We may be seeing what is potentially an elliot wave ABCDE correctional pattern. Look for the price to bounce off of the support line off the triangle (which would be E of the correctional pattern). If it bounces you may look to enter just above the support line and look to sell just previous to the resistance line of the triangle. If the price cleanly breaks through the resistance of the triangle, we may see a continuation of the uptrend and a new impulse wave. The immediate re-tracement of the impulse wave bounced off of the .5 fibonacci level. However, whats important is a continuation of an uptrend. Price targets may vary. Using a fibonacci extension of the first impulse wave I have a target as shown on the chart. This is a long term play, and if a bounce is seen off of support and through resistance look for a continued uptrend. Place a stop-loss below the triangle. Do not enter into a long trade unless you see a bounce off support and if it breaks resistance be careful for fake outs and look to rsi to confirm the trend. You want to see a clean and strong break through resistance and clearance of the previous swing high.
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I see some hidden bullish divergence keep and eye out for a break through resistance around point D
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Bounced off point D next test of support critical
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Around here COULD be good entry, check out the bullish divergence. I also adjusted the trend line as that may be what we are looking at (possibly).
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...still needs more volume
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Refer back to initial chart. I expect H & S pattern to complete and my target entry is around ~..00163 - .00166. Place stop loss under the support zone.
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exited, will wait to see it resistance retests, more volume needed
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look for retest of resistance and and break through previous swing high
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Beginning to see an increase in volume and hidden bullish divergence on the 1 hour. Watch here for a potential break of the resistance line.
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Bitcoin price is dropping and sell walls are growing. Would not recommend buying here.
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Its the moment of truth!
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Have some bullish divergence. Lets see that volume now.
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No volume.
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Volume rising, macd cross on the 4 hour, rsi looks great, lets go!
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Adjusted stop loss, lets see if we can find some support above the triangle.
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If the ATH is broken than I have adjusted my target to reflect the height of the triangle from the breakout point which also corresponds with the fib extension 1.618 of the triangle.
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This is a --conservative-- target if it breaks the ATH.
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Updated target
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I am trying to get a good read on the charts? Is it beginning it's downward trend or is it forming a cup and handle. Any helpful info will help me learn. Thanks!
UnknownUnicorn924366
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@seifer101, Hey, really sorry for the delay, the price seems to be stuck at the ATH, dangerous place to buy, nice place to take profits, news and volume will play a large role is relate to higher price movement.