Bitcoin is trading within a technically confirmed symmetrical triangle. These formations are typically biased to continue in the direction of the trend, as in downwards. This is further supported by the incredibly weak overall technicals, the weak, weak bearish RSI channel in particular, in which the RSI barely even manages to retrace to the green RSI 50 line...
Bitcoin's looking good, but the dangers are far from over. Bitcoin has overcome most of its overhead resistances, especially in terms of the red ichimoku kumos and EMA ribbons on the 1-, 2- and 4-hour charts. It is currently battling the very last edge of those indicator resistances (see picture). Since Bitcoin broke down from its long rising wedge from...
All the technicals we've discussed in the previous week's posts are now coming together beautifully. We're approaching the last 5th wave of the 5-3-5 zigzag correction, which ultimate target also perfectly aligns with the C-wave. We're talking about a prospect bottom at around $43,000-43,500, give or take. What further supports this is that Bitcoin hasn't had...
Bitcoin is looking overall weak and done so over the last few weeks as it constantly seems to struggle with overcoming the resistance levels above. It is currently forming a bearish continuation triangle. If Bitcoin breaks out to the downside, which has a 70% chance of happening, then the technical target for this formation alone stands at $50,500. This does,...
This is the third chart on which the RSI closes on the upper bearish blue from below (see the two previous posts for more). Unless Ethereum can overcome these and with at least a safety margin of ~1%, then a good-sized downside/correction is in play. If, however, it manages to break above them, then a low risk long is confirmed.
This post is an extension to the previous one, in which we proclaimed that the RSI made an upper bearish blue closing on the 4-hour chart. It's simultaneously done so on the 2-hour chart AND on the one hour chart. These signals are incredibly powerful as they detect reversals in their very baby stages - way before any normal indicator manages to. This in turn...
Few people are aware of how to PROPERLY use the RSI. Used correctly, however, it is the by far most valuable indicator of them all - of with which you can in fact base entire trading strategies with and with major risk to rewards. Ethereum has just closed from below on the upper bearish blue line. This is a very bearish sign and is typically followed by steep...
To further clarify the previous post, Bitcoin seems to be in the midst of establishing its C-wave correction. This Elliott move comes to life in the shape of a zig-zag as the 4th of the A-wave is in the shape of a triangle, which is a textbook characteristic.
Bitcoin is flirting with the ever so thinning EMA ribbons. A break below could amount to a C-wave correction. In such case, $42-45 000 is to be expected. If, on the other hand, BTC manages to find its way above $61,000 a new ATH is in play. Long Life Trading (Youtube and Twitter)