A symmetrical triangle pattern is now forming as BTC consolidates further, remaining below the 38.2% Fib retracement level (drawn from the Dec'18 bottom to the latest ATH).
Waiting for breakout. Bullish and Bearish measured move targets as indicated by the yellow vertical arrows.
Weekly candle could potentially close as a bearish shooting star btw.
But weekly Ichimoku Cloud remains bullish and thickening ahead.
A much less bearish scenario I am also considering would be for BTC to wick down to the green 50 weekly SMA, before recovering back above the red 21 EMA.
Bearish or Bullish breakout will determine longer term trend.
Waiting for breakout. Bullish and Bearish measured move targets as indicated by the yellow vertical arrows.
Weekly candle could potentially close as a bearish shooting star btw.
But weekly Ichimoku Cloud remains bullish and thickening ahead.
A much less bearish scenario I am also considering would be for BTC to wick down to the green 50 weekly SMA, before recovering back above the red 21 EMA.
Bearish or Bullish breakout will determine longer term trend.
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Being held down by the bearish ichicloud on the hourly timeframe:
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Still confined with the mini descending channel (within the larger symmetrical triangle) as earlier drawn. As the bearish ichicloud draws closers, the chances of a breakout above is reduced.
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Still being rejected by the bearish ichicloud.
No sign of the cloud thinning and flipping bullish again on the hourly, yet.
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Note: m-pattern is an indication of a short phase/period of distribution within the given timeframe -- effectively a local double top pattern -- i.e. bearish.
Measured move to simply retest the bottom of the yellow sym. triangle.
Measured move to simply retest the bottom of the yellow sym. triangle.
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Another crude/imperfect inverse head and shoulder opportunity for the bulls? Need to wait for at least a breakout..
Measured move target is a breakout above the top of the yellow sym. triangle.
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Inverse head and shoulder breakout confirmed.
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Continuing to be supported by the red 21 EMA on the 15mins timeframe on the way up to the measured move target (specified above).
Setting trailing stoploss just below the 21 EMA for this small trade (doing similar thing for selected alts I am in a trade atm).
Setting trailing stoploss just below the 21 EMA for this small trade (doing similar thing for selected alts I am in a trade atm).
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Broken down below the 21 EMA for a retest of top trendline of the w-pattern.
Will it hold?
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Successfully retested the trendline, and Cyber Ensemble now flashes a buy again on the 15mins:
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Broke below 21 EMA and presently supported on the 50 SMA on the hourly. Back close to my entry point now where stop loss is set.
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Also, retested the white support line:
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Pump with volume from the support:
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Approaching measured move target..
Will it be rejected? Time to finally collect a bit of gains thus far.