Bitcoin, now it is getting crucial for the longer term, see why!
Updated
Dear Friends,
As seen earlier in my previous update, the long trend line has not yet been broken and thus the longer term bullish scenario is still intact.
If we do break through the long trend line, there will be the a very nice opportunity to buy Bitcoin much cheaper. So always price and for me personally both excellent as long as we can profit from it.
What do we see in this hourly chart of Bitcoin?
1. A clear volume climax that is often bullish.
2. A clear posiive divergence in the MACD and the RSI.
3. A bullish rising wedge.
4. A head shoulder formation whose neckline has already been broken with the target being 28000.
I expect a re-test of the neckline. at 35000. If the price of Bitcoin breaks above that, then this head shoulder formation is invalid (for now), i.e. failing, and the bullish wedge comes into view with a target of 37354.
We then have to be very careful not to drop back from 37000 because then we could form the right shoulder of a redrawn hs formation whose neckline will be different.
Beware: if this head shoulder formation does reach its target at 28000 then the bullish story is irrevocably over as it has a target of 28000 USD. The long trend is then definitively broken and much lower targets are in sight. Is that in the interest of the large parties? I think not and we will see soon.
Currently the 0.789 fib level at 33218 is the bottom of the wedge and we should rebound from there to test the neckline at 35000.
Traders please your comments and charts! What are the other elements you see in the charts. Please explain how and why so everyone can learn from it and benefit from it.
As seen earlier in my previous update, the long trend line has not yet been broken and thus the longer term bullish scenario is still intact.
If we do break through the long trend line, there will be the a very nice opportunity to buy Bitcoin much cheaper. So always price and for me personally both excellent as long as we can profit from it.
What do we see in this hourly chart of Bitcoin?
1. A clear volume climax that is often bullish.
2. A clear posiive divergence in the MACD and the RSI.
3. A bullish rising wedge.
4. A head shoulder formation whose neckline has already been broken with the target being 28000.
I expect a re-test of the neckline. at 35000. If the price of Bitcoin breaks above that, then this head shoulder formation is invalid (for now), i.e. failing, and the bullish wedge comes into view with a target of 37354.
We then have to be very careful not to drop back from 37000 because then we could form the right shoulder of a redrawn hs formation whose neckline will be different.
Beware: if this head shoulder formation does reach its target at 28000 then the bullish story is irrevocably over as it has a target of 28000 USD. The long trend is then definitively broken and much lower targets are in sight. Is that in the interest of the large parties? I think not and we will see soon.
Currently the 0.789 fib level at 33218 is the bottom of the wedge and we should rebound from there to test the neckline at 35000.
Traders please your comments and charts! What are the other elements you see in the charts. Please explain how and why so everyone can learn from it and benefit from it.
Note
And here a view from the longer term trendline. trend is still intact!Note
Guys, to make it even more complicated,Let us not forget the even bigger HS! Conflicting signals which will soon be answered:
Note
Guys, we are on the way to test the neckline! also the candles confirm that as well as the bullish divergences.About the 2 HS formations, I do need to say that from the inverted green HS looks much more solid and robust then the orange one. The right shoulder of the orange is not so much convincing, it is a HS but it looks more as a part of the wedge to me. Also the bigger the HS the more important it is. This all proof that we are at a crossroad here. Make or break!
So If price can get trough the blue upper boundery of the wedge we are going already higher. If not then the orange HS will do it's job.
Thanks guys for watching these charts and please do comment! What do you see, do you have other elements or research other then we have here?
Note
Dear friends,The wedge has broken and with it, as I thought, the HS has become invalid.
We can now quickly reach higher targets again especially since we have broken through resistance 35000.
Note
Inverted head shoulder formation - BullishDear friends. when I look at the chart. We went up from 33200 to 36200 and I already see another inverted head shoulder pattern forming. Target as first 39000 USD! :-)
Note
Dear friends,The positive divergences are still there and the strength is increasing in a contra movement. The RSI indicator has not broken the support line either.
The POC is 36000 as well as the 50% fib level. So I think that will be our first target.
Note
We still can bounce as you see in this screenshot.There are a lot of positive divergences (not strange) and we have RSI support and trendline support.
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