Bitcoin has finally broken through a $9k support level, due to such a heavy impulse breakthrough, this may suggest 2 possible outcomes:
1. It's just a retracement, market will resume bullish from $7k.
2. Price has also broken below the 200 EMA which may continue a bearish run to perhaps $5k & under.
The RSI is currently hovering in oversold conditions (not...
Bullish divergence on the Daily on the MACD and the RSI - green line
We can see how the price consolidates inside in what it seems to be an ascending triangle - blue line. Formations like this tend to break upwards.
Regardless the direction of the breakout , we currently trade in the low are of the consolidation and just bounced off the demand trend-line...
Looking at a breakout of the EURNZD Triangle on the 1 hour chart.
Right now it is a pretty strong triangle so it will be interesting to see where price heads after.
We have had quite a few fakouts in triangle patterns recently across pairs so watch out for any massive bearish or bullish moves then wait for the reentry before entering if it seems real.
It is clear to see we have met the 1:1 target from this WXY wave but does not mean it is necessarily finished!
Also we have broken the much talked about 21 EMA (Top grey line) although the week has far from closed so this could easily be a wick down.
However, also much talked about are the descending triangle and symmetrical triangle which I have put targets for...
This formation not been easy to foresee but now becoming a bit clearer with this smaller ABCDE Elliott Wave triangle having broken(broken yellow lines).
Targets as per chart but $8500 seems most likely short term!
This excellent video may reveal how we got there:-
Price seems to be rejecting higher levels. Price has been hovering over the 61.8% fib retracement level of the previous wave and so I am looking to see a push to the downside.
All TP levels are of 61.8% nature.
- Descending triangle chart pattern has formed in the higher timeframes and price seems to be respecting the channel.
A simple reason to see why bitcoin is so conflicted at the moment when you analyze the lower lows and higher highs(yellow circles) in which the former I think has touched twice and the latter three times. So the the question being will we make another higher high or drop back down to break lower dotted white line which has touched at least six times in orange circles?