After reaching ATH almost at 5000 USD and at FIB 4.764 (when measured 1 = 1150 and 0 = 150 from the last 2013 bubble and retracement), Bitcoin is currently within a downtrend channel facing 4 strong resistances. Hard to break them but if we look to the details of the other patterns, it's interesting how dissimilar they are. BTCUSD is currently within a small bear flag. At the same time, this bear flag is within a pennant, which could possibly be bullish. My guess is, if BTC breaks down the bear flag and bounces of the lower support of the triangle, it might gain some momentum and break the four resistance levels it has been dealing with inside of that channel since ATH. If this happens, we could see BTC going first to 4400 and then attempting to go again to ATH.
Nevertheless, BTC is also within a wider and longer rising channel that got its shape since the first trimester of the current year. If this channel breaks down (as usually rising channels do), expect a massive dump. There is also a possibility that BTC will bounce on the lower support level of this channel and then attempt to reach ATH, although I find it less likely. Not totally diminishing it though.
i can not believe that people are still bullish when CHINA do not confirm nothing about exchange banning, and mining prohibiting. October 1 is near, so i can not be more bearish as i am now. My order book :
Have you seen the daily macd? It's touching and about to cross up. That means nothing?
CoinMajesty
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@AmazinRaisin, It does mean something but I didn't post it cause I wanted to focused in price action and patterns, not indicators.
AmazinRaisin
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@CoinMajesty, The MACD just crossed on the daily. I wonder whats going to happen. So your thinking the pattern is stronger than MACD
sonersismanoglu
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very clean and good analysis. keep publishing. :) which way are you thinking superior? bulls or bears. i think we are still in bearish market conditions, and its bear flag then :)
tvpolo
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Thanks for this chart and your comments, hoop you had a good holiday.
CoinMajesty
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@tvpolo, thanks :) although I haven't had any holidays lol
BTCINVESTING
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Thx. That's another possible view of the situation. Let's see how it develops in the market. we can all be excited. :-)
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I prefer to miss a train than to drown with titanic.