To me it looks like we will be testing $12,400-12,700 in the next 5-6 days. If price fails to break the major downtrend line I see it forming a massive pennant which should bring us down back to the $8-9K area.
Resistance also coincides with previous major uptrend line as well as Major downtrend line.
This isn't investment advice, but chart does look healthy enough on the daily and daily rsi as well.
Resistance also coincides with previous major uptrend line as well as Major downtrend line.
This isn't investment advice, but chart does look healthy enough on the daily and daily rsi as well.
Note
Found another major downtrend line. If you notice a fake breakout upwards happens that then fails. If history repeats that may cause a rush to the mid 12k area before falling again. If it gets rejected again with a double top I see it forming a massive Head and shoulders by falling back into the $8600-9600 level to make this formation.
Purple line downtrend line.
Extended 4 hour view
15 min close up view. Perfectly rejected $11300
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2.26.18 Me personally I feel like we may re-set 6 hour RSI back to 30 before the break-out.
Which may occur ~ March 8-10.
Charting the 6 hour RSI from the down-fall of early December to the breakout of a Key resistance line on Feb-7 on both the RSI and chart.
A re-test of the breakout happened on Feb-25th ~ $9330 on the RSI. Although resistance sits at 45 it is possible to go up from here if broken through, if not I still see a good 10-15 days of downtrend scalps remaining.
Also the bounce off a major trend line coinciding with the breakout of a major trend line on the chart hasn't been re-tested. Will it happen? Only time will tell. But for now I'll keep most of my position in Fiat until I see a good + movement on this level.
Keep in mind that we are on a critical level deciding the direction of BTC. So there can be a fake-out or just simply go vertical from here.
6 Hour RSI.
Note
Another very possible scenario. 8 Hour chart. The price of the rising wedge breakdown target = fall of he base price of the formation of the rising wedge.
Falling wedge breakout formation target = highside of the formation of the falling wedge. Which puts the price target around $11650-11700 which also targets the major downtrend line and 8 hour SMA200
Zoomed in view.
Zoomed out view.
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Keep your $ on-sight. Reaching a very critical moment here. I noticed a rising wedge formation, if bulls manage to break upwards tha'll ignite bears to jump on the boat to mid to high
If it falls down it should retrace the base price formation of the wedge.
I shorted a 1/3rd of my position at $11472 on Gdax. I'll rebuy that poistion if we break out upwards. I'll short another 1/3 if we breakdown the wedge and scalp trade to the bottom.
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Let's see if it can stay inside the wedge.Note
I see another rising wedge. But also looking bullish to make a next stop at $10092.First one broke down and retraced exactly $900 which was the base formation of the wedge.
30 min.
Only to form another larger wedge. If we break out to the downside and don't find support around $8650-8800 we may come all the way down to $7600-7800 to retest the major uptrend line again.
1hr
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Click the play button :)Note
Rising wedge broke down just as expected. I'm expecting a divergence in the hourly RSI to build up. First target will be $8590-8635 buy in for a short term trade sell at $8795 for the risk traders.
If that plays out and $8795 cant be broken then the next target will be $8360-8430. Where I expect a true bounce, it also fits with the retracement price off the base of the wedge.
Stop loss $8225.
Note
Forming a Pennant, if we break out upwards we first have one target to beat. ~$8820. That is supported by the flag pole size of the breakout from the falling wedge.
If $8820 is taken out our target will be the size formation of the base of the falling wedge which takes us to $9000 from the wedge breakout. Also supported from the beginning of the flag pole size.
Note
Just as I posted on my update on March 26, I personally see the 7400's a reversal zone, although there seems to be a lot of sell pressure and bounces are no where near as strong as they once used to be. If this area fails to hold I will update with a new trading channel that will be unlocked that I've been getting subliminal hints from trends. 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.