Bitcoin recently brokeout of the pennant chart pattern as expected. It looks like the market is printing an ascending channel and price bounced off the channel resistance. Price is currently experiencing retracement to the horizontal flip support + channel support + fib retracement levels. Bounce off the channel support would be a good bullish signal↗️.
Price has tested a monthly level and was rejected, Price pulled back to retest the level and is now falling
You can wait for price to break the wedge or enter now and just wait for the drop to one of the fibo levels
If you're bearish, this is the only chart you'll need for daily.
Firstly, looking at the volume this might be it for the bull run, the volume looks as if it's really running out of steam. The MACD is also looking like it's ready to tick red in the upcoming weeks.
Key levels are as follows - :
The main support levels are found between $11,200 and $11,300 as...
Again you can see the volume has lowered today, gold is taking an absolute battering and BTC is to follow.
The bear flag seen can also be seen on the higher timeframes from the recent price activity prior to the recent dump. Check out my analysis from earlier today; in connection, this what I think is going to happen including my predicted price.
It's in plain...
1. The Daily MACD is once again ticking bearish after the previously consistent bullish streak. I believe this is no mere coincidence; multiple factors are having a big play in the way BTC is being affected.
2. The volume oscillator shows us even though there was an increase in volume yesterday, the price of bitcoin was negatively affected. This is no doubt...
The over all trend of this pair is about to change and its consistently testing the trend line
We are currently in an area of interest where sellers usually take control and push price lower
Wait for correction to be broken before shorting
We can clearly see by looking at the chart what happens when price breaks this level of support
I am expecting the same thing to happen again, there is enough divergence on the lower timeframes to confirm a change in trend is coming as well as knowing that the USD is falling all over the place... this will bomb very soon
Although I personally do not trade Bitcoin but I keep a keen interest and follow the market closeley for my client. As you can see there are two descending trendline on BTC. Top one is of course the major one and next one also a strong one which is actually a descending trendline within another descending trendline. That makes the chart even more...
If you are looking for an opportunity to long bitcoin then you might be right to hold off on the short term. We have had two minidumps that have confirmed my theory of us revisiting this lower (red) trendline. If you were to enter long now then don't enter with high leverage, use lower leverage say 5x-7x then increase to a maximum of 10x if we touch the trendline....