Bitcoin Death cross and Bearish rising wedge. important analysis

16 มิ.ย. 2021

Dear friends,

Here you see the 4 hour chart of Bitcoin. Bitcoin is forming a bearish rising wedge. In this rising wedge we see the yellow rectangle / range where the price is moving between at this moment. Also note the 50/ 200 MA with projection lines when the cross is completed.
What to watch for now? On a breakout below the yellow rectangle we first see the trend line of the wedge. If this wedge holds then we will most likely get a rebound and back into the rising wedge. If the price breaks out from the bottom of the wedge to the downside, the target is immediately USD 30000.
A breakout above the yellow rectangle will take the price to the top of the wedge and immediately a heavy resistance zone. I do not expect a breakout above 43000 USD but another bounce down. I expect the 29000 to 43000 zone to last for quite some time.

We can expect the 50/200 MA death cross around June 20. This is very likely to correct the market violently towards 29-30000 USD.

In short:
Breakout from the yellow rectangle downwards then bottom of wedge. Wedge broken downwards = target 29-30000 USD.
Breakout from the yellow rectangle upwards then to the top of the wedge, then to 43000 or first another retrace to the bottom and again to that level to shake all traders out of the trees, long and short. The favorite game of the whales and big funds.
wehn the 43000 level is reached then probably back to 30000 USD level to form new bullish patterns there again in the big range. After that bottom forming we will probably see again 43000.

When we see a close above 43000 USD with a day candle and big volume, the new targets will be towards old top and much higher possibly 100.000 USD.
Below 29000 USD we see 25000 USD and 20000 USD in the picture quickly.

I wish you all good luck with trading!

Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!

--->> Traders please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚

By the way, here the chart zoomed out to better understand the situation.

16 มิ.ย. 2021

บันทึก

THE FED
Dear friends!

The Fed has spoken but little reaction except that Bitcoin is not dropping further. Currently I think Bitcoin is forming a diamond pattern, see the screenshot.
I think before falling, Bitcoin is going to test 43,000 as indicated. The wedge has held so far so that is the logical continuation,

Good luck traders and please post your reactions to Bitcoin and the charts so that we can have an interesting discussion.

16 มิ.ย. 2021

บันทึก

Dear Friends,
Not to be seen on these charts but we are definitely retesting the neckline of an inverted head shoulder formation.
What is also clearly a positive sign is that Bitcoin has made a higher high and a higher low. So that means the trend is upwards.
In order for all the puzzle pieces to fit together we do need to get to the 43000 level first. Not is certain but it is likely. If we break that rising trendline with heavy volume and some candles then the scenario would be of course bearish and are we heading to the lower boundery of the range (29000 - 43000).

17 มิ.ย. 2021

บันทึก

Diamond
Dear traders,
Bitcoin has broken the diamond pattern and at the same time a reverse HS upwards with good volume (see the green volume bar). The stop for LONG is now at 38000. The targets at first 40000 then 43000 USD.
Good luck dear friends

17 มิ.ย. 2021

บันทึก

Dear friends,
3 targets:
41339, 42097, 43204.

Please post your comments!

17 มิ.ย. 2021

บันทึก

Dear Friends,
More and more bullish patterns are forming:
1. A confirmed inverted head shoulder formation with target 45000
2. An ascending triangle with breakout upwards and already retested
3. A rising trend channel
4. A cup and handle / rounded bottom in the making
5. On higher timeframe we see higher tops and higher bottoms. So trend is up.

Please post your comments on these developments. what do you think en why you think it;-)

Good luck dear friends!

17 มิ.ย. 2021

บันทึก

A little update.
Dear Friends

The resistance at 39515 was (still) too big to take in one go.
We see that BTC had broken out of the bullish rising wedge and now wants to retest the breakout line.

Also the cup or rounded bottom is still perfectly intact but the price should not drop much more. If it does we will either get a double bottom around 38000 or btc will drop to 37500 where the neckline (orange) of a large inverse head shoulder pattern lies. That zone is the orange rectangle. The big inversed HS is to see on the 2 hour time frame charts

There is even a smaller inverted head shoulder formation to be seen as well.
In short, either up now or first a retest of the neckline at +- 37500 USD.

Patterns change and they change even faster on short timeframes like here the 15 minutes chart. The longer picture is still exactly the same. That is why it is necessary to monitor and discover new structures.

Good luck traders!

17 มิ.ย. 2021

บันทึก

Traders always take trend lines with a margin. This is necessary because some of them are hit and drop a bit further before rising again. Also trendlines can be laid in different ways. at the highs, lows or at the close of the candles. So take a margin of at least 1%, but this depends on the situation of course.