Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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After another downward spike, BTC is once again resting on the major daily support trendline. Which this happens to be the .618 support of the current swing as well.
It is very possible that BTC could see some upward movement from the $8000 suppoer. However, doing so would risk the possibility of an ABCD formation. Moving up from $8000, and failing to break 9.7 could create a major downward continuation signal. So if we get to that zone please trade carefully.
IF the .618 and the major trendline do not hold, we have a possible Bullish Bat formation which completes itself at either $7700 or $7000 range. Due to the rules of harmonics, the $7000 support seems more likely if the pattern were to complete itself. However, there is a very strong possibility that we could still find support in the $7700 range as this marks both the .786 of the previous swing and and .786 of the current swing.
I do want to note that if BTC were to break and close a daily candle below the current $8000 support level, I would be very hesitant to open any long positions until there is a clear sign of support. This would be an extremely bearish signal for BTC. Please see my previous chart for a more detailed analysis on this.
I hope you find this support and resistance analysis helpful. I wish you all the best of luck!
Daily Support Trendline:
DISCLAIMER: Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
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A very interesting fractal spotted by one of my friends. Taking a closer look at it, you will notice that the fibs even match up.
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Here is an inverted chart on BTC. Question, Would you guys long the chart below?
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On lower time frames we have now formed: bullish pennant inverse head and shoulders possible fib continuation pattern possible double bottom possible ascending triangle however as @abfish showed.. there the possible fractual top i plan on spot buying some in here
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I did not know the tab button auto completes the comment. The comment above was pulled directly out of chat. IF BTC fails to find support within the green zone, the fractal top holds true, and we will likely head back to test the local bottom. I hope the chat below better describes my current position analysis.