CryptoTradingRoom

CryptoTradingRoom Updated 

As in July 2021 RSI has broken through a long downtrend on the daily. I'm seeing a similar structure now with price still below resistance. Will history repeat?

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There is a pretty clear H&S pattern on the BTC weekly. Although there's been a small bounce from the 40k low it could still play out either way. If BTC goes above 52k in the coming weeks the H&S failure would give a target of 81k whereas a break below tarkets 11k.

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On the daily timeframe RSI has made a convincing break up from the 7 month long down trend.This indicates momentum is swinging to bullish.

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targeting 55k, possibly take some profit at $51300

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Band is breaking out of resistance formed since August. Target is the August high at $18.3. Stop a little below the trend line. 5/1 risk reward

CryptoTradingRoom Updated 

While short term the price has room to drop a little I expect to see the rise back to all time highs start by mid August

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Bitcoin Historical Chart and Events Dates and events taken from 99bitcoins

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I'm expecting to see bitcoin bounce here after touching both an important trend line going back to November 2015 and the 0.786 fib retracement of the recent rise from 6.8k to 10.5k

CryptoTradingRoom Updated 

I'm looking for the price to drop a bit further into support around or just above 8000 before i go long

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let's see where the price could go and when between now and 2022 if we see similar behavior to previous post halving bubbles.

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Not a prediction, just an observation.

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As predicted in my previous idea, the ABC correction bottomed out in the low 7000's and the first impulse wave of the next cycle started. Wave 1 of this new cycle is looking strong and I can see it breaking through the log down trend before entering a retrace for wave 2. The rest is very speculative but i would not be surprised to see 20k bitcoin again by the summer.

CryptoTradingRoom Updated 

After wave 5 failed to convincingly break above the log down trend the price entered an ABC correction. On my Elliot wave count it looks like wave c is nearing completion. I'm expecting to see one more leg down to the 0.768 fib before the next impulse wave up.

CryptoTradingRoom Updated 

My wave count puts us in wave 5 correction sub wave 2

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BTC has dropped down to the resistance lining up with the two previous lows. I expect it to head back over over the coming days, at least until it reaches resistance in line with all time high and the previous high.