BTCUSD: Zooming Into The Weekly Chart Doesn't Look Good
Updated
Using the 2100 & 4200 MAs on the 4hr chart (like a weirdo) gives us the 50 & 100 Week MAs on a zoomed in time-frame. Although we already had the bullcross on these Weekly MAs, on a 4hr chart ("in real-time"), we are now seeing the bullish crossover with the price sat underneath it.
This follows two weeks of rejection fom the median of the bear channel, continued failure to maintain support above the 0.382 fib retracement (of the $3,100 to $13,850 move), as well as arguably initial rejection from the bull-cross itself that "IRT" occured yesterday.
With the volume dropping off and another descending triangle being established, this is enough reason to be bearish right now.
Related TA:
Could This Descending Triangle Be The Final Fake Out?
Measuring The Move of the Descending Triangle Breakdown
Descending Triangle On 4hr Chart To Look Out For?
Extrapolating 2014 Correction - Could $6,500 Be The Low?
Miner Capitulation Or Minor Capitulation?
Bitcoin Repeating History: 10 Part TA Series On Repeating Past Patterns
Full series with recent updates: bitcointalk.org/index.php?topic=5188537
This follows two weeks of rejection fom the median of the bear channel, continued failure to maintain support above the 0.382 fib retracement (of the $3,100 to $13,850 move), as well as arguably initial rejection from the bull-cross itself that "IRT" occured yesterday.
With the volume dropping off and another descending triangle being established, this is enough reason to be bearish right now.
Related TA:
Could This Descending Triangle Be The Final Fake Out?
Measuring The Move of the Descending Triangle Breakdown
Descending Triangle On 4hr Chart To Look Out For?
Extrapolating 2014 Correction - Could $6,500 Be The Low?
Miner Capitulation Or Minor Capitulation?
Bitcoin Repeating History: 10 Part TA Series On Repeating Past Patterns
Full series with recent updates: bitcointalk.org/index.php?topic=5188537
Note
For reference sake, here is the bear channel on the Weekly chart,Note
Currently testing the 0.382 fib retracement with precision.Note
Now testing the "lower band" support of the long-term bear flag, again with reasonable precision.Next target would be the support trend-line of the bear flag, currently lined up at $6,290 (and falling).
Note
Just realised I predicted the volume breakout too by chance, go me :DNote
0.382 Fib looks like a flag too, just saying.Note
Note we are still being rejected by the median downtrend resistance of the long-term bear flag after briefly wicking above it followed by getting rejected by it on the 4hr chart, as well as for now, the 0.382 fib retracement at $7,231. We remain bearish on the Weekly chart, the price requires follow through in order to become bullish.Note
Still struggling to break through and hold the 0.382 fib retracement, not good for the bulls.
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