Are the Bulls Showing Up Today? Not likely. Bitcoin!
Welcome everyone to today's look at the hourly chart of BITCOIN! Things are still not looking all too great for the one and only Bitcoin. I foresee a possible continuation of the SMALL corrective rally that is already taking place after last night's lows. We're not going to get too in-depth here, I just want to throw out some possible targets that I see for the day, along with one of my BOLD FUTURE FORECAST PATTERNS that has yet to happen!
These are really important for me, first and foremost because they're fun to do. Secondly, they're important because if I'm correct I can say, OMG everyone come look at this! I called this like no one else. If I'm wrong, I can pretend like I never posted it and carry on with my life, so it's really a win win. With that said, this is clearly not trading advice. This is a fun somewhat educated prediction of the future.
Couple things to take a look at here. Back above my rising trendline on the RSI... this doesn't mean a whole lot to be honest, but there's definitely room for further upwards movement. Bullish crossover on the MACD. Again, on its own it doesn't mean a ton but it does lead credence to the possibility of moving up a little further today. We broke out of the symmetrical triangle to the upside and are now testing it as support. The approximate target for that pattern puts it up at the next fib level, and if we look at that pattern with a flag pole attached to it, the approx target of that would be the fib level above that around 8900.
We're trading above the 20 EMA, and moving toward the 50, with the 200 above that. I don't necessarily expect the 50 ema to be a dead stop resistance line (although it could), but I do expect that and the fib levels to curve the price back down AROUND one of the following levels..... 8548, 8738, 8900. I don't really see us going above 8900 much today, IF we were to even reach there.
BOLD FUTURE FORECAST PATTERNS - Price will curve around one of my APPROXIMATE right shoulder lines and come back down to my declining green hypothetical neckline. There's good chance we smash right through it with enough sell volume, completing a very bearish downard sloping head and shoulders. Please keep in mind that none if this has happened yet and there's no saying that it definitely will.
Now the target of this hypothetical BOLD FUTURE FORECAST PATTERN would be around $5500. I do expect to see some strong buying volume around 6k if we get back that low, so there is no saying this materializes below our February low, but going below 6k in this market right now is a real possibility. With that said I'm going to throw at three possible targets that I think we could hit bottom at.
$6000, $5490, $4900 (from my chart yesterday)
If you like my charts, predictions, entertainment I occasionally provide, etc, please like, comment, share etc.
I would to see if anyone else has any BOLD FUTURE FORECASTS! If you do, throw them in the comments!
These are really important for me, first and foremost because they're fun to do. Secondly, they're important because if I'm correct I can say, OMG everyone come look at this! I called this like no one else. If I'm wrong, I can pretend like I never posted it and carry on with my life, so it's really a win win. With that said, this is clearly not trading advice. This is a fun somewhat educated prediction of the future.
Couple things to take a look at here. Back above my rising trendline on the RSI... this doesn't mean a whole lot to be honest, but there's definitely room for further upwards movement. Bullish crossover on the MACD. Again, on its own it doesn't mean a ton but it does lead credence to the possibility of moving up a little further today. We broke out of the symmetrical triangle to the upside and are now testing it as support. The approximate target for that pattern puts it up at the next fib level, and if we look at that pattern with a flag pole attached to it, the approx target of that would be the fib level above that around 8900.
We're trading above the 20 EMA, and moving toward the 50, with the 200 above that. I don't necessarily expect the 50 ema to be a dead stop resistance line (although it could), but I do expect that and the fib levels to curve the price back down AROUND one of the following levels..... 8548, 8738, 8900. I don't really see us going above 8900 much today, IF we were to even reach there.
BOLD FUTURE FORECAST PATTERNS - Price will curve around one of my APPROXIMATE right shoulder lines and come back down to my declining green hypothetical neckline. There's good chance we smash right through it with enough sell volume, completing a very bearish downard sloping head and shoulders. Please keep in mind that none if this has happened yet and there's no saying that it definitely will.
Now the target of this hypothetical BOLD FUTURE FORECAST PATTERN would be around $5500. I do expect to see some strong buying volume around 6k if we get back that low, so there is no saying this materializes below our February low, but going below 6k in this market right now is a real possibility. With that said I'm going to throw at three possible targets that I think we could hit bottom at.
$6000, $5490, $4900 (from my chart yesterday)
If you like my charts, predictions, entertainment I occasionally provide, etc, please like, comment, share etc.
I would to see if anyone else has any BOLD FUTURE FORECASTS! If you do, throw them in the comments!
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