Bitcoin Analysis & its major patterns

Today Morning price has broken the all-time rising wedge. The chart above shows the rising wedge with its impulsive break, together with the contained patterns bitcoin has been trading in in the last year. Patterns were drawn with their targets and measurements accordingly without a break of common rules.

Trade safe and good luck!

أغلقت الصفقة: تم الوصول للهدف:

first target has reached nicely, and a new short position was opened today
Opened at: 50.000
Stop loss: 52.000
take profit: 47.000

easy whole numbers :)

تم إغلاق الصفقة يدويًا:

trade closed and another long trade initiated to also catch the pullback retracement and benefit it from it over the weekend. :) since its the only instrument available to trade lol :)

أغلقت الصفقة: تم الوصول للهدف:

As expected bitcoin retraced perfectly to where anticipated. The next big move is about to happen to the downside. Although many guys are really convinced and swear on bitcoin bullishness after the bull move it did to retest the broken support. Bitcoin is trapping many with this move to gain sufficient liquidity and enough power to break the supports down. and that has been accomplished today. Look for the next move with a target of around 52000.

I bet bitcoin will reach somehow to 18000 eventually.

تعليق:

I indicated on chart the final target where you can expect a trend reversal. This what is happening so far. Price touched there and reversed. HOWEVER, Looking at price action at the moment, it's more likely that bitcoin will continue the rally down rather than reversing yet. I believe that the max bitcoin is to retrace is 41500. that is a confluence of the 61.8% fib and the upper resistance of the descending channel as well as by reaching there, it will complete the 4 hour symmetrical triangle. breaking the triangle or channel to the upside means that bitcoin has reversed up, otherwise expect a continuation to the downside.
plus my indicator only prints purple sell or lime buy when the probability is higher than 75% :)

تم فتح الصفقة:

Another sell opportunity