Testing key Fibonacci support, I like what I see here so far.
I am seeing a similar yet slightly more bullish chart than bitcoin. Elliot waves are playing out nicely. Possible extended fifth wave to test the area above 160. With the Constantinople hard fork catalyst we could see higher levels tested.
I am seeing general support of Fibonacci lines as BTC oscillates throughout time. I am also noticing respect of bollinger band extremes in between the Fibonacci lines which is a general bullish indication to imo. I have a fifth Elliot wave extension ending closing as 3980.
Bitcoin seems to be approaching a decision point for long term supports and resistance lines. 6800 and 6200 are target short term critical support and resistance lines.
Descending wedge on long term support. Interesting play.
I have an update as to what my thoughts are on the most recent price action movements of Bitcoin. In my post on may 27th I had forgotten to add that the manner at which bitcoin broke through the fractal resistance line would likely dictate how the short term movements foreshadow bitcoins movements over the mid term. This is derived from fractal analysis which i...
With the recent buy candle that has brought bitcoin to the edge of the recent fractal residence point as stated in my earlier post I am now Bullish on bitcoins short term movements. My initial reaction to this news is that bitcoin will trade side ways for a few days with slight upward momentum until this resistance is broken. Once this resistance is broken the...
In this chart I have identified key fractal patterns within bitcoins trading price action movements. As seen in this chart the 6900 level holds long term support while the recent down trend starting may 5th and ending June 2 shows to be a key fractal line of short term resistance. Look for bitcoin to go no lower than 7150 as it approached this resistance line. ...
Based on fractal analysis over a year period I have created this chart. I think when bitcoin breaks out of this downward trend it most likely will break higher. Disclaimer, this is based solely on my opinion and it is not to be used as an investment strategy.