Short-term bullish/bearish scenario for BITCOIN!
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"The symmetrical triangle, which can also be referred to as a coil, usually forms during a trend as a continuation pattern. The pattern contains at least two lower highs and two higher lows."
For a symmetrical triangle, the IDEAL pattern shows 3 touches. 3 Lower highs and 3 higher lows. We are now at the 3rd touch of this triangle, at the top.
Technically speaking, this pattern can send us to either $5,450, or $7,200+.
As we speak, Bitcoin is finding resistance at the .618 retracement of the swing high/low from the Tether pump, but is showing extreme strength.
On the RSI, we broke out of the lower high pattern on the daily:
Bull scenario:
Weekly close above $6,800 with volume.
Targets are $7,300/$8,145/$8,950/$9,450
Bear scenario:
Weekly close below $6,400
Target would be $5,450.
I believe Bitcoin may finally be breaking downtrend.
In the link below, I analyze the monthly chart on Bitmex, Bitfinex, and Bithumb.
In my monthly analysis I found that Bitcoin is showing a lot of hidden strength. Please click below and read for more details.
My name is MC_Peewee
but you can call me teh Salesman.
For a symmetrical triangle, the IDEAL pattern shows 3 touches. 3 Lower highs and 3 higher lows. We are now at the 3rd touch of this triangle, at the top.
Technically speaking, this pattern can send us to either $5,450, or $7,200+.
As we speak, Bitcoin is finding resistance at the .618 retracement of the swing high/low from the Tether pump, but is showing extreme strength.
On the RSI, we broke out of the lower high pattern on the daily:
Bull scenario:
Weekly close above $6,800 with volume.
Targets are $7,300/$8,145/$8,950/$9,450
Bear scenario:
Weekly close below $6,400
Target would be $5,450.
I believe Bitcoin may finally be breaking downtrend.
In the link below, I analyze the monthly chart on Bitmex, Bitfinex, and Bithumb.
In my monthly analysis I found that Bitcoin is showing a lot of hidden strength. Please click below and read for more details.
My name is MC_Peewee
but you can call me teh Salesman.
Not
Bitfinex shows a very different story.8k would be the target of this triangle break.
Not
Hmm..Not
Not
Hmm..
Not
Retrace! Retrace! OH NO.SO FAR, we stopped at the 0.5 retrace for this ENTIRE move since Oct 29th.
The 0.5 retrace is around $6,390.
The .618 is around $6,350.
If we hold above at least $6,350, we could potentially be seeing the end of a wave 2, start of a wave 3 on the daily. Woudln't THAT be nice :D
Right now I'm neutral leaning bullish, this seemed like a stop hunt to me.
The daily is holding above 50 RSI, but we have a bearish enulfing candle.
Not
Huge bearish doji on the 4h, which closes in 30 minutes. This is a great sign.Not
We need to hold $6,390.If we do, this will be a very, very bullish sign.
Not
4H just closed a 50 cent bearish doji.This is a possibly good sign.
Not
Oh yeah, and hidden bullish divergence.Let's see who wins..
Not
Update!
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