Hello Friends! It looks like a bear flag is forming on the weekly. Last time BTC moved up to $69K it was trading above the 50 week. Now it’s below the 50 week and looks like a flag is forming between the 50 and the 100 week. Break below the 100 week can push it down to $20-25K (200 week). As always thanks for your follows, likes, and comments. Let’s learn and grow...
ETH has broken away from it's 2017 fractal structure, now suggesting a return to the norm of the VPVR point of control around €188 ($221) may be in play. Expect the 150 MA at €274 ($322) to be defended if price falls lower, as well as the old resistance level of the 2-year long resistance trend-line, followed by volume and long-term moving average support within...
Bear flag on 4hr time-frame, vs bullish support on longer-term time-frames. This extrapolation would be a breakdown of the bear flag targeting around $7.4K and again testing the previous maro bull flag resistance turned support trend-line, before continuing the bullish rally to $11.5K. The 4hr RSI remains oversold while struggling to leave these conditions,...
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...
Bitcoin is again forming a descending triangle on the 4hr chart with a measured target of -8.7% to $7027, the support of the bearish channel if this occurs on October 2nd. I'm ignoring the oscillators for the time being instead acknowledging yet another descending triangle and bearish weekly close that occurred yesterday. I'm anticipating the 4hr bullish...
Currently remaining neutral while expecting a big enough move in either direction to either retest the triangle resistance around $9,000, or continue moving downwards towards the bear channel support around $7,500, likely followed by a bear flag breakdown to $6,500. Bitcoin notably got rejected by the 200 Day MA on yesterdays closing candle with current support...
After breaking out of the symmetrical triangle to downwards support , Bitcoin now appears to be forming a bear flag that would target the 50 Week MA around $6,750 if broken to the downside. For all those who thought $6k prices weren't possible again, remember that we have already dropped from $10k to $8k. Price otherwise needs to stay below $8,450-$8,500 to avoid...
For over a day and a half Bitcoin has formed a symmetrical triangle against the dollar, while being stuck between the 200 Day MA and the 200 Day EMA . The symmetrical triangle is 52 bars (2d4h) long with 75% completion working out as 39 bars (1d15h) - the current hourly candle. Notably the 200 Day MA is no longer in the triangle, so a retest would therefore...