Continuation of this previous TA ( where I predicted the potential spring at 5800 and some of the recent pumps):
You can see the pitchfork channel I am following, I expect it to be valid for a week ;), I am bullish, but I will pay attention at the new attempt to break 8500, it is an important resistance, a second failure make btc retrace at lower level (7.5K).
Now the weekly, I see there a bullish divergence, we are above the 50 level which is a bullish sign, and plenty place to go up!:
On the daily, the 4 EMA are completing the bullish crossing, RSI is very bullish and start to be in the overbought zone, but still place to go up, and it seems volumes are increasing at each pump (to be confirmed), all this show uptrend:
Breaking the downtrend of February, now turned support:
Of course, don't follow blindly advise, do your own research!
You can see the pitchfork channel I am following, I expect it to be valid for a week ;), I am bullish, but I will pay attention at the new attempt to break 8500, it is an important resistance, a second failure make btc retrace at lower level (7.5K).
Now the weekly, I see there a bullish divergence, we are above the 50 level which is a bullish sign, and plenty place to go up!:
On the daily, the 4 EMA are completing the bullish crossing, RSI is very bullish and start to be in the overbought zone, but still place to go up, and it seems volumes are increasing at each pump (to be confirmed), all this show uptrend:
Breaking the downtrend of February, now turned support:
Of course, don't follow blindly advise, do your own research!
Comment:
Update, it is back in the previous channel I was using, so I redrew it taking into account those new patterns, target did not change even though we took a detour.
On the daily:
On 4 hour, it will be validate if we go above 8520 around (higher than previous top), failure will mean big drop to previous support 7900 and probably lower. Break above 8520, next target will be as before 8700 to 8900.
You can see the retrace of candle from 7900 to 8300 seems done, fib target 1 is 8520 (first box) and 1.68 extension is 8700/8800:
It seems as well that there is an inverse H&S that confirm the target of 8700/8800, would need a break of 8300 to validate it:
Indicators on the daily are still looking bullish but a bearish divergence is appearing on the daily, need to go up today or it will look bad:
On the daily:
On 4 hour, it will be validate if we go above 8520 around (higher than previous top), failure will mean big drop to previous support 7900 and probably lower. Break above 8520, next target will be as before 8700 to 8900.
You can see the retrace of candle from 7900 to 8300 seems done, fib target 1 is 8520 (first box) and 1.68 extension is 8700/8800:
It seems as well that there is an inverse H&S that confirm the target of 8700/8800, would need a break of 8300 to validate it:
Indicators on the daily are still looking bullish but a bearish divergence is appearing on the daily, need to go up today or it will look bad:
Comment:
Oups, meant as an update not a comment.
Boring sideways, low volumes, in a triangle, could break up or down:
Boring sideways, low volumes, in a triangle, could break up or down:
Comment:
So, it chose the red arrow, we are now where the red arrow point, 7600, this is what I expect now, my preferred scenario is a bounce in the 7300 zone, will be hopefully validated by a bullish div on the 4 hours and by seeing accumulation (still a 1000 btc wall on bitfinex in the 7400 range):
On the daily for the cooling of the RSI:
On the daily for the cooling of the RSI:
Comment:
Comment:
Forget the above EW, not correct.
That is how I see it, same as yesterday target:
That is how I see it, same as yesterday target:
Comment:
Forget to add, the bounce could happen anytime now, already in bull div on the rsi.
Comment:
Right in the box at the intersection of the descending channel and the ascending pitchfork, RSI 4h is confirming the bull div (and oversold) but I am still careful
Now, it is in the box, gotta shake it and see where it blows, fav scenario is still up for now:
Now, it is in the box, gotta shake it and see where it blows, fav scenario is still up for now:
Comment:
Jack is out of the box, will it go to the next one?
So far, it checked my scenario and timing (RSI and limit of the channel)
So far, it checked my scenario and timing (RSI and limit of the channel)
Now, 7900 is the support to follow with this weird IHS: