BTC MAGICAL TRENDLINE ACTION

Black dotted lines are support and resistance levels

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Checking corresponding wave pattern

Commento:

I see a potential CUP formation in the nearest future on BTC

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IHS in the making

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First support under test, 6850$

Watching the price action on daily chart looking really good, this might be the turning turning point.

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Confluence of support around 6700-6800 zone.

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Finally, BTC was hit with bombshell of ETF decision date been shifted and the whole market go crazy, which broke down 6850 with full force and broke the last standing 6800 level.

Now we have a new scenario in play as next support level lies between 6300-6100.

We may have possible re-test on the previous level at 6800 before further drop.

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A corrective cycle seems to be completed.

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Weekly possibilities........... if weekly candle closes above 6345$ means price bounce of 78.6% fibonanci retracement of the last uptrend move (5754$-8515$).

Commento:

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Monthly view again, BTC got supports guys fully converged.

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Two weeks view show a formation of MORNING STAR on a strong TRENDLINE SUPPORT.

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Support to watch for on weekly
6125
6055
5816
5995

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Possible wave pattern:

This wave will be voided if BTC make new low: i.e if price closes below $5755

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On 1hr timeframe potential breakout is looming, price trading in a triangle

Commento:

Broke up next target is 6700/6800

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We may have this pattern if price manage to close above 6800$

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Thanks

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BTC is pushing up gradually but we not forget the resistance ahead at 6700-6800.

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Extensive wave pattern well stated out. Immediate target still remain 6700-6800, that will end wave 3 count.

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Bearish channel formation, which at same time can be tagged as bullish flag.

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The flag broke up nicely.

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Bullish RSI divergence is making good shape right now.

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Good price action formation with great bounced, immediate target remain 6700-6800.

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Sellers condition: Price need to close below 6300$

Buyers condition Price need to close above 6635$.

Fingers crossed.

Commento:

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Sellers won this, BTC broke down.

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After breaking 6300$ down yesterday, BTC tends to continue downward with targart point situated at 5815$.

We may have possible re-test on the support at 6300$ before further drop or price may go straight down.

Note:
If for any reason price find its way back above 6300, it invalidated this down scenario, then we may have another test on 6600$.

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BTC is consolidating again, and time for next move is near either pump or dump, here are some level to guide our trading decisions.

On the Pump side we got resistance on the following level:
6305
6425
6915
7100

On the Bear side we got support from these levels:
6000
5943

Magical Trendline support start here:
5829
5768
5680
Anything below these aboved mention support means we will start a new set of support which are:
5487
5346
5265
then
4k supports.

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Hi guys the pattern break up and presently trading at the range of 6400/6500.

Next Resistance remain 6525 if this level break we will face a little fight again at 6600.

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BTC is re-testing the previous range level, this is good buy opportunity for target around 7100-7600.

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BTC is moving in BAT pattern, and Bearish Bat is forming at the moment with target around 6800-7100

Commento:

The above BAT pattern will be invalidated if price closes below 6140$

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Potential Invert Head and Shoulder fomation on BTC timeframe 4hours.

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Inverted SHS pattern formation is completed with right shoulder formed.

BTC is expected to rally up in accordance to the principle of ISHS targeting 7100$.

Stop Loss for the pattern is at 5900$.

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Inverse Head and Shoulder formation detected yesterday hit stop loss and price rally more down to test 5880 area.

Here is possible next BTC move. Its trading in a bearish channel for now.

Commento:

Considering the topic of this thread to be Magical trendline action on BTC, it happened yesterday we had the first test on the trendline at exactly 5858$ and price bounced off as expected.

Here is monthly view of the trendline

This is the weekly view of it

We also have the 3days view of the event as the trendline show it worth

Then we have the action on the daily timeframe with the trendline

We finally narrow it down to the 4hours timeframe to see how it behave on smaller timeframe.

Stay tune guys as the post will be continuously updated as the event unfold.

Thanks and please do click like button on this post as it keep me going.

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We said BTC is trading in a bearish channel which is almost at the top of the channel, two things is possible here, either for price to break it or drop back down.

Here is current BTC position

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This BTC channel show entire BTC lifecyle