Bitcoin is the analysis of the Crypto-League – After the preparation of this analysis, we observed a prijsdump of a single Bitcoin from a few hundred dollars. See below for a response to this in the update at the bottom of this article.
Contents
Bitcoin (BTC) analysis
After the last big dip on september 24, Bitcoin (BTC) is an Ascending Broadening Wedge formation is forming. There is a probability of 81% that this is a pattern that will continue.
After the test of resistance at $8.858 is a single Bitcoin has fallen to $7.700, where we will have a nice bounce and saw it for $8.386.
In the last 24 hours of Bitcoin has dropped to $8,000 and is currently at the very heart of this support is to be maintained. We are now in a Head-and-Shoulder formation which is a bearish prospect of the shows.
A lot of analysts focus therefore is currently on a death cross. All of these factors combine to increase the likelihood of a bearish continuation of course.
But… on the other hand, we also have higher lows and higher highs seen following the dip of the 24th of september. In a bullish scenario, so it is possible.
In our previous analysis, we explained that the Four-Wave Theory (4WT) let us show that it is the bottom for BTC, after the first wave of a new bull market is always to 1.85 times higher than that of the bottom of the last bullmarket.
The bottom of the last bear market in 2018, were $3.130. This means that there is a real risk that Bitcoin will go down to $5.790, which is an important price level from the last bear market.
It is technically a re-test of this level is, therefore, plausible. It may have been a re-test is necessary before the next bullish move, which takes us back above the 200 Daily MA and it is $9,000 each level brings with it.
So…What’s going to happen?
While there is clearly there is a case of bearish pattern on the chart, and the purple is the fibonacci circle is currently appears to be too strong, the daily RSI is in a trend reversal from bearish to bullish.
Since the last drop, the RSI of an Ascending Triangle is forming (red lines), which is a strong bullish pattern, indicating.
Bullish or bearish?
The chances of a bullish breakout are growing. The neckline of the Head-and-Shoulder formation is at $7.830, the base of the Ascending Broadening Wedge is located at $7.700.
If BTC here is one of them, then it is no more than $7.100 (a strong support line, where we have a bounce and that bounce can be expected. With a price of less than $7.100, is $5.800 for the next step.
This means that the probability of a bullish scenario continues to grow, as long as the price is above the $7.700 continue. When Bitcoin is up, it starts to move to the major fibonacci circle ($8.350), then it is no more than $9,000 each key stage.
Wait, the 50 and 200 Daily MA and the resistance of the Ascending Broadening Wedge formation.
Update, 19:00 – dump the price of BTC
This update was added on after the price of BTC is a dive made at the time.
The most important fibonacci ratios of circle was too strong. Now the Bitcoin is less than $7.700, it will apply to three targets, as a possible bottom for the first wave.
The $7.100 area of 61 fibonacci and the bottom of the H&S pattern is in the $6,500 to the area (previous resistance during the bear market) and, finally, the $5.800 zone. This is the key support level of the last bear market.
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