BTC is still forming a bull flag, but this could be insufficient to cancel the daily bearish countdown. If the countdown has to complete first, this means a bearish target of at least: - $7.993 on Coinbase - $7.470 on Bitstamp
There is a countdown shift between the 2 platforms so it is actually quite difficult to predict a target. I would favor the coinbase target as it coincides better with the 0.764 Fib retracement...
Targets are not a guarantee! Countdown can be cancelled by these 2 conditions: - A new Sell setup (After a bullish TD Price Flip, there must be nine consecutive closes, each one greater than the corresponding close four bars earlier) - A candle low completed above TDST Resistance @10.379USD
On the 12H chart, we had 2 nice potential Buy points indicated by S13 and S21. Here also the main bearish sequential countdown has not been canceled so we could reach the next S34 exhaustion point.
Nice work :) I think that it is unlikely for BTC to fall below the 1D 200MA and the W 21EMA for now.
I reckon that there is a slight chance of BTC at around $8750-$8800 with a quick bounce. This pattern does seem more bullish than not.
But we have all seen crazier things happen, so maybe a breakdown is still possible too.
MATHR3E
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Thanks for your constructive comment @olleyg123,
The Weekly chart actually shows a continuation of the bullish move towards at least USD 10.822 to complete the countdown initiated by the first setup of April 2019.
A second setup completed in June also indicates a likely continuation of the bullish move.
(Note how bullish countdowns have not been invalidated by last week move and also marked a bar 12/13.)
We have indeed opposite signal between weekly and daily, the weekly timeframe should prevail on the other but for the moment we have just marked a lower high... so everything is possible.
If the bullish countdown ends first, it could force the price to consolidate under $ 11,000 a while before a sharper upward breach...
Best!
olleyy
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@MATHR3E, No worries :)
Yeah, that is very true, thanks for pointing that out, it is very helpful. Yeah exactly, the D and Weekly show different scenarios, that is higher time frames take precedent.
I agree.
Do you think BTC has broken its bullish consolidation yet by the way?
Cheers!
MATHR3E
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@olleyg123,
The consolidation pattern is unclear to me.
This could rather be a descending triangle...
Still consolidating without clear breakout at the moment
Best!
olleyy
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@MATHR3E, Yeah it could be... I am more inclined to think it is rather a flag, due to the lower highs and higher lows :)
I reckon that there is a slight chance of BTC at around $8750-$8800 with a quick bounce. This pattern does seem more bullish than not.
But we have all seen crazier things happen, so maybe a breakdown is still possible too.