Target 68000+There is a Descending Broadening Wedge in pattern. Bitcoin will go up to complete it. Target is 68000+. Currently its in accumulation phase for some days. You can buy in small dips.
Btcwedge
BTC ANAYSISHi, Guys.
It is BTC.
I think it is 'RISING WEDGE' in BTC 1D. Please see pink line.
And there was 'FALLING WEDGE' within 'RISING WEDGE' for last few days. Please see green line.
And it has broken away from 'FALLING WEGDE' to upper side, so still 'RISING WEGDE' is going on.
I think there would be more increasing price.
And it would be FIB 0.618 or 1. And it could be 28k~31k.
Thank you!
Big picture, 1h, descending wedge.This is a rehash of a chart I posted on April 4th. This time I changed the timeline from 1 day to 1 hour. You can see a bit more detail this way. The chart is very simple. All I'm looking at here is how the price action is moving within this descending wedge and analyzing how strong prior supports have been and their association with fib retracement levels. As you can see, we did briefly breach the upper boundary of the wedge. But I don't think this is enough to truly reverse the trend. It is a good sign, however. Bulls are becoming exhausted. Support at 6500 is very strong. And we are just a few days away from seeing if this wedge is valid.
What we truly can't guess is whether the price will break upwards, or downwards once the wedge is complete. Seeing as to how the entire market (even BTC bulls and shills) are talking about selling, I'd say that there is a decent chance of a trend reversal. And then a very long Cup and Handle may begin to form. We'll see.
We are also seeing that the alt market is getting sick of being pushed around by the price of BTC. So, it's time for BTC to either be abandoned entirely so the superior tokens in the marketplace can thrive, or it's time for BTC to adapt and the price to at least stabilize and trade sideways / improve. Otherwise a day will come when it's too late and every other coin abandons BTC as their primary trading pair in favor of Tether or fiat. This would seal BTC's fate as the inferior token (which it is) and the market would move along without it. But this solution (which appears to be inevitable) will be a very long and drawn out process. It would be much simpler if we continued to use BTC as an intermediary token for the time being. In order for that to happen, it needs to break to the upside.
If it's incapable of breaking upward, I'd go full Bear Mode on it. The lower BTC gets the more likely it is that it will not be able to recover. And, the more likely it is that Tether and fiat will just fill BTC's role and we can finally be free of it's toxic influence over the markets. People are noticing, and getting very tired of BTC's market dominance. More people are coming to adopt my view of BTC (as an inconvenient requirement to acquire superior coins). If BTC falls below 4,500, I won't be trading it anymore and I won't buy back into it. Instead I would have to keep my money in fiat and wait for the coins I actually want to invest in to become available for purchase using fiat. This could take years.
Hopefully the faster method makes us all a bit of money. Good luck out there.
Also, remember to Keep it Simple (stupid). :-p
BTCUSD- crucial timeHello friends. Crucial hours, maybe days for bitcoin. If we exclude the false breakout, technically, we are still in a falling wedge which is a bullish pattern. Now, getting closer and closer to the apex, we have a support zone which is 0.786 Fibonacci retracement from the previous move. Evereybody is watching 6900 zone of price (which is my lightblue trend line from daily chart). On a daily timeframe we are close to the 30 zone of oversold RSI but not touched yet. Interesting zone here; let's see how the market reacts. Watch out for false breakouts. We need higher highs and higher lows for a bullish trend.
