WorthAShot

WorthAShot Updated 

They say markets take the elevator going down and the stairs going up. BTC has certainly been following that pattern lately. Currently it is in a nice up-channel (blue), with regular steps up (purple). The next step up looks to be due any time now. If it maintains this trajectory, it could test $14,000 again by July 7th or 8th.

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BTC has just broken above the trendline that started at the right should of the recent head and shoulders top of June 26-27. Breaking above this line (blue) might be a sign that the recent ABC correction that followed the H&S is over. Also bullish is that this blue trendline forms part of a bullish triangle (also blue). It looks like there is more than just...

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Well, BTC sure has given us a chart full of famous patterns lately. We had a head & shoulders on June 26-27, followed by an A-B-C correction from June 27 to today. Notice how points A and C of the correction stopped at key support levels (yellow), which indicates an orderly consolidation that was well-founded in the technicals. In other words, it wasn't just...

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Well, BTC decided to fall instead of rise upon completion of the recent triangle (green). But here's the happy part... it bounced off a support level going back 3 weeks to June 10th (red). This should indicate buyers are watching that line and are willing to jump in at it. And it's a rising support line too, which means the recent bull trend is still...

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After coming out of the descending wedge (blue), BTC's upchannel didn't last very long. However, a bull triangle (green) has recently formed, and is almost complete. Usually these triangles breakout to the upside, which in this case could happen as soon as tomorrow (June 30). Let's hope!

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Having successfully held the critical $10,500 support area (yellow and purple), BTC has complete the descending wedge (blue) and has quickly established an upchannel (green). If the current trajectory maintains, BTC could reach $14,000 again by around the end of June 29th or June 30th.

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BTC looks to be inside a descending wedge (blue) which is generally bullish as the price consolidates into smaller and smaller price swings. There seem to be two support lines: 1) a longer-term line (purple) which served as major resistance going up (at least 4 times over the past few weeks), but which has recently become support at least twice (June 22 and...

WorthAShot Updated 

Look how funny this is. Remember that purple line which acted as resistance at least 4 times over the last few weeks? It's now serving as support, as BTC stopped its recent drop right at the purple line. That's usually a sign that a bull move is going to continue, when a prior resistance becomes support. Let's see how long it holds. Incidentally, the older...

WorthAShot Updated 

New bullish channel (blue) aims to reach rising resistance line (purple), possibly hitting $10,000 by June 24th. Maybe sooner if US attacks Iran. See my last post for an overview of the mid-east situation and how BTC is likely to react. Hover mouse over small green triangle for direct links to my prior posts.

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BTC is at the apex of 2 triangles (longer blue and shorter yellow) and seems likely to break soon. In which direction? I think it will be up toward the longer resistance line (purple) where it will pause a bit and then rise beyond. My reason is the downside pressures on both the Euro and USD. Yesterday (June 18), ECB president Mario Draghi announced further...

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Well BTC brokeout above the short-term resistance line (blue) and looks to be heading to the longer-term resistance line (purple), which could see it hit $9800 before long. This is a little unusual because we recently had a rising wedge (yellow) which is a sign that a drop was about to happen. But instead of falling, BTC is rising. I think this is because of...

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BTC completed a bull triangle June 10th, and jumped up a tiny bit to $8100. It wasn't much of a breakout, but it now forms part of a larger bull triangle (blue) with an apex at June 15. We should see a bigger upside move by that time. If it does break upward, it could reach $9800 (purple line) which is a strong resistance line that stopped many advances before....

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It looks like BTC is putting-in a bullish triangle (blue), which could see an upsurge near its apex by June 11th or 12th. It could climb as high as $9700 at the upper resistance trendline (purple). This purple line has stopped many upturns recently, so it makes sense it would stop there again. Support levels look like $7500 (first yellow line) and $6900 (second...

WorthAShot Updated 

Well, it looks like BTC finally fell down out of that rising wedge of the past couple of weeks (purple). Rising wedges are a warning of a downturn, and this one finally broke. However, BTC is now in a falling wedge (blue) which is a portent of an upturn soon. What happens in a falling wedge is that the buyers are backing up and absorbing the selling pressure. ...

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With more data points on the graph, I have had to move the rising wedge's lower edge a bit. I'm sure we can see that it makes more sense now. BTC is still in a rising wedge, but the wedge is so close to being an upward channel that it might just keep going up, without the typical downside that normally follows a rising wedge. Inside the wedge we see 1 completed...

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We had two more ascending triangles lately, each with its own upside breakout (green arrows). That makes at 4 triangles in this rising blue wedge. The price tried to breakout of the wedge to the upside on May 30th, but was stopped at the upper edge of the wedge. Then it brokedown out of the wedge later on the 30th, but has since returned back into the wedge,...

WorthAShot Updated 

As I explained in my last post, BTC broke out of its triangle (second green arrow) and stopped at the upper edge of a large rising wedge (blue). Rising wedges tend to be reversal patterns where bull runs turn bearish. We can see a small scale example of this in the same chart, at the left, in purple. Inside of that small purple rising wedge we can see at least...

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Sometimes we get a pattern within a pattern. In BTC`s case, we just completed an ascending triangle (orange), and just had a nice pop up at its tip. Unfortunately, the pop up stopped right on the upper edge of an ascending wedge (blue), which is generally a sign that a downside move is to come. How far down might this downside move go? Generally it falls the...