RLinda ! BTCUSD-> Bullish signals. Deception or reality?
Updated
Bitcoin is up 8.3% from a two-year low. Bullish pattern, head and shoulders, pre-breakdown consolidation. What to expect in the future? Let's find out!
At the same time, on the weekly chart the RSI forms a divergence, which may signal a preliminary long-term bullish signal.
Stochastic on the monthly chart is at the bottom and crossing lines are forming. Similar situations occurred in 2015 and 2019.
Monthly chart, Stochastic is on its bottom, at the same time stochastic moving lines are forming a crossover
Price is updating its two-year lows and heading towards 13880
Visualization based on logarithmic data
The global support line runs along the lows of the wedges.
There are 3 full cycles on the chart, which include: a bearish wedge - a bullish set-up, which the data shows is working great.
The last two full cycles form a pullback of about 85%, after which the wedge reaches the bottom, price reverses and exits the wedge up
The very first cycle formed a pullback on the logarithmic data of about 82%.
It is worth making an assumption. Based on the data of the three extreme cycles: we can assume that the price may fall to the approximate mark of $10000, after which bitcoin may go into a consolidation phase, which will outline the bottom
The current drop is inferior in percentage terms to the 2017-2018, 2013-2015, 2010 corrections.
December bitcoin futures are now in backwardation, which is fairly atypical of the bitcoin market and indicates strong global selling in the moment.
The same situation where the contracts were in backwardation coincides with the futures being at the bottom. This was repeated in March 2020 and May 2021
The key level for a decline:
1) If price tests 17605 resistance and fails to go long, but consolidates below the level, but bitcoin will continue to be pressured down
2) Also 15585 is a global low. A retest of this support level will trigger a further drop towards 10000
Key level for growth:
1) Lower boundary of the previous range (in this case, resistance) 17605
If the price breaks through this level from below and the bulls manage to consolidate their positions, the price can go towards 25,000
On the hourly chart the price forms a reversal pattern Head and shoulders.
The zone 16400, which plays the dividing zone, is broken from the bottom up. The price continues to rise and forms a pattern, which signals a possible continuation of the movement - a symmetrical triangle.
If the triangle resistance is broken up, I expect a rise:
1) The first target - resistance 17065
2) The second target - resistance 17469.
3) Third target - liquidity zone 18150
Breakdown of the triangle's lower boundary will take the price towards 16000
Regards to R. Linda!
At the same time, on the weekly chart the RSI forms a divergence, which may signal a preliminary long-term bullish signal.
Stochastic on the monthly chart is at the bottom and crossing lines are forming. Similar situations occurred in 2015 and 2019.
Monthly chart, Stochastic is on its bottom, at the same time stochastic moving lines are forming a crossover
Price is updating its two-year lows and heading towards 13880
Visualization based on logarithmic data
The global support line runs along the lows of the wedges.
There are 3 full cycles on the chart, which include: a bearish wedge - a bullish set-up, which the data shows is working great.
The last two full cycles form a pullback of about 85%, after which the wedge reaches the bottom, price reverses and exits the wedge up
The very first cycle formed a pullback on the logarithmic data of about 82%.
It is worth making an assumption. Based on the data of the three extreme cycles: we can assume that the price may fall to the approximate mark of $10000, after which bitcoin may go into a consolidation phase, which will outline the bottom
The current drop is inferior in percentage terms to the 2017-2018, 2013-2015, 2010 corrections.
December bitcoin futures are now in backwardation, which is fairly atypical of the bitcoin market and indicates strong global selling in the moment.
The same situation where the contracts were in backwardation coincides with the futures being at the bottom. This was repeated in March 2020 and May 2021
The key level for a decline:
1) If price tests 17605 resistance and fails to go long, but consolidates below the level, but bitcoin will continue to be pressured down
2) Also 15585 is a global low. A retest of this support level will trigger a further drop towards 10000
Key level for growth:
1) Lower boundary of the previous range (in this case, resistance) 17605
If the price breaks through this level from below and the bulls manage to consolidate their positions, the price can go towards 25,000
On the hourly chart the price forms a reversal pattern Head and shoulders.
The zone 16400, which plays the dividing zone, is broken from the bottom up. The price continues to rise and forms a pattern, which signals a possible continuation of the movement - a symmetrical triangle.
If the triangle resistance is broken up, I expect a rise:
1) The first target - resistance 17065
2) The second target - resistance 17469.
3) Third target - liquidity zone 18150
Breakdown of the triangle's lower boundary will take the price towards 16000
Regards to R. Linda!
Trade active
A double retest is formed
After the false-break, the price still goes up beyond the resistance limits
Price is in the long zone
Note
BTCUSD +5% Target 1 reached!
bitcoin after shaking up, then shaking down, forms a pattern resistance retest. We can say that the market maker set a trap for intraday traders, both buyers and sellers.
But the very essence of the idea: formation of a false-break of 15788, followed by the formation of the reversal pattern "Head & Shoulders", followed by the pattern on the chart, which signals the continuation of the trend.
The price has reached the area of 17065. We are waiting to see what the price will show next
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NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel:
t.me/RLindaTrade
🔴Contact:
t.me/RLindaSignals
🧿Web: rlinda.com
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