Last evening price failed to stay above the 50% of the pennant. We still remain bearish on price action into our target area to complete the Bullish Butterfly Pattern.
Bitcoin still struggling to stay above 50 % of the bearish pennant.
*4 Hour Chart Price performing test and retest of the 50 % of the Bearish Pennant. Currently at 13:00 EST trading below. Failure to get back above and move higher, we will anticipate further bearish price action.
So many things lining up for Bitcoin! Long setup emerging. Time cycle +/- 2.
We are apparently still making our way with this possible Bearish Pennant, Today we have what appears to be a head and shoulders pattern and possible Bullish Butterfly forming on the H1 chart.
Does Bitcoin have what it takes ? Are we in a large correction? I remain with a Bearish Outlook.
Bitcoin - After digging further into recent price action of Bitcoin on the 4 hour chart by clearing off the chart and removing previous analysis, I have discovered that we could be having some type of sideways pennant pattern forming. Pennants usually form after a very long bull or bear run and usually take one to three weeks to form. In the chart above I have...
Bitcoin bitcoin bitcoin..... proving to be difficult to analyze as your are to mine. Bitcoin price retested below our old 61.8 App / 61.8 ER area on Tuesday's gap open @39162.10 and has since resisted the need to retest the Daily Bearish Trendline. As stated in my previous analysis, it is believed that we now have a truncated W:e or 5th wave low @31084.40....
2021.05.24 Bullish Scenario Should price build momentum and trade above the 32.8 ER / 32.8 App confluence area, the next target area would be a break and retest of the Daily Bearish Trendline and then a continuation to target liquidity above old daily highs at the 61.8 APP / 61.8 IR confluence @33804.00 / 38108. 05 . So far today our Bullish Scenario for Bitcoin...
Bitcoin opened today @35201.60 with a gap up from the Saturday close @33035.15 and has traded up into a 32.8 ER / 32.8 App confluence area. Bullish Scenario Should price build momentum and trade above the 32.8 ER / 32.8 App confluence area, the next target area would be a break and retest of the Daily Bearish Trendline and then a continuation to target liquidity...
Last analysis before the Saturday close it was our anticipation that Bitcoin would trade higher to make an Elliott Wave: d. However upon further analysis we see that Bitcoin had already completed the W:d on May 20th at about 9:00 EST on the 4 Hour Chart. Bitcoin is proving itself to be a very rapid moving financial asset and a more careful analysis approach should...
Bitcoin appears to have matured over the last 10 years. Price appears to have completed a head and shoulders pattern on the daily chart with a measured move touching a low at the 161.8% Fibonacci level @30706.40 for an abc Elliott Wave Correction. Also price has traded below and retested the 200 daily moving average before heading lower. There also appears to be...
Many were shocked at the movement of DOGE last night during his appearance on SNL. However the markets hold true to a measure of human psychology. The SNL appearance of Elon Musk proved to be a catalyst for the market to rebalance below 0.47. Between May 5th and May 8th price for 4 days was completing a corrective Elliott Wave:c after having already pierced above...
Price has already pierced above the 161.8 External Retracement and 127.2 Alternate Price Projection Confluence. 22:30 Hrs. Volume is Low. Current Bias is to the Downside. This is not an invitation to trade and is my own personal analysis that I am sharing. ***Please do your own research.