Two Patterns, One Coin: Is Bitcoin Currently Bearish Or Bullish?
Bitcoin price is down from fresh all-time highs set this week ahead of the Coinbase Global Nasdaq public rollout, but there are still no signs of the bull run ending. A powerfully bullish pattern, however, has began to shapeshift and is in the midst of transforming into a bearish pattern instead. The fight between bears […]
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In this episode of NewsBTC’s daily technical analysis videos, we examine two bear market corrective patterns in Bitcoin price according to Elliott Wave Theory. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): September 14, 2022 After yesterday’s CPI report, Bitcoin is once again on the ropes. At this point, we need to consider the potential of another downside move if support fails. In yesterday’s video, it was mentioned we would be reviewing two potential corrective patterns according to Elliott Wave Theory to provide a bullish and bearish scenario. Related....
Bitcoin recently gave a bearish signal, which ultimately failed to produce a meaningful pullback. Due to the technical failure, historical data suggests that in only a matter of a month BTCUSD could set a new all-time high and reach a target of $85K per coin. Here’s why. Why Failed Bearish Technicals Produce Bullish Breakouts In technical analysis, certain patterns are considered characteristically bearish or bullish. For example, the ascending triangle is a typically bullish-leaning pattern, but only breaks upward 63% of the time. The other 37%, the pattern breaks down bearish. Because of....
Bitcoin price continued sideways today in low volume trade that is looking more and more likely to turn to decline. Two wave counts reflect the ambiguity of the current juncture of price. At the present high inside the rising channel (dotted grey lines), the B-C-D count (black labels) has reached a corrective high from where we’d expect to see decline to at least $370 – the level of the base of the previous corrective advance. An alternate wave count (red labels) is bullish and would see price accelerate to the upside in a rally toward $500. Today’s 15-minute and 1-hour charts (not shown)....
Trading crypto in the bear market is one of the most difficult times for most traders, including advanced traders, but as the saying goes, the bear market produces the best traders, and millionaires are born. Trading without the proper skills and implementing your strategy (Bullish chart patterns) is akin to exposing yourself to risk, which could cost you your life, but in this case, your trading portfolio. Having the right mindset, patience, and trading strategies like chart patterns, indicators, and market structures gives you an advantage over large investors and institutions. Most....
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