Before I start, I want you to look at Bitcoin very rational. I know there is a lot of emotion behind Bitcoin, because many people are just in blind love with it. Consider it as a random Asset for this Analysis. I also want to say, that i definitly believe in the Blockchain! I think it's the future and nothing will be able to stop it. Bitcoin on the other hand is...
This is related to my last TA. If you look at BTC on a monthly chart, and then considering this massive CBP Wedge on Daily, we could see a big crash soon! Maybe even testing this 1.1k high
So this Pattern is something i discovered, i didn't find anything about it, but i saw the same result every time. A very heavy drop or pump! The Pattern looks something like this i.imgur.com This is what we have on BTC right now. If we go for another bigger correction right now, we should be good, if this goes to around 4800 and comes back up, maybe low 4000s,...
Look at my last Idea, i explain what i did. I would personally take out the 39% drop, since it was mainly fueled by China FUD. Taking the previous as Benchmark, we would get a 45% Drop. At his current 7600 high, that would bring us down to 3420$!
Probably going to play these Supports and Resistances, if we will get a new ATH before correcting? I don't know to be honest. I shorted the whole drop x10, so I am pretty happy with that action, i will wait until we have confirmation of Bullish or Bearish now.
The Support lines are very strong tho. One is from 3500. 5630 will be very hard to break. But if we do, we are going to hell.
I'll keep it short: I see a H&S on a larger timeframe and also on a 15m-5m timeframe, exactly on top of where the right shoulder should be. In addtion to that, we have a evening Star on the daily chart, which is a reversal pattern. Here is the daily timeframe: i.imgur.com We had an Evening star on the Head already and it worked out.
So, the situation is this. On a 2h-4h scale we have a H&S on BTC. This is supported by a evening Star! i.imgur.com I think we will go down to <5.5k again. Maybe we will see the 4.3-4.8k correction i predicted a few days ago. This will prob. take up to 1 week.
Descending triangle on 5850 support. No big buywalls there, sellwall at 5900 - obviously. Looks like we are going down. It's better to watch this in 3m or 5m
Teal and pink background is by Mid-term FIB retracement. I see us staying in this channel for some time, we might even be able to break out down and see a bigger drop, followed by a big bounce. First profit target is 5740. Breaking 5700 will probably send us down alot. I don't see 6200 anytime soon, the correction will prob. come first. Longer term target of...
probably several times. @jcolud @Zelrik