BitcoinLargo
Bitcoin mid term analysts | Bear leg is almost completed
The Channel:
After hitting the highest price (more than 13K) the price action of leading cryptocurrency is moving within a down channel since 27 Jun 2019 and now it is again closer to the support of channel and likely will have bullish bounce from this support.
Oscillators and Moving averages:
The 100 simple moving average has formed a death cross with 200 SMA which can lead the price action more down upto the support of channel.
Relative Strength Index is entered in oversold zone moreover the moving average convergence divergence (MACD) has given weak bearish signals before that it was strong bearish and if we see the history of this channel then whenever the pricline moves closer to the support and MACD turnes weak bearish from strong bearish the price action takes bullish divergence and hits the resistance of channel.
The harmonic move:
Since 23 Oct the price action started the formation of bullish Crab pattern and now the last leg is being completed lets have a look at this pattern:
After initial (X to A) leg the A to B leg is retraced between 0.382 to 0.618 Fibonacci as required for A to B leg of Crab then B to C leg is projected between 0.382 to 0.886 and this is the projection of A to B leg now the final leg should be retraced between 1.27 upto 1.618 Fibonacci then a perfect bullish Crab will be formed and we will be in potential reversal zone of this pattern so we can target for sell the area between 0.382 to 0.786 Fibonacci projection of A to D leg but if the pricline crosses up the 0.786 Fibonacci then it can be more bullish.
So the buying and sell ranges ideally should be:
Buy between: 6468.31 to 5403.90
Sell between: 7277.21 to 9291.53
Regards,
Atif Akbar (moon333)
After hitting the highest price (more than 13K) the price action of leading cryptocurrency is moving within a down channel since 27 Jun 2019 and now it is again closer to the support of channel and likely will have bullish bounce from this support.
Oscillators and Moving averages:
The 100 simple moving average has formed a death cross with 200 SMA which can lead the price action more down upto the support of channel.
Relative Strength Index is entered in oversold zone moreover the moving average convergence divergence (MACD) has given weak bearish signals before that it was strong bearish and if we see the history of this channel then whenever the pricline moves closer to the support and MACD turnes weak bearish from strong bearish the price action takes bullish divergence and hits the resistance of channel.
The harmonic move:
Since 23 Oct the price action started the formation of bullish Crab pattern and now the last leg is being completed lets have a look at this pattern:
After initial (X to A) leg the A to B leg is retraced between 0.382 to 0.618 Fibonacci as required for A to B leg of Crab then B to C leg is projected between 0.382 to 0.886 and this is the projection of A to B leg now the final leg should be retraced between 1.27 upto 1.618 Fibonacci then a perfect bullish Crab will be formed and we will be in potential reversal zone of this pattern so we can target for sell the area between 0.382 to 0.786 Fibonacci projection of A to D leg but if the pricline crosses up the 0.786 Fibonacci then it can be more bullish.
So the buying and sell ranges ideally should be:
Buy between: 6468.31 to 5403.90
Sell between: 7277.21 to 9291.53
Regards,
Atif Akbar (moon333)
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