Today, I am posting chart at Bitstamp daily chart,
because of more data. You could notice, I am reposting same bar
patterns with little of re-edit, updates or news I found.
BTC usually went to extremes movement before decision,
due to leverage trading, market excitement, crypto enthusiasts and so on.
Also breakdowns are violent, when the Stock traders dumped
cryptocurrencies as the high risk assets first.
Me personally, as always so far believe in mine charts and stick to technical risks ahead.
I have always morelike contrary opinions. That's in my nature.
This way, I decreased risks of loses and I can confirm it worked.
You should be cautious about your investment capital.
Keep your TA and chart clean and look into higher time frames,
for better overview of market states.
I extended major resistance and support to a new beginnings.
Bitcoins touched green line historical support once and still acting as resistance.
You can zoom out the chart to see how much important green line is during history.
It will take probably 2 weeks to confirm up trend, or denial and fall to Head and Shoulders formation ( probably ).
It that case, there is ~40% downside target from neckline breakdown, in which nobody believes during these days.
Bear flag, or Head & Shoulders, targets are the same.
This will also partially depend on fundamentals, which would come sooner, or later.
I can't know, if positive or negative.
But in my mind, transparent bars are more likely than upside movement.
So let's monitor what will happen in the next weeks.
This chart bars are ranges, won't be perfect for sure.
Always with care and ready,
Emvo.
*This is not any financial advice.
because of more data. You could notice, I am reposting same bar
patterns with little of re-edit, updates or news I found.
BTC usually went to extremes movement before decision,
due to leverage trading, market excitement, crypto enthusiasts and so on.
Also breakdowns are violent, when the Stock traders dumped
cryptocurrencies as the high risk assets first.
Me personally, as always so far believe in mine charts and stick to technical risks ahead.
I have always morelike contrary opinions. That's in my nature.
This way, I decreased risks of loses and I can confirm it worked.
You should be cautious about your investment capital.
Keep your TA and chart clean and look into higher time frames,
for better overview of market states.
I extended major resistance and support to a new beginnings.
Bitcoins touched green line historical support once and still acting as resistance.
You can zoom out the chart to see how much important green line is during history.
It will take probably 2 weeks to confirm up trend, or denial and fall to Head and Shoulders formation ( probably ).
It that case, there is ~40% downside target from neckline breakdown, in which nobody believes during these days.
Bear flag, or Head & Shoulders, targets are the same.
This will also partially depend on fundamentals, which would come sooner, or later.
I can't know, if positive or negative.
But in my mind, transparent bars are more likely than upside movement.
So let's monitor what will happen in the next weeks.
This chart bars are ranges, won't be perfect for sure.
Always with care and ready,
Emvo.
*This is not any financial advice.
Comment:
Green support line wasn't visible after zoom out, so I am posting overview:
Comment:
Detailed picture of that smaller H&S.
Tested 1.272 resistance and Daily MA300 as resistance.
Month ending and open will be interesting.
Tested 1.272 resistance and Daily MA300 as resistance.
Month ending and open will be interesting.
Comment:
RSI is very overbought, MACD at bearish cross.
There is near 20500 Dollars support zone, which I mentioned in my past Idea.
Matched H&S neckline is my DCA buy zone. If will really break down, on the way lower I will start to buy altcoins, as high risk assets. Full target corresponding with this chart pattern exactly. But reality isn't always perfect.
*This is not any financial advice.