inverted widening triangle, continuation of trend, read more-->
as for right now indicators showing a very bullish signal on daily, rsi overbought rsi stoch bottom
However this time its better not to folow these view indicators as sentiment is overruling in favor for the bears.
regardless i think we are in a inverted widening triangle pattern, wich often leads to continuation of the trend, in this case downwards
we found a bottom at D sitting at the price of 5860 & just hitting the longer term support of previous bottoms at this zone marked as green
i am expecting bitcoin to move to 6.5k zone, 2 reason for that is daily rsi and stoch reset, it needs to get out of the oversold territory before
going down more, 2 it would fit in the pattern we discussed above here.
if this pattern finishes i do say we drop down more to the 5.3k zone were bitcoin can find some strong supports back from 2017,
it also puts bitcoin back to a spot before the big parabolic move started, so im tempte to say that this is as low as we will get this year for bitcoin.
if you like this idea please thumb up and follow me ;)
much appreciated!
However this time its better not to folow these view indicators as sentiment is overruling in favor for the bears.
regardless i think we are in a inverted widening triangle pattern, wich often leads to continuation of the trend, in this case downwards
we found a bottom at D sitting at the price of 5860 & just hitting the longer term support of previous bottoms at this zone marked as green
i am expecting bitcoin to move to 6.5k zone, 2 reason for that is daily rsi and stoch reset, it needs to get out of the oversold territory before
going down more, 2 it would fit in the pattern we discussed above here.
if this pattern finishes i do say we drop down more to the 5.3k zone were bitcoin can find some strong supports back from 2017,
it also puts bitcoin back to a spot before the big parabolic move started, so im tempte to say that this is as low as we will get this year for bitcoin.
if you like this idea please thumb up and follow me ;)
much appreciated!
Comment:
about to hit E, this will be a important point to see weither this idea will stay valid or not, hrly rsi is overbought right now but daily showing more then enough space to continue up,, if it breaks this idea is closed.
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here is a little more information that supports this idea and the pattern
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E top confirmation
rsi and stoch show overbought territory on hrly, meaning the E target top is likely
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Daily indicators show enough space to go down for the 5380 bottom, wich is why it had to go up before going down more, everything still in line with the prediction.
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after the false outbreak at E the pattern is still valid btc didnt manage to break out of this pattern wich increases the chanse the target of 5386 will b reached, however the 6k to 5.7k support zone is still there and will cuase resistance but in then end will give out to the bears, the reason behind this is becuase whevener a support line is being tested many times it will become weaker and weaker as pressure continues
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right now bitcoin is retesting the resistance at E again, breaking this resistance and stay above it would mean this pattern will become invalid
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short term update projected target 5.8k/5.7k @ green zone & yellow support line of the pattern we are in
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right now there will be some little resistance on the blue dotted line it is not a strong support, and its likely it will give out at some point.
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Another attempted breakout of the bulls got seem to fail again at wave E, even though the resistance of this pattern is getting tested alot and perhaps become weaker, i see also alot of weakness for the bulls, volume is one of them on the last attempt to break out, is pretty weak to say for the least, not to mention stoch is overbought and rsi looks decently high on the hrly i marked the zones that shows the reason why it fails to break
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slight change in the angle of the resistance of that pattern to make things more accurate
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weekly for some look good but if it comes to waves it would fit with this idea perfecly
thanks for showing the weekly @andbcoin
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her there with a small update again, the pattern i drawed was valid to the point btc decides to have its resistance set to 6.600 price, it is still a inverted widening triangle however with a horizontal resistance at 6600 rather then a decending resistance line
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4hr chart looks very clean if a break up of 6.6k is to happen the purple line marks resistances along the way btc will have to deal with, generaly the current situation is still slightly in favor of the bears and not even by much, will be interesting how this will play out theres weakness on both sides
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the 1.618 fibb level we pick from the top at 6.600 perfecly fits to my target of 5380 wich adds up to the probability of this target
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last night bitmex had a maintance, and the moment they went offline this 400 dollar movement happend, but what does this mean for this idea, for now not much yet and is still account to be valid, however is the daily manage to close above 6600 this idea i no longer valid
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aaanddd back in track of this idea
btc failed to hold the 6.6k before daily closed so far and is unlikely to happen again, also etf's decision today or tomorrow will greatply impact the price
Comment:
Yesterday daily closed above 6.6k therefor made the inverted widening triangle invalid, however there is still an alternate bear flag vissable in the charts marked in red lines
but more of this in a new idea. this idea is closed.