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.
Hi, today i wanna discuss about cylic analysis.
this is long term projection for "position trader", coz opening position not only for month, but for years.
In this analysis we focus to 6 years cycle,
you can see that EURUSD perform a big 15 degree parallel channel up, still not break for 39 years, and still valid.
If we look cyclic lines, bearish take 6 years ...
BTC reach support zone from 5799 to 6149
this is strong support for bitcoin.
If this support able to hold bearish, target at 7464 at fibonacci resistance
To understand better about this analysis, please check our daily video analysis