$BTC Breakout/Failure Areas Forecast $ETH $LTC $XRP $XLM
As long as it holds the neckline of the head and shoulders on the long frame (support trend line around 12,220 Poloniex) I see this as 'healthy' consolidation.
We're currently flirting with the resistance trend line around about 13,850 Poloniex so if we can get a 4 hour close above that then BTC is allowed to run up to the next resistance level around mid 15.5k.. Keep in mind BTC has heavy resistance all the way to 17.5k pretty much so the head and shoulders on the long frame is still in play until we can get a close on good volume above that area.
So right now we're basically just making one massive symmertrical triangle. Bulls keep rejecting the 13k area neckline, and while the bounces off that support are getting smaller and smaller which typically signifies weakness I am starting to see this as consolidation as it coils more and more closely.
this period of consolidation has been pretty long so if it does get confirmed to the upside I think we'll be seeing 25k+ shortly after.
Anyways so again for this post, the head and shoulders on the long frame is still in play until BTC has a close over the 17.5k area.
I do believe we'll see a move soon out of the current range within a week
1. symmertrical triangle is getting closer to the decision point
2. BBands getting tight signifying a move is imminent
3. 4 Hour MACD has crossed bullish
4. OBV showing some hidden bullish divergence
5. RSI neutral
Confirmation to downside - A 4 hour close below neckline around about 12.9k Coinbase area on good volume will likely lead to 10k psychological which I do not feel is strong and then 8k area which is prior support and would match up with a measured move from the head and shoulders
Confirmation for further consolidation - a 4 hour close above the resistance line here around about 14.2k Coinbase will likely lead to test the 15.5k resistance again
Confirmation to massive upside - a 4 hour close on heavy volume above the left shoulder area about 17.5k Coinbase
None of this is financial advice, and if you do happen to use it please please please have a nuanced understanding of what I am trying to say and please keep timeframes in mind. Happy belated New Years to all
Twitter - CrownOnCrypto
We're currently flirting with the resistance trend line around about 13,850 Poloniex so if we can get a 4 hour close above that then BTC is allowed to run up to the next resistance level around mid 15.5k.. Keep in mind BTC has heavy resistance all the way to 17.5k pretty much so the head and shoulders on the long frame is still in play until we can get a close on good volume above that area.
So right now we're basically just making one massive symmertrical triangle. Bulls keep rejecting the 13k area neckline, and while the bounces off that support are getting smaller and smaller which typically signifies weakness I am starting to see this as consolidation as it coils more and more closely.
this period of consolidation has been pretty long so if it does get confirmed to the upside I think we'll be seeing 25k+ shortly after.
Anyways so again for this post, the head and shoulders on the long frame is still in play until BTC has a close over the 17.5k area.
I do believe we'll see a move soon out of the current range within a week
1. symmertrical triangle is getting closer to the decision point
2. BBands getting tight signifying a move is imminent
3. 4 Hour MACD has crossed bullish
4. OBV showing some hidden bullish divergence
5. RSI neutral
Confirmation to downside - A 4 hour close below neckline around about 12.9k Coinbase area on good volume will likely lead to 10k psychological which I do not feel is strong and then 8k area which is prior support and would match up with a measured move from the head and shoulders
Confirmation for further consolidation - a 4 hour close above the resistance line here around about 14.2k Coinbase will likely lead to test the 15.5k resistance again
Confirmation to massive upside - a 4 hour close on heavy volume above the left shoulder area about 17.5k Coinbase
None of this is financial advice, and if you do happen to use it please please please have a nuanced understanding of what I am trying to say and please keep timeframes in mind. Happy belated New Years to all
Twitter - CrownOnCrypto
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.