Bitcoin continues to follow the Fibonacci pattern and is now testing the trendline. Price has also stayed within the ascending triangle identified in my last chart analysis.
A break above the trendline clears the path towards $50400 where we may encounter a little resistance, however, a breakthrough at this level clears the way for $76k, our next Fibonacci...
There's 3 reason.
1) There is weakness in selling
2) Bitcoin dominance on the increase
3) The lower bitcoin falls, the more interest there is to buy.
If we're break 58k so the next Target is 68k but after test 58k again.
Buy when people afraid and sell when there's in trust.
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Price continues to follow the Fibonacci Levels and has now identified an Ascending Triangle.
This is an update to my previous charts, laying out the Fibonacci Levels as projected up-to the point of the Triangle.
If price continues on its current path, we could be looking at a Price of around the $169k level by the end of 2021.
#bitcoin #bitcoinforecast #btcusd...
Our levels from last week remain in place as our green zone still help and showed great support.
We like a run from out marked out plan we added to out position just above our planned entry on latest shared setup.
We are being supported by the trend-line, stop below the lower support (you can place your stop tighter if you wish), target the top of the ascending triangle and also trail the take profit for a potential breakout to 11.5k
the theory of this bull pennant is clear. the RSI is overbought, the MACD is looking a little hot, bitcoin will cool off for a couple hours before deciding which way to break.
Recently bitcoin has been bucking the trend and dumping through bullish formations so we shall see how it goes.
Bitcoin is in a consolidatory phase. The green box filling most of the screen represents the consolidation zone. This is what Charles Dow would have called a "line". He said these are the only consolidatory formations which should be traded because the oscillations between the upper and lower boundaries carry potential for profits. This market is oscillating...
Bitcoin has held above the top of support zone 1 for 2 closed daily candlesticks now, and it currently above for the 3rd candlestick. It is getting support from the prior support zone, 200-day moving average and also a 1.618 extension of the final upward leg of the triangle. This is a strong supoprt which, if held, could trigger a large push to the upside....
With what may be a double bottom completed today, bitcoin could be ready to retest (and possibly break through) the descending trendline. This would end the triangular correction letting bitcoin enter a new bullish trend phase. That hasn't happened yet. There's still work to do. First, the market has to reach and break through short term resistance shown in the...
Look at where bitcoin's abc correction ended earlier today. It reversed from the point where the 1.618 extension of the b wave and the pitchfork trendline coincided, marked by the green circle. The market is responding to these overlays. Keep an eye on these levels over the next few days.