Bitcoin had been forming a rising channel for quite a few days here which is seen best on the 4hr chart timeframe. I chose to show it on the 1day timeframe though because the channels breakdown target just so happens to align with the daily 50ma(orange line). It would make a lot of sense for it to retrace to the 50ma and attempt to retest it as support. Of course...
Shown here in yellow. If price action holds the 1 day 50ma (in orange) as solid support. The triangle should break up and take us above the horizontal green channel trendline. *not financial advice*
Shown here on the 1 day chart is a rising wedge that is probably most valid on a 4-8hr time frame. However I wanted to show the 1 day 50ma (in orange) so I decided to post this idea on the 1 day time frame. We can see a big red candle has formed here and almost already reached the breakdown target of the wedge of 108. My thought was it was going to wait until the...
We can see that priceaction is currently attempting to both test the top trendline of the symmetrical triangle (in chartreuse) as well as trying to climb back above the 1 day 50ma(in orange). If price action can flip the 1 day 50ma back to solidified support then it can validate the bullish breakout from this symmetrical triangle. The breakout target from that...
It needs to stay above this horizontal yellow line. One way to secure doing that is to flip the orange 1 day 50ma to solid support..I wouldn’t get to excited about this triple bottom validating until it can hold the 50ma as strong support. Once it does we have room for some significant upside as you can see here on the measured move target. *not financial advice*
This current purple bullflag…of which probability is increasing that it will at least do a breakdown fakeout and send a wick to retest the top trendline of the wedge we just broke out of as new support(in teal). I’m thinking it could occur where the brown trendline intersects the teal one or possibly where the pink one intersects the teal one. The pink and brown...
We have just followed up a 1 day chart higher low with a higher high which is also a good recipe for a bullish trend reversal. Need to see a follow up additional higher low from here now to really set it in stone but it’s very possible we go all the way up to test the 1 day 200ma (in blue) before that correction down to the next higher low. The target for finally...
so far the 1 day 50ma is holdding support...not saying it will but if it can then we should be able to confirm a breakout from this speculative bullflag we might be inside right now.
somehow someway this plum colored ascending trendline keeps maintaining support. I wouldn't be confident that we would reach the breakdown target from the ascending h&s pattern unless this line flips back to solid resistance..also wanna see the same thing occur with the 1 day 50ma (in orange) first before it seems like a safe thing to short any further.
