Bitcoin Technical Setup Shows Short-Term Pullback May Fuel Long-Term Upside
Bitcoin’s recent price action suggests a healthy pullback may be underway, setting the stage for renewed upside momentum. While short-term correction toward key support levels appears likely, the broader technical outlook still points to strength and potential continuation toward higher targets once consolidation completes. Bitcoin Enters The Expected Pullback Phase BeLaunch, in a recent BTC daily update shared on X, noted that Bitcoin’s price movement continues to unfold exactly as anticipated. The market appears to have transitioned into the expected pullback phase, signaling a temporary....
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Ethereum is, imho, the play of the day. We have finally gotten a likely close on the long-term daily chart on the sunny side of the 3rd arc. This is not trivial. This development is supported by several other geometric considerations of the chart. For instance, here is a short-term bear setup from the recent swing high: As you can see, we have a significant green candle that occurred EXACTLY at 3rd arc support, and exactly at the end of the 2nd square. There is more. Here is a long-term bear setup of the same chart: This long-term bear setup, most amazingly, ALSO shows a bounce off 3rd arc....
Bitcoin price could draw support from the short-term rising trend line connecting the recent lows of price action before resuming its climb. Applying the Fibonacci retracement levels on the latest swing low and high shows that the 38.2% level is close to the trend line around the $413 area. A larger pullback could last until the 50% Fib at $410 or the 61.8% Fib at $405. The 100 SMA lines up with the rising trend line and this might add to its strength as a potential support zone. In addition, this short-term MA is above the longer-term 200 SMA, confirming that the path of least resistance....
Bitcoin price might be in for a pullback opportunity to these inflection points before resuming its climb. Bitcoin Price Key Highlights. Bitcoin price recently made a strong rally and zooming in to the 1-hour chart shows potential correction levels. A bullish flag pattern can be seen on the longer-term time frames but it looks like buyers would need to wait for a pullback. Technical indicators are showing mixed signals at the moment, which suggests a possible short-term retracement on the ongoing uptrend. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA on the....
In the past few days, we have focused on the long term chart of Bitcoin. We have a reasonable degree of confidence that the long-term trend remains up, so we want to keep an eye out for opportunities to go long, rather than short. From today we will look at the daily chart to get a sense of what might happen in the “trade-able” future. Below is a daily chart, with a bull setup that is rather compelling. Note that the setup is centered upon the low of 8/2015 and the high of 11/2015. This is a relatively long time-frame for a daily chart setup. Indeed, it seems too long. But the setup seems....
Bitcoin managed to touch the 5th arc pair of resistance on the 2-hour chart setup. This generated a sell signal. Since then it managed to re-test the arc and was rejected. The long-term trend is still up. But the short-term trend is likely going to be down. Looking at this bull setup, a reasonable target is the 1×2 Gann angle at ~ 940. Let’s look at a bear setup from the swing high of $1050 (Kraken): I have overlaid the bear setup on top of the bull setup and have labelled the intersection of the 5th arc pair of each setup. There are arrows at each point that stand out as likely targets in....