Zammo

Zammo

We are currently in a channel that is forming a large descending triangle. This triangle is taking the price down to $175. If this scenario were to play out, I feel it could damage confidence in Bitcoin and make a breakout that takes the price above $216 unlikely without some extremely good news. We have hit some long term support at 216 and this support is...

Zammo

We are currently in a huge bearish triangle descending to around $180. There is a massive old support at 203 (also the Yearly S1 Pivot point and the conclusion of the Elliot Wave) so we could see the bottom of this cycle or a bounce at this level if the support holds. If we break the support, a drop to $180 or lower is on the cards.

Zammo

The movement continues to follow the channel created by trend lines. Two triangle formations have overlapped creating a channel within a channel. The narrow sideways movement will eventually get squeezed into the lower trend line before breaking out to a new high of around 275, breaking the old long tern resistance at 272. A safe entry here would be 256... it is...

Zammo

A channel has formed. Each movement upwards if followed by a bit of sideways. The movements are also perfectly bouncing off the fib lines. If the pattern continues, the next target will be 262

Zammo

We have spent the last few days bouncing around inside a triangle. The squeeze has begun. Any breach of the 'red zone' would result in a drop and will test the previous support at 205 and maybe 196. If that support holds, I could be stuck in more sideways movement until finally, we have a double bottom at 150. When the floor is reached, it will be a massive bull...

Zammo

Over the next week we could see 205 retested. If support at 205 is broken, it could mean a major push down to a double bottom. It is possible that support at 220 will hold again and result in a bullish movement initially to 250 then on to 300.

Zammo

Massive support on Bitfinex at 220. If that price goes, expect a big drop

Zammo

The long term down trend continues. The brief surge to 300 caused by news and speculation was never going to last for long and we have resumed the long term down trend. The fundamentals are not yet present for a major reversal. Expect to see support tested.