TECHNICALS:
Currently, BTC has completed a Peak Formation High (PFH) with an M pattern and has progressed down to confirm a Level 1 position.
There is a high probability for a good SHORT down towards the MAYO (200 EMA) as well as most likely PIN the BLUEBERRY (800 EMA) before forming a Peak Formation Low (PFL) with a W pattern.
Once it forms the W pattern, we can then LONG it upwards to the next major PFH which would be at around the $11,673 USD Zone.
TDI Indicator also gives me confirmation of these moves, as currently, RSI is outside the LOWER TDI Band at approx 52.65 RSI (At time of writing). It initially looked as if it would form a Shark Fin outside the water, but now there is a very high probability that it will continue downwards to make another cycle on the TDI, possibly to the 40 RSI range or thereabouts, before making another Bullish move upwards to the next peak.
FUNDAMENTALS:
BTC is seeing continued growth and adoption as well as many mining rigs have now been turned on again after the market price rose above the $6,000+ mark. Adoption of bitcoin continues, not only in the crypto marketplace but also in other sectors including commerce. There is no doubt that we are out of the crypto winter (bearish trend), and we are now at the initial stages of a bullish trend.
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DISCLAIMER:
These are my analysis, my opinion, I give no guarantees and I'm not responsible for any losses that you may occur if you trade this, whether you buy crypto or trade it in the CFD market. If you want to trade this chart, do your own analysis and make sure you have a good money management plan in place. If you want to learn more about trading, here is a good place to start: babypips dot com
I generally post my own analysis in BTMM format, although I am proficient in Crypto Patterns, Gartleys, Butterflies, Pattern Trading, Elliott Wave Trading, Pitchfork, Trendline, VSA and Price Action trading, for which I may from time to time post additional analysis including some of these other methods.
I don't answer to bullies, trolls or charlatans. If you want to genuinely debate me, post a proper analysis, but don't post a blank chart with words or claim you are a 'WE' and have some magical algorithm or secret, I will not waste my valuable time to answer you. I'm posting this chart here for my own personal record and to share with those that may appreciate it, with the hope that it can help someone better their life.
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Currently, BTC has completed a Peak Formation High (PFH) with an M pattern and has progressed down to confirm a Level 1 position.
There is a high probability for a good SHORT down towards the MAYO (200 EMA) as well as most likely PIN the BLUEBERRY (800 EMA) before forming a Peak Formation Low (PFL) with a W pattern.
Once it forms the W pattern, we can then LONG it upwards to the next major PFH which would be at around the $11,673 USD Zone.
TDI Indicator also gives me confirmation of these moves, as currently, RSI is outside the LOWER TDI Band at approx 52.65 RSI (At time of writing). It initially looked as if it would form a Shark Fin outside the water, but now there is a very high probability that it will continue downwards to make another cycle on the TDI, possibly to the 40 RSI range or thereabouts, before making another Bullish move upwards to the next peak.
FUNDAMENTALS:
BTC is seeing continued growth and adoption as well as many mining rigs have now been turned on again after the market price rose above the $6,000+ mark. Adoption of bitcoin continues, not only in the crypto marketplace but also in other sectors including commerce. There is no doubt that we are out of the crypto winter (bearish trend), and we are now at the initial stages of a bullish trend.
###########
DISCLAIMER:
These are my analysis, my opinion, I give no guarantees and I'm not responsible for any losses that you may occur if you trade this, whether you buy crypto or trade it in the CFD market. If you want to trade this chart, do your own analysis and make sure you have a good money management plan in place. If you want to learn more about trading, here is a good place to start: babypips dot com
I generally post my own analysis in BTMM format, although I am proficient in Crypto Patterns, Gartleys, Butterflies, Pattern Trading, Elliott Wave Trading, Pitchfork, Trendline, VSA and Price Action trading, for which I may from time to time post additional analysis including some of these other methods.
I don't answer to bullies, trolls or charlatans. If you want to genuinely debate me, post a proper analysis, but don't post a blank chart with words or claim you are a 'WE' and have some magical algorithm or secret, I will not waste my valuable time to answer you. I'm posting this chart here for my own personal record and to share with those that may appreciate it, with the hope that it can help someone better their life.
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Comment:
Note the market may also only pin the Mayo, therefore be prepared to TP at the mayo if volume quickly increases to the upside, and buy orders start getting filled quickly.