I went to cash yesterday as this pennant formed. It's not however a textbook bearish pennant and knowing my luck, having made the decision to go to cash, the price will probably swing to the upside.
Bitcoin Price on ABCD
(A) £2950
(B) £3457
(C) £3094 = Pullback to 0.238 Fib
(D) Target = £3600
Price to retest (B) £3457 and close above this level to start testing the (D) £3600 zone
support for this move is way back at (C) £3094 and (A) £2950.
After reaching the maximum target for the previous butterfly pattern (1.618 from XA),Stoch RSI value is 100,RSI value 81.77,price action indicates several take profit transactions ,all indications reflects an upcoming correction (whether a time correction or a price correction) ,we'll wait to see the correction pattern first before opening any new positions.
After reaching the maximum target for the previous butterfly pattern (1.618 from XA),Stoch RSI value is 100,RSI value 81.77,price action indicates several take profit transactions ,all indications reflects an upcoming correction ,we'll wait to see the correction pattern first before opening any new positions.
Clear butterfly pattern with almost perfect ratios,targets are confirmed from (XA)127 Fibo extension and (BC) 224 Fibo extension at 3300 as a first target,the price action is strong so we can be heading to 161% from (XA) ,buying long targeting 3300 ,after that we'll see the potential of longer targets.
Price action shows a higher low ; conversely ALL 3 oscillators showing lower lows indicating a potentially hidden bullish div. Not SURE whether price actions will hit all time highs, comment below!!
The price of bitcoin is up more than 7% today, climbing to just under $900.
Markets saw an average high of $896, according to the CoinDesk USD Bitcoin Price Index (BPI) after opening the day at $830. At press time, prices were currently averaging $882.10, an increase of just over 6%, BPI data shows.
Notably, CNY-denominated markets have climbed more than 10%...
