BTC held at 8.7k for some time , tried to rebound but failed and fell below 8500.
The question is : can we go down more ? Lets have a look on 4 hour chart:
If Head and shoulder is in play then target is 8k . Where Fib retrace 0.618 is . Yes the golden ratio.
If we see the fall from the top, then the sharpest fall is from 9400 to till now which means we are in third wave.
As per the guidelines, middle of third wave being steepest slope so this is 3rd wave, that means we will have another wave 5 down.
How much down it can go? If third wave come out as longest wave then guidelines says , 5th wave will be equal to first wave or 0.61 of first wave.
So these things are pointing that we will fall more, lets wait for wave 4 to build.
As we have retraced few in wave two then we may retrace more in wave four. Lets see where the wave 4 start and where it will end to start wave 5.
More in next update soon.
Follow and share for more ideas. Press thumb button at right bottom below the chart if like my work.
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Bear flag building, if this playout, we may go to 8300 in next fall:
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Rally Got rejected at upper line of Bear flag. Coming down:
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Another H&S building inside flag which will take us down? You decide!
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Breaking Down:
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Above Flag Target Reached.
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Looks like a new Bear flag building, posting chart soon.
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Yes Bear flag building and if this playout , target will be approx 8k, which is also our target for H&S.
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I am getting some signs of Bulls here and seems reversal coming soon. For updates make sure you follow me, otherwise you will miss the update and profit as well. If you like my work press thumbs up below the top chart . Cheers !
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You can see on the chart, Bullish divergence is visible, Bulls are coming and we may see reversal in near future. Breaking the green trendline will be first sign the Bulls are getting over Bears. Follow me for updates.
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You can see, how nicely it is getting resistance on green trend line and getting rejected and slowly heading to our bear flag target but downward momentum is slowing down which is another sign of Bulls.
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More accurate target of this Bear Flag is 8150. Follow and thumbs up if you like my work.
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Accuracy on steroids, ha ha , just called for 8150 and it bounced from 8153, Now a tweezers at bottom and kicker candle after that , Another sign of Bulls, lets see if we can reverse from here.
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That kicker candle rejected from green trendline, that is why it is important to break it with good volume to reverse .
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You can see after some rebound it got rejected on green trendline and falling from bear flag again. If this playout , target is 8080.
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That wick down on red candle look like double bottom and gave relief from falling for some time . Looks like breaking from green trend line but we need volume here.
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Resistance at 8400 and 8600 .
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If you missed this breakout, buy on next dip .
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So all those small Bull signals gathered and pushed BTC up. We cross 8400 resistance in flash and next important level to watch is 8600 and BTC should cross and stay to go up more .
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Follow updates here:
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On bigger timeframe i see this, check 2 falling wedge in red color.
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Another on daily timeframe:
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On one hour timeframe , looking like making a bearish pinant :
@EdrickDelosSantosSolano, It is hard to predict , if this is wave 2 then 8300-8350, if wave 4 then 8400- 8450 . Remember the market is structure and TA can not predict every small movement.
8300 cant even hold good.. We will see 7xxx levels, 78xx-79xx today atleast..
SteveGRN
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Oh crap, really a bullish divergence.....man I wont sleep again tonight. I've been buying in and selling out of the drops at night. Hard to focus at 3am, but worth it.
SteveGRN
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Hey outstanding TA. I followed you off of a comment on @botje11. Really appreciate your willingness to share. I got frustrated at missing out on the rise and fall that I bought in at $700, there goes most of my couch quarters. Did have a question. Would you put any reserves into EOS since it has rallied to $22 and is now at $14.5? I ask yes ETH is volitile, but I can only afford a % of ETH, but could buy more EOS with my minimal funds, therefore obtain a greater gain.