The above chart (prices as per Bitfinex) shows:
- Bullish continuation pattern: the upside break of the sideways channel signals continuation of the rally from the low of $9,280 seen over the weekend. Further, the upside break is backed by an uptick in volumes. So, BTC could extend the rally to $11,000, according to measured height method.
- The relative strength index (RSI) shows overbought conditions, thus BTC may consolidate over the next couple of hours before extending the rally.
- Bullish continuation pattern: the upside break of the sideways channel signals continuation of the rally from the low of $9,280 seen over the weekend. Further, the upside break is backed by an uptick in volumes. So, BTC could extend the rally to $11,000, according to measured height method.
- The relative strength index (RSI) shows overbought conditions, thus BTC may consolidate over the next couple of hours before extending the rally.
- The daily chart shows BTC could be creating a bullish reversal pattern known as an inverse head-and-shoulders.
- The neckline resistance of the inverse head-and-shoulders pattern is seen at $11,704. Meanwhile, the descending trendline (drawn from the Dec. 17 high and Jan. 6 high) resistance is located around $11,930 today and is seen sloping downwards to $11,650 by the weekend.
- A daily close (as per UTC) above the trendline would signal a long-term bullish reversal.
- A convincing move above the trendline resistance would push the weekly RSI above the key resistance of 53.00, signaling a long-term bullish trend revival.
- The neckline resistance of the inverse head-and-shoulders pattern is seen at $11,704. Meanwhile, the descending trendline (drawn from the Dec. 17 high and Jan. 6 high) resistance is located around $11,930 today and is seen sloping downwards to $11,650 by the weekend.
- A daily close (as per UTC) above the trendline would signal a long-term bullish reversal.
- A convincing move above the trendline resistance would push the weekly RSI above the key resistance of 53.00, signaling a long-term bullish trend revival.
View:
Bitcoin looks set to test $11,000 today and could extend gains to $11,385 (weekly 10-MA). A violation there would shift attention to key resistance levels: the inverse head-and-shoulders neckline and the descending trendline.
A daily close above the descending trendline would allow for a stronger rally to $17,400 (inverse head and shoulders breakout target as per the measured height method).
Bearish scenario: Rejection at the weekly 10-MA, followed by a quick drop below $9,280 (Feb. 25 low) would add credence to the bearish weekly RSI and trigger a sell-off to $8,000-$7,800.
Bitcoin looks set to test $11,000 today and could extend gains to $11,385 (weekly 10-MA). A violation there would shift attention to key resistance levels: the inverse head-and-shoulders neckline and the descending trendline.
A daily close above the descending trendline would allow for a stronger rally to $17,400 (inverse head and shoulders breakout target as per the measured height method).
Bearish scenario: Rejection at the weekly 10-MA, followed by a quick drop below $9,280 (Feb. 25 low) would add credence to the bearish weekly RSI and trigger a sell-off to $8,000-$7,800.
BQX (Binance)
Buy price: 0.000360-0.000380
Take-profit: +20%
MA and MACD confirms the upward movement on the 1D chart. Strong buy!
Buy price: 0.000360-0.000380
Take-profit: +20%
MA and MACD confirms the upward movement on the 1D chart. Strong buy!
#SC
buy : 185 - 193
Sell midterm : 210-230 - 250 - 270 - 295
Sell longterm : 350 - 400 - 450 - 500 - 550 - 600 - 700 - 800 - 950
buy : 185 - 193
Sell midterm : 210-230 - 250 - 270 - 295
Sell longterm : 350 - 400 - 450 - 500 - 550 - 600 - 700 - 800 - 950
The descending trendline resistance and the inverse head-and-shoulders neckline are shown to converge at $11,640 by Saturday.
A high volume break (UTC lose) above $11,640 would signal long-term bull market revival and could open up towards $17,000-$17,400.
A high volume break (UTC lose) above $11,640 would signal long-term bull market revival and could open up towards $17,000-$17,400.
Bearish scenario I: BTC drops below $9,280
BTC could drop to point D ($6,659), as indicated by the bat pattern (harmonic pattern), if yesterday's inverted bearish hammer candle on the downward sloping 50-day moving average is followed by a break below $9,324.75 (Feb. 25 low), today or in the next few days.
As per rules, the leg BC could go as high as $11,502 - 88.6 percent Fibonacci retracement of leg AB. Only a move above $11,502 would invalidate the bat pattern.
Note that point D is a "bullish reversal" according to bat pattern rules, meaning BTC will likely witness a sharp rebound from $6,659.
BTC could drop to point D ($6,659), as indicated by the bat pattern (harmonic pattern), if yesterday's inverted bearish hammer candle on the downward sloping 50-day moving average is followed by a break below $9,324.75 (Feb. 25 low), today or in the next few days.
As per rules, the leg BC could go as high as $11,502 - 88.6 percent Fibonacci retracement of leg AB. Only a move above $11,502 would invalidate the bat pattern.
Note that point D is a "bullish reversal" according to bat pattern rules, meaning BTC will likely witness a sharp rebound from $6,659.
Bearish scenario II
Another possibility is that BTC moves above $11,502, but faces rejection at the confluence of inverse head-and-shoulders neckline resistance and descending trendline resistance
Failure to take out the confluence of resistance at $11,640, followed by a quick drop below $9280.4, could yield a sell-off to $6,000 (February low).
Another possibility is that BTC moves above $11,502, but faces rejection at the confluence of inverse head-and-shoulders neckline resistance and descending trendline resistance
Failure to take out the confluence of resistance at $11,640, followed by a quick drop below $9280.4, could yield a sell-off to $6,000 (February low).