tommyf1001

tommyf1001

I found something on the weekly view that should make us very cautious about Bitcoin’s April rally and understand that we might not be completely out of the bear market. That is the bear market trend line that is drawn from the ATH (all time high) candle wick to the very next candle wick down on the weekly chart. When I connected to 2 top wicks with magnet tool...

tommyf1001 Updated 

Sideways price movement for days can make trading quite boring but also hard to predict where the next move is going to go. Every time the price makes a higher high since the drop down from 9.7k, it’s unable to make a move up to re-test that price point and instead falls to make a higher low. What I’m seeing out of all this is a rising wedge formation taking...

tommyf1001

Hey guys, I meant to post this last night as I saw the pattern develop but I wasn't home to do it. So even though this trade is almost already complete, if the first target level fails, I wanted to provide you guys with the 2nd target below just in case it does. Otherwise, expect a bounce here at the .382 retrace and movement back up. I'll try to get another...

tommyf1001 Updated 

Bitcoin has been making some strong moves lately in an effort to end the bear market, can it keep it going for one more leg up? If we look at the chart we see that bitcoin successfully broke for the first time the resistance trend line (in red) forming the downtrend channel from the ATH 19.7k downwards. The price also broke past the support trend line (in pink)...

tommyf1001 Updated 

There is a potential bearish shark harmonic pattern taking shape. The 1st and 2nd targets are provided at the .382 and .618 fib retracement of AD leg. Stops are shown in red dashed lines. If this pattern completes and price reverses at Point D, this would further confirm my prediction of a rejection at the major resistance trend line (in red). Good luck with...

tommyf1001 Updated 

Hi guys, just updating my previous idea. I’m still calling for a drop, just like I have been but since the head and shoulders formation failed (surprise surprise!) I am seeing more of an M formation emerging. But I have also discovered a fractal that might help give us some guidance on where the price is headed. The fractal I have on the chart is a bar pattern...

tommyf1001 Updated 

Hey guys, just wanted to point out a couple things I've noticed that look bearish for Bitcoin. First is the bearish divergence showing up on the 4 hour time frame. Look on the RSI below, it looks like it’s going to fall pretty hard if this divergence holds up. Also, if we look at the chart, we see that the price was unable to pierce through the purple line...

tommyf1001

Looks like Bitcoin is unable to make another push up right now, doesn’t seem like buyers are that interested in buying at these levels. The huge jump in price the other day is looking more and more like a short-covering rally and not a true start of a bull run. It’s probably too soon to really tell, so let’s just continue to look at the chart and understand why...

tommyf1001

Hi folks, what a great day for Bitcoin today. We just witnessed a massive pump with volume equivalent to the pump back in Feb from the 6k low point. Lots of people are getting very excited to put an end to this bear market. However, let’s remember we haven’t broken out of the upper resistance line formed from ATH down, which has been the last barrier to get...

tommyf1001 Updated 

Quick update: Bitcoin is making moves up again and it has approached the purple resistance line. Let’s see if it is able to break through here. Price needs to get above 7k and hold on the 4 hour. If that happens, the next target is the blue resistance line above. If it fails, then the green support below becomes the next target. As you can see this descending...

tommyf1001 Updated 

Another quick update for short-term analysis. I wanted to point out there is yet another trend line that is the cause for the resistance over the past 2-3 hours. Some people may look at this and go “oh you’re just drawing trend lines anywhere and everywhere”. Well the thing is, the price already pierced the other resistance line drawn from 8.9k downward (not...

tommyf1001 Updated 

Gotta love when Bitcoin does exactly what you don’t expect! That's just the nature of the game ;) Anyway, it looks like that green support line below has actually held up pretty well for bitcoin. Stronger than I thought, and we are now seeing another push upwards. So maybe Bitcoin isn’t ready for 6k or lower prices just yet. However, remember I said that the...

tommyf1001 Updated 

Hey guys, another update on Bitcoin here. This time, I am doing my analysis purely off trend lines, which has been pretty reliable for my predictions in the past. On the chart we have several resistance and support lines. The red resistance line above is formed from the ATH of 19.7k down to 17k and the last contact point at 11.7k. This is the most importance...

tommyf1001 Updated 

Here is another possibility if we start to drop now. If we drop with some volume, we should expect the drop to form the right shoulder somewhere around where I have my predicted target (this can obviously change). Once the bottom of the right shoulder is formed, this could provide a nice entry for those who missed out. This is of course only if we see a...

tommyf1001 Updated 

Hi everyone. Another update for you. So the bearish pennant obviously failed on my last update, it seems that 6.4k is bottom at least for now so let’s keep moving forward and follow the trend. Here we have a nearly perfect Shark Harmonic Pattern. Point D is determined by calculating an 88.6% retracement of the XA leg. Once Point D is reached, target 1 and...

tommyf1001

Here is the second variation of Shark Harmonic Pattern with a 113% extension of XA instead of the 88.6% retracement above. I have a good feeling we will reach this target D for a number of reasons. First we are seeing a ton of volume, and a lot of people buying in now that people are starting to be convinced that 6.4k was the bottom. (I’m not entirely convinced...

tommyf1001 Updated 

Hey guys, got another Bitcoin update for you. As you can see above there is clearly a bear pennant forming on the hourly. The pole was created by the sharp advance downward with expanded volume. The pennant has been formed by converging lower highs and higher lows and volume has been steadily decreasing as the price moved within the pennant. A break below the...

tommyf1001 Updated 

Hi guys, got another BTC update for you. I meant to put this out yesterday before the drop overnight, so I apologize for not getting this out until this morning. But I noticed yesterday there was the possibility of a bat harmonic pattern playing out. So far it seems to be following this pattern very nicely, so I want to share this with you. Here we see Point B...