Bitcoin bounced on the lower support line, now up to $8.250?
Alright, I’ve not been posting on TradingView lately, just didn’t have the time. But the charts on Bitcoin were doing fine and we went to the depressed phase, right?
So, what are we going to do now.
I’ve posted a chart on another medium earlier this morning where I’m describing that the correlation with the Dow Jones index is massive on this. Dow Jones index did make the same descending triangle, broke out the same, retested afterwards the horizontal level and retested the breakout line before moving upwards and breaking out upwards, which it did in the past weeks.
What do we see more on BTC?
Well, if you check the bubble pattern depression phase we’re in (check my other TV chart for that)
If you use Wyckoff, we probably have seen the spring. Wyckoff is using lines instead of candles and in that way we’ve made three lower lows. The bounce a few days back had more volume in the bounce itself than in the drop.
Technical:
On the weekly we’re seemingly bouncing on an important level on the RSI getting rid of the 2014 fractals finally.
On the 2D, 3D charts we’re getting bullish divergences. Could get this on the weekly too if we reverse here.
On this chart:
RSI broke downtrend if we close the daily like this.
Bullish divergence on Stoch in the latest drop.
Broke the downtrend on volume (hard to see on this Bitstamp one, for sure on Finex)
MACD overall bullish divergence and Histo too.
Falling wedge pattern in the making, three lower lows now.
Confirmed support in the $6.000-6.500 area.
What am I expecting for the coming weeks?
For the coming days sideways movements between $6.500-7.000 and Bart Simpson patterns. After that I expect a breakout of the downtrend around $7.000.
How? Normal breakout or we should see the shorts running upwards again, in that way we’ll see the same happening as earlier short squeeze breakout. Due to Wyckoff this is also greatly possible.
Then I’m expecting upwards movements to $8.200-8.500 and breakout upwards. Updating then too.
So, what are we going to do now.
I’ve posted a chart on another medium earlier this morning where I’m describing that the correlation with the Dow Jones index is massive on this. Dow Jones index did make the same descending triangle, broke out the same, retested afterwards the horizontal level and retested the breakout line before moving upwards and breaking out upwards, which it did in the past weeks.
What do we see more on BTC?
Well, if you check the bubble pattern depression phase we’re in (check my other TV chart for that)
If you use Wyckoff, we probably have seen the spring. Wyckoff is using lines instead of candles and in that way we’ve made three lower lows. The bounce a few days back had more volume in the bounce itself than in the drop.
Technical:
On the weekly we’re seemingly bouncing on an important level on the RSI getting rid of the 2014 fractals finally.
On the 2D, 3D charts we’re getting bullish divergences. Could get this on the weekly too if we reverse here.
On this chart:
RSI broke downtrend if we close the daily like this.
Bullish divergence on Stoch in the latest drop.
Broke the downtrend on volume (hard to see on this Bitstamp one, for sure on Finex)
MACD overall bullish divergence and Histo too.
Falling wedge pattern in the making, three lower lows now.
Confirmed support in the $6.000-6.500 area.
What am I expecting for the coming weeks?
For the coming days sideways movements between $6.500-7.000 and Bart Simpson patterns. After that I expect a breakout of the downtrend around $7.000.
How? Normal breakout or we should see the shorts running upwards again, in that way we’ll see the same happening as earlier short squeeze breakout. Due to Wyckoff this is also greatly possible.
Then I’m expecting upwards movements to $8.200-8.500 and breakout upwards. Updating then too.