Bitcoin Update - Triangle Broken As Predicted, Fakeout?

in #bitcoin • 7 years ago

Triangle Prediction = Correct!

The triangle pattern I have been following here and here has now been broken as predicted. (Lucky me!)

image.png

https://www.tradingview.com/x/tU6Qrqbg/
4 Hour Chart

There is still the possibility that it could be a fakeout, but it is looking promising right now because:

  • The RSI is fairly strong, at just above 50, and
  • The MACD is bullish and could be heading above the signal line.

Zooming Out

If I zoom back out, there are still 2 key things:

  1. There is an area of resistance at about $11637 that needs to broken,
  2. The longer-term downtrend line is also still in play.

image.png

https://www.tradingview.com/x/8XXHAsV1/
4 Hour Chart

Longer Term

image.png

https://www.tradingview.com/x/Nl4pU9St/
Daily Chart

Things still look a little weak on the Daily chart, with the RSI below 50, but the MACD here looks to be turning back in favor of the bulls. If the RSI strengthens, and the MACD does do that, then we could be seeing the end of the correction coming. (Although it's taking a little longer than I expected).

Summary

Fresh FUD or bad news could always change things, but with the shorter term looking positive, and the longer term hopefully not far behind, things are looking pretty good for BTC right now.

Any thoughts on where we're heading next? Leave me a message below!

Thanks for viewing!

For more technical analysis and crypto related posts, see also: @toofasteddie, @gazur, @ew-and-patterns, @pawsdog, @cryptomagic, @exxodus, @beiker, @allthereisislove, @lordoftruth, @masterthematrix, @cryptoheads, @tombort, @maarnio, @steemaze & @briggsy

Not intended as investment, financial, or trading advice.

#money #blockchain #cryptocurrency #busy
7 years ago in #bitcoin by
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     7 years ago  

    Let's go bulls.. :) Thanks for sharing. I'm just starting to learn how to read charts, and this is very helpful.

    [-]
     7 years ago  

    No problem @haydohspitz! Glad to be of help :-)

    I'll be doing a chart reading course on my other account at some point hopefully. (@cryptocanuck.com)

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       7 years ago  

      Good breakdown of the chart with images. Thanks!

      [-]
       7 years ago  

      I concur: https://steemit.com/cryptocurrency/@wekkel/bitcoin-ready-to-jump

      With a little luck, this is the moment that Bitcoin price makes it move back to the green zone.

      [-]
       7 years ago  

      Good to know we're seeing the same things. Thank you for dropping by @wekkel!