Kijun bounce to new all time high UPDATED
Updated
This technical analysis is based on:
There is high probability for reversal due to weekly Kijun meeting lower outside line of long term bullish pitchfork + Fibonacci line for confirmation. All 3 should meet approximately in the same point if price return to median in bearish pitchfork.
Credit to Josh Olszewicz for long term pitchfork and settings for Ichimoku cloud (multiplied x7 to show weekly Ichimoku on daily chart ).
*The Kijun of the September bounce should have been lower, approximately on the low wick, the Ichimoku lines are higher for the bug in Coinbase that reported a random high of €5000).
UPDATE
Updated bearish pitchfork:
- Long term bullish pitchfork (historically strong support on lower outside line)
- Short term bearish pitchfork (from last all time high)
- Ichimoku clouds on weekly timeline (Kijun bounce already happened twice last year after relatively short bearish period*)
- Fibonacci retracement from last bull run (confirmation)
There is high probability for reversal due to weekly Kijun meeting lower outside line of long term bullish pitchfork + Fibonacci line for confirmation. All 3 should meet approximately in the same point if price return to median in bearish pitchfork.
Credit to Josh Olszewicz for long term pitchfork and settings for Ichimoku cloud (multiplied x7 to show weekly Ichimoku on daily chart ).
*The Kijun of the September bounce should have been lower, approximately on the low wick, the Ichimoku lines are higher for the bug in Coinbase that reported a random high of €5000).
UPDATE
Updated bearish pitchfork:
- Disregarded 22-dec downward wick
- Channels fit better current trend
- Return to median confirms bottom target
Note
Daily downward wick touched median of bearish pitchfork + Fibonacci retracement line (.236)
Note
We saw a downward acceleration, with the down daily wick violating both bearish and bullish pitchfork, but finding enough resistance at the .118 Fibonacci retracement line.
Now we are back to bearish pitchfork median line with some support on the lower outside line of bullish pitchfork.
Order cancelled
Kijun bounce did not verify:
- bearish violation of bullish pitchfork
- bearish violation of weekly kijun
- bearish tk cross on daily ichimoku (as seen in picture)
The new bearish pattern confirms resistance at Fibonacci levels and bearish pitchfork lines.
Note
The recovery is still hovering in the bearish pitchfork, we'll see if it is able to break it through, various resistance ahead from:
- bearish pitchfork
- fibonacci level
- tenkan line
Low volume hints to bearish continuation
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.