We are in a rising wedge which is a bearish pattern. it should break downward by 6900. But Still i feel it may go up to 7200 due tether news and other bullish bs, I have Some Sells set in green zone as well. it is a heavy resistance area with loads of longs trapped waiting get a break even.
Symmetrical Triangle. Near to breakout. for BTC/USD Bitfinex 1hr chart.
By measuring the length of 1st inside wave at the start of the symmetrical triangle, we can measure the resulting price action. In the present case w.r.t 9.52% (approx) change can result in both directions which can have target for "bulls" @7000 range and for "bears" @5800...
We have hidden bear div on 4 hour, but we could squeeze some shorts first. If we breakout form red line green lines are the possible path in yellow rising wegde.
Long with tight SL (6380)
- RSI still way below 35 on 1D chart.
- There is no way it is going down further unless RSI picks up significantly. This is the BOTTOM.
Next few days/weeks BTC will rally upwards for a new "lower HIGH" before coming down.
The volume is low because it will be a lower HIGH and the bulls are still not confident of breaking towards a higher HIGH.
Lower High...
Technical analysis has lost much of its significance in recent markets. Lot of Patterns like #Triangle, #Falling Wedge Etc. not working and already broken. Therefore, it can be said that the present situation is waiting for a sharp fall or surge.
The weak support line in the current situation is near $ 6,350. As I said, this is not a strong support line, and the...
Market is showing weakness, A big move is expected in next few hours.
Bear div suggests move likely to be a red candle, Any longs should have tight stoploss
We have stoplimt orders on both sides, which will execute on break of triangle depending what move will unfold
We have broken the red symmetrical triangle of indecision and entered a bear phase only thing that can stop this downfall temporary is the yellow downtrend line.
We will have some good support at 5200-5400 levels on yellow line, which would start a possible rally to 7100-7200
7100-7200 levels have strong resistance, long term view is of 3500-4500
Downtrend is nearing to its final stages,
We could fall to 5500 -5600 levels then a rally to 7200-7300 levels is possible.
There is strong resistance at 7100-7200 levels and it wont be broken easily
Using Pitch fork we can see that there strong support is in 3000-4000 area and markets will stabilize in those ranges and accumulation will happen for a 6-9 months
Everything looks positive right now for BTCUSD as far as the technical indicators go.
Beginning of "E wave". (ABCDE)
50day MA about to cross 100day MA.
MACD turns bullish (Orange crossed blue).
RSI uptrends.
8900 and 9800 are important levels to keep an eye for in the next few weeks.
8900 if broken confirms long-term bullish signal. (By 16-20th June)
8900 if...
NO NEED TO EXPLAIN MUCH.
AFTER COMPLETION OF WAVE 5 WE WILL see NICE CORRECTION IN FORM OF WAVE TWO of bigger wave 1 from 6400 to 10400-10800
any suggestions?
