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.
Note
Bitfinex shows a very different story.8k would be the target of this triangle break.
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Hmm..Note
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Hmm..
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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.
Note
Huge bearish doji on the 4h, which closes in 30 minutes. This is a great sign.Note
We need to hold $6,390.If we do, this will be a very, very bullish sign.
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4H just closed a 50 cent bearish doji.This is a possibly good sign.
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Oh yeah, and hidden bullish divergence.Let's see who wins..
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Update!
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