We can see that Bitcoin 1.42% still perform bearish after break down bearish confirmation level from our previous analysis
and now bitcoin 1.42% still inside bearish channel down.
but we can see that new bullish pattern also perform.
This is ascending triangle pattern,
if ascending triangle resistance break up at 6450,
and bullish confirmation line break up...
You can see that rising wedge already break down,
we have support line at 7150, and support zone around uptrend support.
If 7150 able to hold bearish movement, our target at 7450 at ABCD fibonacci projection ,
with maximum target at internal pattern projection at 7500
Note : to understand more about this setup, check our video analysis.
#BTCUSD #bitcoin looking good for next 1-3 Months #cryptocurrency can move toward level 8250 that is 30% from current market price.
#Longterm view #Cryptocurrency will show big move only close above 8250 or 5570 below. Above 8250 bull again back in crypto and below 5570 bears continues.
markup target has been calculated form the point and figure chart , posted in this link below..
tvc-invdn-com.akamaized.net
the 200day wilder moving average and the other picture, complementing the point and figure chart
Disclaimer.. not an investing/trading recommendation
not noticed by all and while it topped out in Nov BTC started wave C down in 5 waves from the last week in Jan along with the Dow and both fell together. This week BTC is already fallen in a small 5 waves that is wave 1 of the next down trend. Hourly chart
THE 50 MA AND 200 MA ARE FLAT. 5O MA IS NOT CROSSING AS
PERFECT DEATH CROSS. IF 50 MA CROSSES OF 200 MA THAT
MEANS ITS NOT PERFECT CROSS,
BOTH MA OVERLAPS FOR
SOME TIME AND PRICE WILL GO DOWN FOR ONLY FRUSTRATION
AND FEAR OF DEATH CROSS{BUT REALLY THIS WILL NOT DEATH CROSS}. BUT
AFTER SOME TIME
THE BTC PRICE WILL BOUNCE FOR RALLY
AND AGAIN 50 MA WILL...
