BitcoinGüncellendi Wedge after wedge! Bitcoin short term analysis
Wedges:
This is from my previous updates for new viewers:
“Fractals (didn't have time to update it but u get the idea)
Most traders don't look at pivots. But as you can see in this chart, weekly and monthly pivot really worked as a pivot and strong resistance in each correction.
I have shown a fractal from earlier drop before. Now I see that this fractal is still playing out. I got some measurements for you for comparison.
If we use this fractal as our base we should end up somewhere in the first red zone (cyan color). But as you can see, there is a clear difference in the wave form and the volume. So it is reasonable to expect higher levels. We have weekly pivot above this red zone which also coincides with 0.618 of the entire bull rally that started in August 2015. So that is definitely an important level to watch. The next resistance after this level starts at 7.8k.”
(all went according to the above prediction so far)
-------------------------------------------------------
Hello traders and fellow gamblers!
This is going to be a short term chart. I will post a longer term chart if I had time and see enough interest from you (measured by like count).
Bearish signs (most are from last night update):
- Volume decreasing inside a rising wedge
- hidden bearish divergence on 12h
- regular bearish divergence on 1h
- unbroken 7.8k which is .618 retrace of Apr-May rally, a potential reversal zone
- 20d EMA resistance, with all the other MAs way above us
- Don't know harmonics yet, but I have seen two different bearish harmonics from others
- zero 4h candle close above weekly pivot last week
- zero candle close above 7720 (.618 retrace of entire bully rally since 2015)
- nearing daily SMA200 peak (see the linked TA)
Bullish signs:
- broken downtrend channel
- wedge support is still holding
- retail FOMOing with every little bounce
- I am really running out of ideas here. I don’t care about most indicators as many of you know. You can find countless number of bullish and bearish signals on different TFs on gazilions of indicators
My last update for new viewers:
“7.8k did not break and we dropped. Now the wedge support is holding. We had similar situation on Monday two weeks ago. We started the week above weekly inside a rising wedge, then weekly pivot broke down and we had a lovely fight below the weekly pivot, bears won the fight, and BTC dumped hard. This is what happened then. History does not always repeat. But if it does, it would be so laughable.
Most important support and resistances for immediate term
- .618 retrace near 7.8k resistance
- wedge resistance
- wedge support (just broke, not valid anymore)
- weekly pivot at 7512
These 4 can determine what happens this week.”
Other lines on the chart for support and resistance after break out or down. I am still 70/30 bearish/bullish.
/:D
This TA is continuation of previous TA (Bitcoin 8.5kand 4.4k scenarios) and should be seen together to get the bigger picture.
Two weeks ago fight over the weekly pivot:
This is from my previous updates for new viewers:
“Fractals (didn't have time to update it but u get the idea)
Most traders don't look at pivots. But as you can see in this chart, weekly and monthly pivot really worked as a pivot and strong resistance in each correction.
I have shown a fractal from earlier drop before. Now I see that this fractal is still playing out. I got some measurements for you for comparison.
If we use this fractal as our base we should end up somewhere in the first red zone (cyan color). But as you can see, there is a clear difference in the wave form and the volume. So it is reasonable to expect higher levels. We have weekly pivot above this red zone which also coincides with 0.618 of the entire bull rally that started in August 2015. So that is definitely an important level to watch. The next resistance after this level starts at 7.8k.”
(all went according to the above prediction so far)
-------------------------------------------------------
Hello traders and fellow gamblers!
This is going to be a short term chart. I will post a longer term chart if I had time and see enough interest from you (measured by like count).
Bearish signs (most are from last night update):
- Volume decreasing inside a rising wedge
- hidden bearish divergence on 12h
- regular bearish divergence on 1h
- unbroken 7.8k which is .618 retrace of Apr-May rally, a potential reversal zone
- 20d EMA resistance, with all the other MAs way above us
- Don't know harmonics yet, but I have seen two different bearish harmonics from others
- zero 4h candle close above weekly pivot last week
- zero candle close above 7720 (.618 retrace of entire bully rally since 2015)
- nearing daily SMA200 peak (see the linked TA)
Bullish signs:
- broken downtrend channel
- wedge support is still holding
- retail FOMOing with every little bounce
- I am really running out of ideas here. I don’t care about most indicators as many of you know. You can find countless number of bullish and bearish signals on different TFs on gazilions of indicators
My last update for new viewers:
“7.8k did not break and we dropped. Now the wedge support is holding. We had similar situation on Monday two weeks ago. We started the week above weekly inside a rising wedge, then weekly pivot broke down and we had a lovely fight below the weekly pivot, bears won the fight, and BTC dumped hard. This is what happened then. History does not always repeat. But if it does, it would be so laughable.
Most important support and resistances for immediate term
- .618 retrace near 7.8k resistance
- wedge resistance
- wedge support (just broke, not valid anymore)
- weekly pivot at 7512
These 4 can determine what happens this week.”
Other lines on the chart for support and resistance after break out or down. I am still 70/30 bearish/bullish.
/:D
This TA is continuation of previous TA (Bitcoin 8.5kand 4.4k scenarios) and should be seen together to get the bigger picture.
Two weeks ago fight over the weekly pivot:
Not
Wedge support is broken now. One bullish signal down. Weekly pivot is holding. As I said, if it breaks and acts as a strong resistance, it can set the direction for a couple of days.Not
Any1 else stroke by a deja vu?Weekly pivot is broken. We might see a fight from bulls for retaking it. About an hour left for 4h candle close.
Congratulations for all who shorted last night.
Not
2 lines controlled Open, High, Low, or Close of 9 out of 10 recent hourly candles. It shows how important this weekly pivot is. Altho we closed 2 4h candles below it, bulls still haven't given up. Stay alert while we are hovering around 7500. PS: I got your message. You don't want me post long term charts (only 22 likes). I will still post them but only once a week or even less often.
Not
Sell pressure is still there. We have a hidden bearish divergence on 30m TF. If it goes as indicators show, we should see further mark down. Since we broke below the Weekly pivot, there is a good chance we visit support 1 @7245 (or nearby .786 of Apr-May). Before getting there, we have .618 (@7322) of the recent swing low to high. It will most likely create an automatic reaction, so I will take partial profit @7350. It is a potential reversal zone and might prevent price from dropping to support 1. If the price drops aggressively and we go below .786 (@7198), it's a strong indication that this mini rally has failed (even below .618 has such an implication) and we might head to creating a lower low at the triangle bottom (thick green line).As always, use protection (ie stop-loss) in case we see a 1k green d...o (spike I mean) :D
Not
Bitfinex is down but I hit my first target at Bitmex (I love Bitmex wicks :D)Not
I am not trading until I learn harmonics. Just a quick heads up. Alts are going down, and you know what that implies, at least for a little while.Good luck to you all :)
Not
There is a thin purplish line in the chart that is acting as a resistance since recent drop. It was the support line for the falling wedge during May. These lines just don't go away! (We MIGHT be repeating the fractals since 10k drop again.)
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Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.