This support analysis is additional to my already published short term analysis of Bitcoin breakout of the bear trend since January (link --> see related ideas). Here you can see the bottom support line at ~5900$ (multi exchange analysis) and a light support line at ~6600$ (current OB analysis). This would be a almost perfect 71% fib retracement. Light support...
Well... it played out pretty nicely! As mentioned in my previous post, we were expecting the bounce to meet resistance between 10.2-10.4k. The bulls tried REAL hard to get it through the .236 fib line and the previous support/resistance level. It nearly got to 10.5k which I didn't quite expect and was slightly nervous with the short opportunity for me coming in...
After chasing ahead of the potential right shoulder downtrend, we have seen price perfectly touch the .382 fib level, before bouncing back up. We now find ourselves approaching the previous support, turned resistance. The volume doesn’t look high enough to force this through, and I think there’s a good chance we retrace back to test the 9.6k level again so is...
As we see Bitcoin lose 10% of it's market cap in 6 hours, it would be easy to worry of a fall to 6k and beyond (and let's be clear there is still risk!). In the short term, things do look bearish, but this could be the setup to a midterm bull market and new ATHs! As BTC makes it way down the 9s, it will meet resistance at 9.4-9.6k. Ideally we would see a bit of...
LOOKING LIKE IT HAS WAYS TO GO BEFORE THE TRENDLINE TOUCH TO SEND THIS PAIR N A BULLISH MOVE..
Price is ascending in uptrending wedge, with recent break of 13.70 resistance level. Resistance break has become weak for possible pullback. It could indeed be a strong pullback or just a small correction, but either way I am short biased here. Stop at 15.47 Target at 14.26
Minor wave correct provides great entry. Initial PT:$ ≈8 or 33% above current. GuruFocus DCF Fair Value= 11.66 Strong balance sheet w/ little debt and high Current Ratio. 3 Stars on Morning*
nice expanding flat is forming on 1h chart, take sell & profit.
Currently waiting for confirmation for wave 4 and will take small short position aiming for current reentry levels on the long side @2,26 @2 @1,64. medium to long term targets for the long positions start @3,54 and @5 respectively.
After picking up a nice chunk of change last week on the down move from 1,1992 to 1,1910 i reentered short positions on 1,1987 and 1,1957 which i am currently holding while down trend continues. First soft targets for this short term short are at retest levels of wave 3 @1,1862, intermediate target @1,18 and 3rd target @1,1756. For my long term bullish outlook...
CADCHF has been up-trending but seems to be in a consolidation phase on the higher time frames. On the 2H chart we see a falling wedge which we can trade: a sell opportunity at resistance. I'm a fan of breakout trading so i shall await price to break the trendline for a sell within the wedge. COMMENT WITH OPPOSING ANALYSIS :)
I am betting on a possible profit taking action before the closing bell, sending the price to the previous R2 on the pivot lines in the 4 hours chart.
4h-1D chart rejecting a trendline. Potential short trade when bearish candles occur.