Earlier I posted about the formation of this symmetrical triangle. As of right now we are trading on the .236 and the edge of that triangle. Failure to support at this level will result in $6000 possibly $5300. I find this rather difficult to believe it will happen. This trend has been very strong. That mixed with the thin Ichi cloud approaching makes me lean...
Yet another failed rally up to $6800. As you can see BTC is struggling to hold above the .5 fib level. A drop to $6350-$6400 is very likely. The more long term analysis is the falling wedge is still in effect. I have noticed a more micro trend of setting higher lows and lower highs forming a symmetrical triangle. Breaking out of this formation would lead to mass...
After the bullish run we have had this week the action has slowed down. Volume remains up so that is a good sign. On the daily 4h and 15m BTC is right at ichi resistance. We are at the top of the VPVR with a massive gap up to $7000. We could move to 7k or drop down to 6100 and test support again. In the long term falling wedge we can see the trend is at around...
This chart is more important as it has ever been. In the grand scheme of bitcoin where is it heading? It has failed to break the resistance of this pattern over and over again. Would it be good for bitcoin to hit the sub 5k range? It certainly cannot be worse. It struggled hard to hit 6500. Once this trend is broken we can see some light. Even if that means below...
ETH finally bounced. It is in a good upward channel. As the 4H closes it is wicking up into ichi resistance and struggling to hold $226+. Gut feeling is it wont break. This run up seems a little weak. A short with a tight stop loss ~$230 could net nice profits. If it breaks and is able to hold during the next 4H we could see decent gains. Best of luck trading.
Since this bear market ETH has done so poorly surprisingly. I was really hopeful for ETH. There isn't any support zone for ETH just the downward channel. Next bounce off the lower line should be $170. I hope it holds and can recover. A long position at this time is not a good idea.
After the most recent massive sell off we have seen some smaller dips. It appears that we are in a descending triangle currently. Today it did dip below the support line to shortly rise back above. The resistance at 6300 is strong along with our ichi cloud that had been very accurate during this down trend. I would say a short position at 6300-6250 is a good move...
In my prior posts I have been calling for a 5800-6000 price for BTC before we can see where it will be heading. As we saw today we had a symmetrical triangle with low volume. A drop was very likely. Just as the ichi cloud resistance was approaching it fell below perfectly. We can expect sideways action from 6200-6300 until the next drop.
Today we saw sideways action in a symmetrical triangle formation. Given the low volume of the last few moves this was a given. BTC can easily hit 6000-5800. The ichi cloud was spot on once again. Right before encountering resistance it fell below the cloud. I believe the 7200 was a new low high for us. It will be pivotal that the 5800 support zone remains strong....
Following my post from yesterday. This has been a turbulent time. We have found support at 6400. Volume has now picked up and we should see further downward price action. The ichi support has failed. Next levels of support are 6200 and 5800 according to fib retracement. If the 5800 zone is not properly defended this time we are looking at prior to ATH support at...
After this mornings down turn I figured I would give my input. Currently the MA ribbons have not crossed that would be quite the indicator that the bears are in control. There is a chance of a upturn but not until we hit 6800. The 6800 range is a historically high volume trading range. Something we haven't seen in the 7200+ range. On the 4h chart we can clearly...
