Bitcoin is in a bearish pattern, although, that's what it looks like. It crosses the 61,8% in the fib-tool (using Bitfinex)and in using the fib-spiral it looks like this will be confirmed a bearish pattern. There is a S-H-S formed with a declining line. As part of this S-H-S is the retracement ABC pattern which is formed during the S-H-S. So all signs look like a short term bearish pattern indeed. As bitcoin is pretty unreliable there could be support formed around the 11K level. This support could be formed when bitcoin breaks through the green Ichimuko cloud. We'll see how it turns out. This is NO sell advise or buy advise either. Enjoy trading!
If we break the resistance off the wedge or triangle, my whole TA becomes worthless. Be aware, I am a human being :-)
BitViewEU
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Hello and good morning. We've been going through some exiting prices last days and how unpredictable some aspects can be is proved. Anyway, as I showed in my last graph the possibility of the forming of a wedge or triangle, that's happening. Funny thing is that point A in tradingview is a green wick and in tradingview on Bitfinex its a red wick or pinbar. That can make a difference. If we take it as a green one, this is the graph: If we use it as a red one, this is the graph:
For short term I am bearish, long term I am bullish!
BitViewEU
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Some follow-up comments on my graph. Stoch-RSI is moving downwards. See the yellow circle. I also drawn a triangle in white in case the ABC-correction would move into a triangle. Hard to say but also triangle showed a possible downtrend on the short term. On short-term its a bearish-trend.
BitViewEU
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Hi There. I made a little mistake. The 61,8% Fib-level is not passed when using Bitfinex. My apologies. That's at $11132, so be aware. Good luck!