why I put the curved lines under the troughs as vs the traditional place on top of the shoulders. Otherwise, same analysis. Scary things ahead for BTC?!

wuliwong

The head and shoulders as a signal of a bull to bear trend reversal seems odd when the asset has had to lose 50% of the peak price to complete the pattern. Does this signal a long bear trend for BTC? The 'head' peak is significantly higher than the shoulders, is it possible that this in anyway invalidates the structure?