Hello dear adventures of the crypto rollercoaster! Our ride is slowly coming to a crucial decision point, will bitcoin break our logarithmic resistance-line or not? I highlighted fractals I think that are repreated throughout the structure, since pattern recognition is sort of subjective you just have to think for yourself and see if you agree or not. Besides that we have some new support and resistance lines. We broke a resistance line, this is now our current support holding the trend up. Then we have this older support line which we broke and is now resistance and is drawn all the way to the logarithmic downtrendline (which is a very well-protected line by the bears!). I highly recommend to open a short here with a good stoploss, chances are high we will retrace once we test this one, and chances we will test it are high. If we make a closed candle outside the log-line, so breakout to the upside, we will see many shorts closing and a likely bulltrend starting, this is chance to go long! The bultrend in my opinion will not break ATH level, but it's possible to go 10-12k from there, there is still lots of downward momentum from larger timeframes.
Another scenario where bears are hoping for is to short the logline then consolidate in the triangle and break down, even going below current BOTTOM, this can take us sub 6000 USD.
Anyways interesting times ahead, please leave a like and/or comment and if you want you can also follow my Telegram Feed which has many more updates (Tradingview can be kind of annoying scrolling through long update walls) and there is also a casual chat where everybody can talk about trading related content!
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Good luck trading, may the trading gods be with us! -TheTrex
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To be clear, the red boxes are dump fractals (subjective view), which can be squeeze and elongated/shortened. The are at C also has to have one but forgot to add, it's really wide yes, then it breaks up to the green circle fractal like the other previous ones.
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Further clearification of price path.
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Around 19th we will see our top based on this idea.
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Dump following fractal as planned so far, following this idea this is a beartrap!
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So far we have NOT broken the downtrend line on Bitstamp and Bitfinex yet, Bitmex tends to have fakeouts and since 2/3 haven't I assume odds are still that is intact. We will see how this idea will play out in the future today, if we manage to break up then we should see consequent price levels of 8870/9180.
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Price broke up! Stoploss got triggered and flipped to a long.
@TheTrex, I draw the arrows very similar to what you have done here.
UnknownUnicorn1896036
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Hi...thanks for your great analysts...intraday is the hardest!
Just one question...what do you mean by 19th?
TheTrex
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@malditoduende, 19th of April?
Shwayze
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Appreciate it. If I am reading correctly.. Overall bullish momentum, mid-term bearish and looking for short term bullish potential double top, before continuing mid-term bearish pattern by a bottom out sub 6k (unless of course we see reversal) to then resume long term bullish trend?
TheTrex
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@Shwayze, Just have a look at the last picture in the update. Double top around 8600-8700, then down to 7000 to retest bottom, then retest of logline again and here it will either break up (to retest 8000+) or down (sub 6k)
12 hour view. Multiple scenarios. We may even form a larger falling wedge (purple) and retest the yellow trendline from 2012.
Big picture (3 day TF)