Hello All,
I have been sitting on this chart for a while and I have been meaning to share it, but after it has been hard for me begin to publish again, but that is trivial. Anyways, I hope you all enjoy this chart.
Let us start with the daily chart. On the daily chart, we can clearly see in light blue that we are up against resistance created by the descending triangle during the mid-year. It is forming a reversal pattern known as a inverse head and shoulder, it is clear that the volume is descending and that this is a standard head and shoulder, the price objective of this is approximately 8250, however, it is possible that there is no strong thrust from this pattern given that bitcoin is accumulating. This is denoted by the other orange arrow which hugs the green accumulation line. We are looking to break the upper most resistance of the descending by January 20th if not sooner, (this is merely an approximation and it is possible it will break sooner or later).
The descending triangle has been providing significant resistance for Bitcoin, however, we are on another trendline, the green one which has been strong support for approximately 6-7 years. This green trendline was the region in which we reversed approximately at 3200, whenever this trendline has been broken, it thrusts upwards with strong buying action. This is the accumulation line currently. The resistance of the descending triangle marked in light blue is hold the upper resistance, however, there is clear support denoted by the yellow trendline. Both of these make a bull flag, it also has descending volume. The price objective of this bull flag is approximately 18000.
Note: Red boxes and horizontal lines are regions of horizontal resistance.
Best of Luck and stay technical my friends!
Previous Analysis:
I have been sitting on this chart for a while and I have been meaning to share it, but after it has been hard for me begin to publish again, but that is trivial. Anyways, I hope you all enjoy this chart.
Let us start with the daily chart. On the daily chart, we can clearly see in light blue that we are up against resistance created by the descending triangle during the mid-year. It is forming a reversal pattern known as a inverse head and shoulder, it is clear that the volume is descending and that this is a standard head and shoulder, the price objective of this is approximately 8250, however, it is possible that there is no strong thrust from this pattern given that bitcoin is accumulating. This is denoted by the other orange arrow which hugs the green accumulation line. We are looking to break the upper most resistance of the descending by January 20th if not sooner, (this is merely an approximation and it is possible it will break sooner or later).
The descending triangle has been providing significant resistance for Bitcoin, however, we are on another trendline, the green one which has been strong support for approximately 6-7 years. This green trendline was the region in which we reversed approximately at 3200, whenever this trendline has been broken, it thrusts upwards with strong buying action. This is the accumulation line currently. The resistance of the descending triangle marked in light blue is hold the upper resistance, however, there is clear support denoted by the yellow trendline. Both of these make a bull flag, it also has descending volume. The price objective of this bull flag is approximately 18000.
Note: Red boxes and horizontal lines are regions of horizontal resistance.
Best of Luck and stay technical my friends!
Previous Analysis:
