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.
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (9325.90). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. BTCUSD is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic...
Show me the chart i'll tell you the news. move Bitcoin is positive until now so we need correction. back to touch 4000$ 3900$. and continue bull market. what's the next news? if we're see the chart and we need close up EMA 100. with bullish engulfing on weekly. next week Good news coming. mybe ( ETfs or nasdaq or something like remember that ) Next target is 4890$...
After residing in Bali for a month sheltering away from most of the fud and bloodshed throughout the cryptocurrency and indices markets its nice to be back and see a bit of green in the markets. This is my personal opinion on what I believe will happen to bitcoin. The banks want bitcoin more than we do, if they can create an emotional rollercoaster of a ride with...
Have just added in a trend line from my 4 hour chart to the 2 hour chart just in case I need to switch because to a key Bollinger point for me just below $10,100 on the 2 hour chart is looking vulnerable. Otherwise no worries.
Just thought I would update my earlier charts add some more arrows and what happened last time just in case price heads back down to a key Bollinger point for me just below $10,100, but trend line still good. No worries.
Just added another arrow to chart to show most recent time crashed through MA to lower Bollinger line, otherwise based on previous pattern market will hold at MA area or head back down till it makes contact with lower Bollinger Band - Support area. No worries. Upward trend lline still intact.
Based on previous pattern market will hold at MA area or head back down till it makes contact with lower Bollinger Band - Support area. No worries. Upward trend line still intact.
