This is my first chart on here. From what I can see, Bitcoin is in an ascending wedge pattern(Bearish) since the last low below 3,000 USD. In addition we are currently around 0.618 fib retracement level from All time high, ad there is a lot of resistance above this around $4,400 as well. It will need a strong buy volume to push upward. On the positive it has broken out of the major downtrend recently and 50 day ema has passed above 100day ema on 4 hour chart. Also been using cloud analysis learned from IAmSatoshi and using 4 hour bitcoin ichimoku. (1)Price broke above cloud, check, (2)cloud green kumo twist, check, (3)Tenkan Kijun line cross check, (4) trailing indicator above cloud and price, check.
In Short I have no idea where bitcoin is going to go in the next few days but keeping an eye for a potential signs strong move either up or down.
In Short I have no idea where bitcoin is going to go in the next few days but keeping an eye for a potential signs strong move either up or down.
Note
Do to heavy resistance,and bearish chart pattern, going to call bearish on bitcoin for now.Note
*DueNote
Price just bounced off top side of rising wedge. In the shorter term time frame there appears to be a reverse head and shoulder pattern has formed. If it break out of the bearish wedge and up above heavy resistance around $4,400 I'll go longNote
Bitcoin has broke up out of ascending wedge. This is very bullish. If it Can break past $4,400 dust off your moon boots boysNote
Dusting off those moon boots was a good call lol
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.
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.