See previous postings for my take on this #btc_usd #btcusd #bitcoin #crypto
See previous postings for my take on this #btc_usd #btcusd #bitcoin #crypto
As reported in an earlier post using the 4 hour chart there is a Williams Fractal pattern on 4 hr chart which occurred at February's low which may suggest Bitcoin may have found good enough support at $6,533. I've added some Fib levels as alerts in 2 hr to make it easier to compare with same in 4 hr chart.
Watch out because there is a Williams Fractal pattern on 4 hr chart which occurred at February's low (white box enclosed in yellow box, current yellow box not yet fully formed) and may suggest Bitcoin may have found good enough support at $6,583. I've added some Fib levels as alerts to compare with same that happened in Feb.
Williams Fractal pattern found similar to one in February's climb from low. Extension 1.618 and 2 marked with red arrows could be useful targets to watch if market breaks low of $6,533.
Bitcoin -2.89% price weakening. Didn't break $7,350. End of wave five now still to come it seems.
Elliot Wave 5 reached? Fibonacci targets reached? April Bounce may be coming? Bitcoin Death Cross over using at least the Highs? Watching if market breaks $7,350 wave D/4. On the 4 hour chart MACD bars divergence max is decreasing good sign. Stoch RSI looks OK. Bad news the weekend i.e. indecision/surprises. Has price found strong enough base? Arguments over wave...
How to calculate next low with a bearish pennant ? I'm doing it my own way, not like in books $8,674.4 - $7,835.9 = $838.5 or $8,674.4 - $7,716.6 = $957.8 Then pick a measure from inside pennant. I'm going to take 50% $7,941.1. Therefore $7,941.1 - $838.5 = $7,102.6 or $7,941.1 - $957.8 =$6,983.3. I'd be happy if it just broke $7,240. In case of trap I've...
Will it complete 5 waves down? Timing of end of possible wave down is not indicated on chart. What you see on the chart is just for illustrative purposes. If trying to match the angle of decline in wave one, then I guess the angle for decline of wave 5 could have been a little steeper.
Update. New retrace 50% = $8,631.6. Price for now couldn't hold above 20 MA. Media concerns perhaps about daily moving average crossover if you follow 50, 100, 200 MA's.... Have added fibs for a price drop. I've included a Fib level of $7411, but may take out low of $7,240 (end of wave 5?). $7,365 was just an arbitrary figure I've used from a previous calculation.
Bitcoin price is failing to decisively break through Bollinger Band Trend lines. Too much sideways movement. Could just be a quiet weekend. If it also broke the $7,240 low on its way down I guess that would count as a fifth wave down from Feb to March double top. Nice one.
I'm not going to be following Bitcoin next weekend.
Done a comparison with rally from February $6,000 low. Sideways movement has knocked out a number of my Bollinger trend lines. I've included a green trend line from the 4 hour chart to help confirm a new upward leg as the 2hr one resulted in sideways movement.
Chart ready for the week ahead, and end of the march.
Minor error. Just Discovered reverse Williams Fractal was not so because one of the arrows had been concealed behind one of the yellow triangles marking times when I had published a post. I have therefore removed the second blue coloured Fractal pattern, including the finger that was pointing upwards and the question mark. Market is seeing both Fib support and...
Now cautiously removing my lower Bollinger trend lines unless market breaks lower than $8,271.
My earlier Williams Fractal now has appeared in reverse, and I don't know what to make of it without a previous pattern as I've only been doing my research since Feb. Is it a H & S or is it signaling the price is about to power upwards? I've added some green trend lines from my Bollingers on the 4 hour chart as they can help confirm a move after the break on the 2...
New trend line coming into view using Bollinger Bands . Also I've added some extra colour to indicate double arrows pointing down in blue and those up in pink. Hard to see but the only way I could show big picture.