BTC Bitfinex Long-Term Pitchfork Trend Growth
First one is the hourly linear of Bitcoin on Bitfinex and we are looking at a nice rising (bearish) wedge forming here. This would indicate some downward momentum to follow after breaking out of this wedge.
This wedge just looks to perfect though, almost as if the new buyers are getting suckered in, there will be a smash downward, maybe retest the .786 fib line, possibly the 200 hr MA or orange downtrend line at $7,800 and then an explosive move higher. The volume is dropping off, so people are starting to sit back and wait and see what happens.
All the EMA’s have been supporting price since yesterday morning and things are on the up and up. Looking at the RSI over this time frame is interesting because its holding around the 62 level, while price continues to make higher highs. This indicates that some bearish divergence and a turn in price is ahead.
The %R has been bouncing around the overbought zone for a while now and the MACD is basically flat. Also potentially bearish.
On the daily linear Bitcoin Bitfinex chart, you can see the EMA’s are converging, the orange 21 EMA is now bullishly crossing under the turquoise (8) and pink (13) respectively, so maybe this is the beginning of the turn.
The yellow 55 EMA is containing price at $8,400ish for now, but this .786 fib line is still acting like a decent median.
The RSI is pretty neutral and the MACD blue line is still looking like it wants to snap back to the orange line, to where price will come down. My target on the price chart would still be a pull back to maybe $7,800 around the 1/17/18 slight downsloping orange line, and then we will see where we are at with the indicators.
This wedge just looks to perfect though, almost as if the new buyers are getting suckered in, there will be a smash downward, maybe retest the .786 fib line, possibly the 200 hr MA or orange downtrend line at $7,800 and then an explosive move higher. The volume is dropping off, so people are starting to sit back and wait and see what happens.
All the EMA’s have been supporting price since yesterday morning and things are on the up and up. Looking at the RSI over this time frame is interesting because its holding around the 62 level, while price continues to make higher highs. This indicates that some bearish divergence and a turn in price is ahead.
The %R has been bouncing around the overbought zone for a while now and the MACD is basically flat. Also potentially bearish.
On the daily linear Bitcoin Bitfinex chart, you can see the EMA’s are converging, the orange 21 EMA is now bullishly crossing under the turquoise (8) and pink (13) respectively, so maybe this is the beginning of the turn.
The yellow 55 EMA is containing price at $8,400ish for now, but this .786 fib line is still acting like a decent median.
The RSI is pretty neutral and the MACD blue line is still looking like it wants to snap back to the orange line, to where price will come down. My target on the price chart would still be a pull back to maybe $7,800 around the 1/17/18 slight downsloping orange line, and then we will see where we are at with the indicators.
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