That is the Triangle I've been talking about since last week, the one Bitcoin has been trading in. As you see the Higher Lows and Lower Highs Zones are clear.
* On the 4H time-frame, the RSI is on Higher Lows while the MACD just made a Bullish Cross. * The MA50 is about to form a Death Cross on the MA100.
Do you think that's enough to make it break upwards or downwards? Feel free to share your work and let me know in the comments section!
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We haven't tested the lower low, I think that's where we're heading.
TomasKiss
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On your chart: MA50 crossed MA100 upward at 17th January and price always grow.....now if MA50 cross MA100 downward it means, that price go lower......i think.
harveybains146
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I think/hoping that Bitcoin is going to make another Bull-rush in the run-up to a Democrat president taking office.
Albert407
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Your analysis is correct on MACD and on the RSI, but keep in mind the chart pattern is a "Pennant" if you are bullish and a "Triangle" if you are bearish . These two patterns are always confused with each other. The bullishness of the MACD and RSI increased the possibility of going higher. Considering one support level is at 33k and the upside is 42k this is an educated good bet to be bullish.
SebastianofMoon
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Nice analysis! On the weekly timeframe I'd say a break downwards is more likely, that weekly RSI and Stoch RSI looks really unhealthy.
But on the other hand, a last push to the upside before drop would also be possible. My odds are 70/30 for break to the downside vs upside.
hujianghua
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@FlaviusTodorius67, MR: nice to meet you! The market is brewing huge opportunities.
akobusa87
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I think price will ascending from now
decimalBoa50339
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Interesting Analysis, lets see how the trend will flow accordingly.
PYRGONS
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IMO, it is going down, but not a lot, because the dead cross time frame is 4H and in respect to the MA100. If it would be on the Daily/Weekly/Monthly (1D/1W/1M) and the dead cross is in respect to the MA200, then the drop would considerable. BTC is just correcting. No worries. DYOR.