Are we seeing here a cross between a flag and pennant? if so could be an indication of a bull run just round the corner...
Anyway, back to my other ideas I published, I do still believe this will be a bumpy few days, but still bullish in the long run.
That rock bottom horizontal line seems to show the support is very strong at 38.5k - backed up by my previous post re fib retracement & oscillators.
In terms of what the future holds, it does appear to be a repeat from this time last month - in my opinion, the third week of the month will usually be a bear market as the pay check wears off= more sell orders.
In...
As you can see from the chart BTC is forming a descending triangle very similar to the one before, which it eventually broke out of. This one is smaller and represents a fairly minor consolidation pattern in my view. There is lots of support underneath from rising moving averages, previous trend lines, and previous horizontal support levels. Price floor is at £31k...
New to the game, drew a couple of fib retracements which would appear to highlight the price not dropping below the 61% (£38.5k) mark. Could we see a bounce at 38.5k... time will tell.
Based on fib retrace never dropping below 61% in the past 2 uptrend. Will this drop respect the fib retrace at 61% (aka £38.5k)... time will tell right?
HELLO
IM EXPECTING CORRECTIVE WAVE 4 WILL TAKE THE SHAPE OF TRIANGLE AND THE 5TH WAVE WILL EXTEND TO 4.23% FIBO OF THE FIRST UP IMPLUSE TO MATCH 261 % OF PAST IMPULSE AT THE 51000 LEVEL
Since the ATH on 21 February BTC dropped to a low of £31,112 on 28 February. After another rise (green dotted line) it reached £37,812, testing the downward trend's 0.618 Fibonacci level before forming a downward channel and testing the rises' own 0.618 level.
Will it now break the rises' 0.618 level and continue the downward trend (red arrows) or will the rise...
Here you can see the last time the price action plummeted to the 21MA on the daily chart. That was the start of a descending triangle pattern. I am watching for the price to hold above the 21 MA, if not then some further downside is on the cards. Structure needs to hold the recent lows of £34-35k or we could see a drop to major support / previous resistance /...
Bitcoins flashcrash on January 11th 2021 was a 31% drop, the current one is the same length, if it holds at the current support level and maintains the 4 hour EMA then retracing the same path, extended into the future puts it at the current price in the next couple of weeks, before a push towards the £50,000 mark at the start of April just before the new tax...
Just a beginner. There should be a upwards trend till mid feb up to the point of £36000 before slowly going back down to £26500 level by start of February
