I saw this when I was playing through BTC charts and i think it worth sharing with you guys.
Looking at wave oscillator indicator price pattern seems to be in wide ascending triangle formation with price hitting the bottom trendline at exactly 78.6% Fibonacci retracement of the previous bullish move. Whereas, the last Mega Bullish move occur after price bounced off this same bottom trendline at exactly 78.6% fib level.
if history repeat itself this may be a good sign for potential price reversal to the upside.
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Please share your thougths about it and support my post with your LIKES if you think it's useful.
Thanks
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BTC All time triangle formation patterns and their breakout
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Another potential form of reversal spotted. Price started forming High lows.
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We could also have accumulation on going as price been trading in a rectangular box that is from 3days chart analysis
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One of my previous post that talk about trendline breakout. Still seems to be very valid.
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More details about the breakout
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Price may go down as medium term charts look bearish may be for a re-test on the major support again.
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Looking at 4hours timeframe it show a clearer picture of a symmetrical triangle forming, which has its base around 6200$ support zone.
Here is my trading plan towards this pattern. Looking to Buy around 6200-6260 area with tight stop loss below the support.
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This is one of my previous post, its channel that showcase all BTC typical reactions. Do have a look.
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This monthly chart shows price is testing strong support as well.
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Another one of my previous post showing possible wave patterns.
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BTC is struggling to make major moves on a short term basis, I expect a drop to at least 61.8% fib level talking on short term basis.
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ETHUSD shown some serious sign of reversal also which complement BTC Bullish view.
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Bitcoin Corrective pattern
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Short term triangle breakout occurred and this look to be forming inverse head and shoulder pattern
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I shared another view on possible BTC breakout outlook.
#BTCUSD
Do share your thougths about it and support my post with your LIKES
@ReallyMe, I'm talking about your first chart. It is a classic example of tweaking a chart until it says what you want it to say... Keep is simple; look at sentiment data from different providers (be a contrarian) and wait for a break of the triangle in either direction. You've got to stop looking at crypto with such a long bias. It's quite possible in my opinion that Bitcoin breaks the 6000 level and retraces to 2000 levels before starting a new rally or going on to death from there...
weslad
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@brueningfx, Chart interpretation is usually different across the world, only cherish trading ideas that belong to you and always take your time to analyse and study other people work before you criticize their effort because what you see on their chart may be different to their intended interpretation. I will be happy if you can tell us when this 6000$ support will break so we all can benefit from it. Thanks
brueningfx
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@weslad, I didn't mean to be so hostile, but this general bitcoin bull bias on tradingview is really getting on my nerves. I don't know if and when 6000 will break but what I am saying is that before we don't either break (with a lot of volume) the descending trend line on the log chart of bitcoin or break (again with volume) the 6000 support level, there is little reason in speculating what bitcoin will do next. Put it on your watch list and look at other things going on in markets. There are huge opportunities in shorting European equities or going long uranium mining companies! Diversify you bets and don't only watch bitcoin and crypto otherwise you might miss out quite a lot...
@brueningfx, it's the only way to get the most views. Can't show a bearish chart and have that many views.
Crypto-Adviser
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Bitcoin was born 10 years ago during a severe crisis in the stock market. His concept was to release a white paper on October 31 and be born in the digital world on January 3 with the creation of the first entry in the blockchain. On his anniversary (10th anniversary), he must show this growth from conception (11/31/18 - $6300) and before birth (01/03/2019 to the level of $11700). In our world, 2 values, the cost of which started from scratch, are Gold and Bitcoin. Bitcoin develops these 10 years, and each cycle gained strength, and it is unlikely that after that, then fall along with the stock market. I think to provide an alternative to the financial sector. And after $12000 in its growth, it will be helped by a bad situation in the stock market (correction every 10 years).
Market on the side of bulls. If think that the biggest bitcoin holders and Ethereum are the IMF and the treasury of many developed countries, and they tell us from the TV that it is a bubble, I find it funny to hear such statements :). About ETH, I think he is just waiting for the plasma.