By the Looks of this Channel and Legs it Seems We Already had Completed the Downtrend Even by EW Standards, So What's With Another Leg to 300 and Below?!
I'm just publishing this idea because of the rumor of an upcoming double top at ATH, i wanted to show you that we already had a double top there and price fell afterwards; that level has gotten weak now, so it won't be a major resistance this time but a psychological one therefore don't panic there. See my other chart from 4 months ago we had a very similar case,...
We are Near Mean Line of BB, SMA(50) and EMA(34), Also at Verge of Breaking the Trend Line, Breaking and Holding Above These will Officially End the Current Retracement of Primary Uptrend
I Think the Retracement is Over IMO and We are Touching SMA(50),Lower Band of BB, Stoch and StochRSI are Oversold, But in Extreme Case We may Retest 800 too
As you can see We are Bouncing from Touching the Broken Upper Trend Line of Weekly Timeframe StochRSI is Oversold RSI is Going Upward from Support Zone MACD is Going to Bounce too IMO Notes: DanV Chart used for this idea
After Successfully and Powerfully Breaking the Primary Downtrend Trend Line, Price has Correctly Re-Acted to the First Level of Resistance but the Pullback from There wasn't Powerful Enough to Even Test the Trend Line Again However it may Come to Test it for the Last Time But Considering the Power of this Pullback it's Rather Unlikely, I've Highlight Next Price...
We are at the Decision Point for the 3rd Time, BB is Tightening, MACD Signal Lines are Near Crossing Up, Approaching SMA(50) and EMA(34), All at the Same Point, The Next Movement Decision Point is Coming, My Guess is Breaking Upward, Target Levels
The Primay Uptrend is going to be Resumed after More than 700$ Downtrend and My Yesterday Prediction of 734 was Correct, the Next Target is 800 where SMA(50) and Upper Band of BB of 4H are Located, Then SMA(200) of 4H Around 900, i've Highlighted the Important Signals on the Chart
If The Blue Resistance Area Fails, There Will be Another Big Jump Coming Up
Bitcoin Primary Uptrend (Visible on Weekly Chart) has been Resumed by Successfully Bouncing off After Touching EMA(34) and Crossed Upwards from Signal Line of Bollinger Bands, So the Next Target Will be the Union of Ichimoku and Upper Band of Bollinger Bands on Weekly which is around 135, But As it Has Been Tested Two Times and the Level Has Gotten Weak, I Doubt...
Bitcoin Uptrend has resumed by Breaking Resistances with Very High Volumes as Confirmation of Correct Breakouts but the Level of 108 Remains otherwise it may go to sideway trading between 102-108