BTC have three paths that can be taken:
G: 10%
O: 35%
R: 55%
Let's check it out!
G: 10%
O: 35%
R: 55%
Let's check it out!
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Bearsh signs patterns
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Three strong bearish patterns: Shooting Star, Engulf and 3 Black Crows:
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After Three Black Crows exhaustion a little bullish pull back appeared but, without volume. Next candle doji indicate that bear are under control.
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BTC got a hard support at 5850 and a weak secondary support at 6300.
There is a flag formed but with descendant funds (pink arks), indicating that 6250 will be tested and the possible tendencies were drafted.
There is a flag formed but with descendant funds (pink arks), indicating that 6250 will be tested and the possible tendencies were drafted.
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BTC surprisingly touched the uptrend channel and are forcing the resistance limit. Here's an indication of a tendency reversal powered by high buying volume.
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High buying pressure powered by volume. Now BTC gains a new support level at 6450 boosted by morobozu and volume breaking. There is enough signal that BTC will follow the bear flag.
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Will BTC reproduce the same flag pattern?
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Zoom into the BTC respecting the bull flag powered by a beautiful Morubozu, after the uptrend channel appeared a shooting star but with low volume. The bulls need resting and can leaves BTC into 0.38% fibonacci as a secondary support at 6530 or 0,5% at 6465.
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Bulls taking a nap after the rush. Beds available into 0.38% fibonacci as a secondary support at 6530 or 0,5% at 6465.
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Bulls are enjoying a restful nap while the volume keep stable. A shooting star brought a buying volume enough to keep this pullback healthy and more confidence to draft the bull flag.
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Powerful Bearish Morubozu is putting the rest of bulls on the bed of 0,5% fibonacci at 6465. Today cryptocurrencies lost almost 24 bi U$ on capitalization and the movement of Asian opening showed that they are not too confident at this bull flag. But at moment this support level is still at normal levels. Wake up guys!!
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BTC following the drafted flag and going to rest on 0.61% fibonacci at 6425. After that, it is expected to bulls wake up after a restful time.
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As expected the bulls wake up with enough desire to brings the BTC close to the target 6800.
Note, I've made small correction on fibonacci trend lines in order to better fit it at this new support level.
Next steps: Going to perform a new trend line analysis considering Eliot Waves and new fibonacci trends.
Note, I've made small correction on fibonacci trend lines in order to better fit it at this new support level.
Next steps: Going to perform a new trend line analysis considering Eliot Waves and new fibonacci trends.
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Zoom into 15 min chart. BTC is fighting to accept the third bull flag, due to it, I projected the Eliot Waves that indicates BTC going to do the 4th wave and possibly rest on 6550.
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BTC respecting the trend drafted and asking for bulls.. please give me volume!
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Back to 4h chart BTC. Expecting 2 bearish candles inside the circles are expected. The Eliot waves ABCDE were adjusted to the trend.
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At 4H chart BTC rejected the black crows and formed a double Doji. This patters indicate a reversal but at this contex it looks to indicate a sideways movment. It is necessary more buying volume to pull it up to 6720. Let's check it out!
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As expected BTC brooked the weak support and suffered a pull back. Bulls started to work and confirms the sideways movement. Trying to figure out if BTC will respect the Eliot waves and it is necessary at least a 3.8K of buying volume to keep it up and revert the sideways movment. Let's check it out!
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Back 4H chart BTC, today BTC reverted the sideways movement and reaching the 6800 target and extrapolating to 6900. This movement confirmed Eliot's wave breaking up due to a volume > 3.8K analysed before.