Zooming out to the daily chart makes we wonder if it will take a while to crack the $5000 barrier. Psychologically it is a very significant number: Half way to $10000, a very nice round number.
Let's see if this fractal plays out over the next days:
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We reached $4630 and bounced. BTC is currently testing support at $4480.
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Seems to form a wedge. Currently, I expect another push to $4700 and then a dip to $4300.
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Looks like the bottom is in. ETH has broken out of the downtrend, so BTC should follow soon.
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RSI divergence is a sign of reversal.
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I guess ETH just really needed that bounce at $200. Amazing reversal. And just like that BTC looks quite bullish again.
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That bullish wedge kinda realized, but lost too much steam.
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$3400 still looks likely.
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Did not reach $3400, but maybe another downswing comes. Meanwhile it forms a bullish wedge on a larger timeframe.
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Some chinese whale bought a big amount of BTC in OKCoin and started a little rally. Still, the volume is not enough for a big rally. It turned our wedge in a bull flag, though. That bull flag should retrace to $3400.
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Back over $4000. Half way to $5000 from $3000 three days ago.
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Currently forming another bull flag. After a third impulse, we often see a larger correction.
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Oy, that breakout failed. Time to decide, Bitcoin.
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Bitcoin rejected at the downtrend line, so the downtrend continues.
That $5000 barrier is far far away now.
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ETH has closed above its downtrend line, but BTC is still below.
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Breakout. Has the downtrend officially ended? I would like to see more volume.
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BTC seems to be due for a correction now.
However, ETH looks due for another push and they correlate...
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A bounce at $4000 it pretty important. If support breaks there, we might drop a lot lower.
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To break through $4400 will probably some serious volume.
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BTC needs some upwards push soon or we have ended that uptrend.
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At this point it looks totally ambiguous to me.
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The market realized that Bitcoin Gold and Segway2x hardforks are coming. People imagine a similar win like with Bitcoin Cash and everybody buys BTC. People even dump their alts. This could lead well beyond $5000.
after the 3rd impulse and move higher, does 2 bull flags normally mean movement higher or up with a bigger correction downward?
UnknownUnicorn1016020
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Back over $4000. Half way to $5000 from $3000 three days ago.
TraderJX_
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@ForgottenInsights, are what level is a bottom confirmed and BTC becomes a strong buy with low risk? ie is there a small retrace coming at a fib extension. I have around $4140. Appreciate it.
UnknownUnicorn1016020
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@JC350402, a concept like "strong buy with low risk" does not work for me.
I can see bullish and bearish signals. If there are more bullish signals (as right now in BTC and ETH), we have a trade setup and look for an entry. A bull flag would be a good entry and you can see one on the 5min at the moment.
Instead of "low risk", I look for "tight stop loss", because a tighter stop loss enables me trade larger amounts and potentially gives more profit. So, I try to buy at the bottom of a bull flag for example.
TraderJX_
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@ForgottenInsights, thanks for the insight. Appreciated.