In short, looks like bottom is in (white lines), bullish reversal from lower lows to higher lows (green lines), still stuck under descending trend-line (red line).
BTC still needs to make higher highs, a break above descending trend-line could lead to this.
Daily chart showing BITTREX:BTCUSDT approaching the bottom of the parallel channel and more importantly, the Weekly bear trend it left back in April.
Should bottom of the channel break then there is a good chance of us returning to the overall downward trend that start at beginning of the year.
#PrayForBTC
On weekly chart dark cloud cover is usually bearish,
but this week's price action could make the stock bullish.
It still has to pull away from 219p resistance though.
ABCD harmonic, psychologically significant price, in reversal territory between .618 and .786 retracements and previous resistance/support zone indicates that the $5000 region is a strong contender for the reversal zone of this sell-off.
This is not investment advice. My analyses are frequently wrong.
Don't usual dabble with commodities or metals but this looks like a potential trade to go short.
The triangle formation shows a massive reversal of the uptrend plus the double bottom has been formed and continued on with a big short bar.
Made a helathy profit following this pairs bullish uptrend, but the pair sold off on the 2-Aug, probably due to profit taking at 9.6000. Price has retraced back to the Fib 28% level and formed a perfect rounded bottom on the 1hr chart.
I actually spotted this trade at 9.4855 but decided to wait for confirmation that price had broken the Daily 8EMA resistance. ...
Made a helathy profit following this pairs bullish uptrend, but the pair sold off on the 2-Aug, probably due to profit taking at 9.6000. Price has retraced back to the Fib 28% level and formed a perfect rounded bottom on the 1hr chart.
I actually spotted this trade at 9.4855 but decided to wait for confirmation that price had broken the Daily 8EMA resistance. ...
