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.
when i'm bored i come here to read some pros and tops. It's fun to see MAs and RSI (rsi not so often)
thanks for posting, i can (everyday) see clearly that "not so smart" money are still incoming. (i though calling 'em dumb will be offense)
u make my day as always.
p.s. oh, i see volume on chart... well it's just there... but not taken in consideration anyway.
CryptoMichNL
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@dlab, Volume is used in the text beneath the chart :)
taylor.ranny
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You think bears will just watch and do nothing? :-D
CryptoMichNL
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@Taylor.ranny, Might see another drop, not expecting it that big though.
Gibmoses
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Bitcoin is repeating history..
Yellow chart is 2013 chart.
Thanks Michael, looks great! I have been trying to work this up over the past weeks as well. Would you care to have a look at mine? Drew the original one up almost a month ago now, I am with you on the idea that we should be seing the start of a new impulse any day!
Keep it up!
HamidFarhadi
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Soon up ;)
PainKillers756
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Hi Michael,
Thanks for sharing! So you think this is a leading triangle (a-b-c-d-e)of a big A wave from the top of 20,000 $, right? Then we are expecting B wave pullback 0.382/0.618 and following C wave deep drop. Where is the bottom?
Cheers!
PK
CryptoMichNL
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@PainKillers756, the start of the counts is a little bit off, not officially from the top, but from the other spike.
thanks for posting, i can (everyday) see clearly that "not so smart" money are still incoming. (i though calling 'em dumb will be offense)
u make my day as always.
p.s. oh, i see volume on chart... well it's just there... but not taken in consideration anyway.