Continuation from chart ** Bitcoin Still On Trend **
Looking possible bitcoin with break back to the upside with the sharp sell off in Alts today it's looking likely that Bitcoin will continue its rise up.
BTC is in clear down trend but before it dips any further bears need some fresh blood.
Expect a squeeze to $6800/$7000+ levels at the best.
Higher levels have been marked for my own personal reference.
RSI showing highly oversold ( we have bottomed on the RSI support at roughly 165 sats 3 times ) going from prior movement and realistic market conditions.
Mac D along with ADX - DMI showing reversal bullish momentum on the 240 (4 hr ), 1 hr & daily.
BTC is up against a weekly resistance now after a strong push off the 5800 support level. It has created a new higher low here and gone on to create a new higher high.
It has also just broken out of the long term down trend which has been respected since early May.
If it gets rejected here we may head back down to retest the recently broken down trend for...
Eth had a good pump along with btc over the past day. It is right up against a daily resistance now and if it gets rejected here we have made a new lower high and we will head down to retest the long term uptrend.
If that fails to hold up against the bears next stop is a weekly support at around 392.
Watching closely for a entry either off the trend line or the...
Bitcoin for me has a number of reasons as to why it could fall as low as $1800 usd before going up.
1) The long trendline at the bottom is off the monthly chart
2) The 200 ma (red one on the weekly chart will perfectly align with 2900 which was a previous price i also thought it would fall towards
3) A huge triangle has formed on the weekly which needs to be...
cardano is creating reversal head & shoulders
its trying to break up for a 1-1 extension for wave 2. (ABA correction pattern complete )
sell on a 5 sub wave pattern until we reach target wave 2. accumulating more and more until we reach the exit.
set your sell orders HIGHER and keep rebutting 1-2% dips to increase volume.
ada is forming a retrace ABC pattern to the 0.786 fib sitting at 2200 sats.
wave 1 consisting of 5 sub wave along with abc correction pattern complete ( target hit 2450 sats ).
currently forming a head and shoulder reversal
needs to hit 2400 & smoothly push 2500 to grab a lot of buyers.
target on wave 2 will hit 3000-3200 if the above occurs
updated chart on the 240 ( 4hour )
cardano has bounced off the 0.78 retrace level as previous with last 2 corrections.
dmi-adx has confirmed break out on daily and 4 hour chart.
mac D - showing positive breakout.
rsi and cci still showing way over sold.
finally we have completed the final correction wave to the 7.8 retrace level. most alts break out from this position.
sleeping now for many weeks. as you can see on the ADX to -DMI has broken into bullish territory for the first time since January. (BLUE - RED) green looking into uptrend.
MACD - has finally crossed over into up trend since January!...
As an update from my previous BTC chart set on a slightly more bullish fib, analysis now indicating a more acute bearish adjustment is coming.
ShortTerm Trend - LONG
Current trend would suggest a bull trap will still occur, but with two possible retracements to the following:
D - 11,581 (in line with 50.0% fib)
D2 - 9,555 (in line with 61.8% fib)
We've found our way down to this long term trend line (stretching from mid July). Can we close above it? Or will the Tether / Bitfinex news send us lower?
If lower, then next targets are the monthly pivot lines at 8950, and the 61.8% fib level / previous resistance at around 8500.