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BTCUSD is now very close to the 100% Fib level support ($5625). This brings us back to 11/12/2017, just before Bitfinex ramped up printing more and more Tethers.
It also puts BTC back into a linear trend line (vs the parabolic we saw last year).
If it doesn't bounce from $5500-5700, and this support range is broken, the next stop is at $3000.
Until December, BTC had never broken the top trend line (dotted) which always managed to curb the ATHs. After Dec, that line was broken and we saw 19500.
Since early this week, BTC traded below that line and it is now serving as the new resistance, which is now forming a double top.
Right now MACD in the 1h chart is crossing downwards and I expect BTC to test ...
Big correction coming.
The parabolic rise of BTCUSD just got more dangerous. The dotted line representing the long-term uptrend line has just been broken. RSI is showing overbought. Bollinger bands are getting wider. I would not discard a correction back to $8k next week as people take profits at the $9k area.
Getting close to the long-term top trendline. RSI nearing overbought. May need a slight correction to look healthy again, or the parabola will become steeper.
I've been trying to forecast BTCUSD patterns by looking at a straight trend line but decided to redraw it as a parabolic curve, which is basically what it is.
Looking at this information https://blog.forex4you.com/trading-the-parabolic-curve-pattern/ we can observe that we are now resuming the bull run after Base 4, which could be the last run before its sell ...
The last bull run lasted 2 months. This bull run is approaching 2 months exactly after the fork. Assuming we hit the peak, I would expect the same pattern of correction to 0.618 fib level, which would take BTC back to $4550-$4600. RSI is overbought. FOMO is winning.
I believe we finally hit the uptrend line of this bull pennant. Time to go long?
I'm expecting Bitcoin to retest $4200 after the fork.
Typical retracement from the two previous ATH has been at around fib level 0.618. Assuming this run is overheated due to the fork, the drop could be proportional.
Looking at the chart, it would also be supported by the medium term uptrend line.
I'm not a trader, so do your research before following this chart.
I've been maintaining this chart since early last week. As you might have seen, the green uptrend line was broken, which caused ETHUSD to test $180 (ok, $175) twice and it's now at $224. I believe $230-ish to be the resistance at the moment.
The downtrend resistance must be broken with strong ...
Last night we broke the uptrend line and the volume is very low.
Seems like we are bound to test the next long-term uptrend line between $180-200.
Something significant must happen to reverse the bearish trend.
This is evolving rather nicely.
1st major support would be $240-250. If it breaks lower, then it could test $180-200.
I plotted this chart yesterday morning, has been tracking nicely. Published first on /r/ethanalysis
ETH should find a support between $235-$250. It could either be a slow drop of move up to $270, before dropping to $240-250 and finally breaking the downtrend and potentially moving up again.It could either reverse at $240-250 or if it breaks lower than the trend ...