Bitcoin Analysis: Week of Aug 17 (Intro to Patterns)
In last week’s post we concluded with the following statement: Now that the price has reached our support target of US$500-530 zone where do we stand now? Lets take a look at the weekly chart. “The odds, however, favor more downside back to the base of the triangle at US$560 and breaking below that should take us down into the US$500-530 zone where the Fibonacci’s will have a chance to create a healthy reversal.” The comment on the 61.8% Fibonacci retracement has been changed to indicate we have reached this critical support point. An additional trend line has been added that uses the....
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Bitcoin continued to decline from the $240s earlier this week, hitting a floor at around $220. The price is currently retesting new levels between $220 and $230, but that seems to be a losing battle with the price still trending downwards. Volume has also been quite low this week, reaching slightly over $15 million for today’s 24 hour trading volume. This is a continuation of last week’s trading patterns. Devaluation was only slight this week, with only a 5.7% decrease in price over the last seven days. If current patterns continue with sideways movement followed by decreasing price, we....
In last weeks post we concluded with the following statement: Today we will see if we need to re-evaluate this view going into next week. First let’s take a look at the latest weekly chat: Our charts are conflicting; the shorter daily chart is implying continued bearish pressure, as the bullish trend line was broken this week. The longer-term weakly chart on the other hand is not suggesting anyone should panic just yet. Watch for a pull back to the US$500 to US$530 zone while still keeping your eye on the target of US$750. Once one of these zones is approached we would look to re-evaluate....
In last weeks post we concluded with the following statement: Friday Aug 1st started out as an impressive day yet sold off near the end. As a trader of the Fiat Financial Markets it would have been reasonable to pull the trigger and try and take advantage of the upward momentum, but keep in mind, the medium term trend is still down and the trader should have realized within a few days that the breakout back to US$625 is not imminent. Let us now take a look at the long-term view and see where we stand. Friday’s close will help guide us whether we can once again approach the 50% Fibonacci....
Bitcoin’s technical analysis is setting up the stage for an explosive move above $150,000. The cryptocurrency’s current price action is flashing various patterns on the price charts, most of them bullish. Furthermore, these patterns are playing out across multiple timeframes, giving analysts different angles to examine in terms of the cryptocurrency’s future outlook. According to […]
In this episode of NewsBTC’s all-new daily technical analysis videos, we are looking at the total crypto market cap using Elliott Wave Theory. Specifically, this episode looks at where the current corrective phase may be along with where the cryptocurrency market is in its overall bull cycle. Take a look at the video below. VIDEO: Total Crypto Market Cap Analysis (TOTAL): August 24, 2022 Looking at the total cryptocurrency weekly chart, we examine the different types of corrections the crypto market might be in according to common Elliott Wave corrective patterns. Elliott Wave Theory....