The Conclusion for today’s Bitcoin Analysis: Price consolidating between $3683.30 and $3544.50 could give rise to a new bullish swing upwards that will see the price of Bitcoin close above $4384.0 The previous post for Bitcoin (which you can find link below) discussed the formation of an inverted, complex Head and Shoulders pattern (or inverted, complex, Head and shoulders bottom) that had not yet being completed until price closed above ~$4,258.80 where the neckline for the pattern would be positioned. The price of Bitcoin is currently at support between $3,683.30 and $3,544.50 as indicated on the 4 hour timeframe chart. The bottom reversal pattern (inverted, complex, Head and shoulders) mentioned above can also still be monitored with a close above the neckline used as confirmation for a long (buy) position. Also, indicated on the chart is a bearish channel with its lower boundary close to the lower level of horizontal support at ~$3,544.50. This makes the lower price level important to watch for two reasons. (1) Price closing below $3,544.50 i.e. Point of invalidation does suggest further lower prices for Bitcoin. (2) Price consolidating around the lower price level ($3,544.50) and the lower boundary of the bearish channel could provide a solid base for bulls, and therefore the next bullish swing upwards. Possible trajectories as indicated on the chart includes price holding at upper level of support prior to development of a bullish swing (pink dotted lines) or price holding retracing to the lower level of support and then picking up bullish momentum (blue dotted lines).
Back again for Bitcoin! If you appreciate the chart please hit the like buttom and if you want more ideas hit also follow.. Thanks! - What you see is two bullruns in the past years, both with Fib channels in it. - Buttoms are highlighted white - Also volume has been highlighted white - There is a black line to compare volume (green candles) - Green lines are support levels Based on it's bullruns you clearly see the bottom of the previous bullrun. I've highlighted in white. According Fibonacci channels the bottom target must be much higher. But fallen much lower.. There was reversal thanks to relative high volume for that period. If we can trust on historical patterns for the future our next buttom will be also lower than Fib channels will target. I think we will go lower indeed, check volume. The next bottom will also be in the grey zone of Fib the channel. The target I've highlighted white, with red line in it. Unfortunately the volume is in the current period much lower than feb 2015, see the black line.. That will bring price deeper low. Thanks for reading! If you appreciate the chart please hit the like buttom and if you want more ideas hit also follow.. Thanks!
Bitcoin will go to the top anyway, all the time we climb, if we look at my chart with FIBB lines, we see that the strength of the decline began on November 24 and ended on December 7, 2018, since then we have accumulations, and from December 17 it started reflection, so the chance for a double bottom, decreases with each day, anyway, the main rebound will take place in 3 months 2019. Of course, there is always a chance of faster turnover if most of us trust in the future currency and take matters into their own hands. :)