Bitcoin back to 1160

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I know it sounds crazy at this moment of capitulation, but I think we'll be going back to 1160 next week. Short term we're going to hit the lowest support level at 840-870. It's the lowest red line in the chart. We haven't visited that support level since August 2nd, 2016. After we bounce back, I expect the descending tightening wedge to break up and take us to 1160. There is a strong FIB resistance at that level.

If you would like to know why I think it will break up on March 29th, please visit my other chart (it failed but the explanation still matters).

If we break down 840, we'll be going into a BEAR MARKET, so watch out!

Good luck!

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We're on our way to a double bottom, conclusion of the descending tightening wedge and then big upside to +$1000 again

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I'd recommend to SHORT now and LONG around $870. At this point we have resistance on the Gann Fan, FIB retracement level and a historic trendline that goes back to the beginning of this bull market.

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NEW TARGETS

LONG at 850
SHORT at 1140

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Zooming in:

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Could be...

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ملاحظة

Yes. Previous one was a bullish flag. Now it's about to go down!! SHORT IT!

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ملاحظة

BTC made another leg up but I don't think it will stay at those levels for too long...

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Bitcoin is trying to approach the resistance line at 1010. Bears will wake up there, bringing it at least $50 down.

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It started to go down, but I think this CUP & HANDLE setup to break the resistance is quiet likely:

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It just went down straight. No CUP & HANDLE pattern formation.

I think we might see a bit more upside, but the downtrend will continue!

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I think this is the last chance to SHORT at this level.



Likely HEAD & SHOULDERS formation as well!

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Bitcoin made one last jump to the top of the descending tightening wedge. I think the resistance is too strong there so I recommend shorting it if you haven't done it yet.

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Just like I expected. A rectangle/triple tops formation has developed. It's going down now. Short if you're holding any. See you at the bottom!

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ملاحظة

As I have stated before in my previous charts, I believe the triggering of the negotiations by the UK to leave the European Union will have a bullish effect in Bitcoin.

bloomberg.com/news/articles/2017-03-20/u-k-to-trigger-brexit-on-march-29-launching-two-years-of-talks

We managed to break the upper resistance line of the descending tightening wedge at $995. The Gann Fan resistance has become a support so we may see it coming back up. Check it out:



If it goes down, I believe the bottom is at $960, where it would hit the previous resistance line that has now mutated into resistance.

Let's see what happens.

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Bitcoin looks like it's ready to take a nice and neat dump.

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Bitcoin has broken the bullish tendency it acquired after breaking out the descending tightening wedge upper resistance (white line), and now we're reaching the pivot line:



This line is the same as the one seen in Ethereum:



Expect a major turning point tomorrow!

Remember I believe fundamentally, this is related with Brexit:

goo.gl/MCs9an

Also, resistance seems to be between $988-$999

Let's see what happens now.

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Although we didn't go lower in the descending tightening wedge as expected, we're still going to 1160, and beyond. Check out my new chart where I'll be detailing the process!

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