Just broke through trendline on the big picture. Is still under EMA15 weekly (high chance of bouncing back to roughly 4100-4300 and potentially higher.
Monthly picture is significantly lower than the EMA with reversal signal starting to form on momentum indicators.
On logscale the price came back down to the schiff pitchfork support with possible morning star doji price action as shown. There're also many oversold signal on weekly and daily timeframe.
From the chart, the 61.8% fibonacci level on the downtrend has been acting as the major resistant for bitcoin for the entire year so far. The next 61.8% fibonacci level will be at 6910 which is just around the current downtrend trendline, breaking this resistant could signal a major uptrend move.
Currently strong support at 6000 USD so watch out for the entry...
The SET index went up above 1750 to ~1760 but then closed below 1750 on the same day. This 1750 is significant as it is the current 61.8% fibonacci retracement on the downtrend pattern.
Daily chart now showing a doji price action and assuming the current rebound from 1600 is a B wave, I am expecting a sell-off for today (the 20th Sep).
On linear scale, BTCUSD price is trying to break through one of the major resistant trendlines. It has in fact been able to stay above the line for a few hours now making it quite likely that the price will increase further.
For those who is looking for an entry this would be one of the entry.
Though, if you change the scale to logarithmic scale and draw the...
Strong buy candle stick on 5 mins candle around the support level at 61.8% fib and Gann fan .
Looking at short term we could see the price recover, though, cannot say whether this is the end of this downtrend (a 78.6% retracement target at 4200 is entirely possible)
Price target: 12550
Possible short entry for bitcoin as this can be the end of wave B. Though I have made a mistake once trying to catch this end of wave B so be careful.
Others things I look at are the upper trendline on log scale chart (~8160; see here uk.tradingview.com), upper original Andrews pitchfork and Schiff pitchfork and the fibonacci projection...
Possibly entering wave B so another short opportunity might be coming soon. Will remain neutral for 1-2 days or when there's opportunity for short.
What's interesting with this correction (if the correction hasn't been completed) is that this wave C will cause the price to retrace below the all-time 38.2% fibonacci for the first time this year.