Losing the annotated level as support to now, new resistance, is bearish
Fan Principle. Buy breaking of the 3rd trendline. My entry personally, also includes breakout of 20EMA on daily and buying the retest of it.
Bitcoin swing trade idea. Description in image
Here is the second post relating to my fractal comparison with 2014. Examine the similarity in behavior. Please refer to explanation on prior post and image itself.
I am a fractal fanatic. Fractals are a double edged sword. An equity will act similarly in similar situations due to human psych repetitive behavior but, not the exact same. It should merely be used as a guide/hypothesis not literally. Here we see after Bitcoin peaked towards the end of November 2013, price retraced roughly 75% touching the perceived bottom...
Fractal I have been eyeing. Don't make trades based on fractals but trends do repeat/look similar. Something to be aware of.
Fan Principle. Breaking of third trendline often sign of major trend reversal. In this scenario, breaking of the third is a buy signal. Ideally, filter using daily close above to ensure risk minimizing against false breakout.
Bitcoin has not broken below the 40 RSI since August 17,2015 thus, making it a very strong support. Convincing breach of this could indicate a decent amount to go
Hidden bullish divergence on RSI pushes us up to next Fib level of 0.786 (~$10400). Then what? Fractal complete?
12 hr $BTC. Yellow symmetrical triangle, likely will result in continuation of downward trend 1. interesting, current consolidation right at 0.618 Fib 2. next Fib 0.786 (~$8600) 3. Gray box - prior resistance, may become support ($8300-7800) 4. Classically wave 4, elliott wave is most complex, i had 2 separate counts. may do separate post for them 0.786 range...