BITCOIN pitchforkBitcoin pitchfork
We could see Bitcoin bounce from resistance at +0.618 line in the upper half of the pitchfork
Bitcoin-btcusd
Bitcoin Near end of AB=CD pattern, Watching price action closelyCOINBASE:BTCUSD AB=CD pattern is almost done in BTC/USD in daily candles. $6300 area is where "D" wave ends. But BTC may see 1.618% extension of Fibo i.e near 6800+. Satying neutral here & just watching price action @ these levels. Next immediate resistance is 8000 (2.0 of Fibo ext).
Bitcoin Possible Crash Towards $1150 ...Currently BitCoin has started to show up Signs that it might crash back to $1150 very soon. Their are couple of patterns in charts that i look for which are probably best for reversal indication and they are forming up in higher time frame charts of bitcoin. but there is more..
1- BitCoin Has recently broken above a long term curve at 1500, but there is very less possibility that it will sustain as volumes are not favoring it and lower curve is at around $1150.
2- There was a double top around 1150 and lower curve is also coinciding with it and it could act as a structure.
3- I think that bitcoin can crash towards $1150, which was the previous double top very soon and then we will have to analyse the situation again.
4- Gold & silver are indicating reversal from the down trend.
5- But if bitcoin tries to break the recent highs and tries to move above $1920-1950 then the scenario will be different and it could rally another $200-250 before crashing towards $1150, but crash is a very likely possibility.
