A few days have gone since I have posted about BITCOIN and , to tell you the truth, I felt like it did not deserve to do so till now.
Market is in “consolidation” mode, trying to decide which way to take now and the volume has kept constant since almost 5 days ago, stuck around 6.5 b$ which is not bad since it was 5b$ just a week ago…
As expected, BITCOIN has been dancing and still is doing so just below the upper line of the falling wedge.
It is true that 5 days ago I expected a continuation of the rise upwards since, in my opinion, there is one wave up pending but, it is taking so long and, despite it is still in my plan, since what I see right now is a long “Bull” flag, it is worth to say that, situations like this one we have recently lived in the near past. The last one happened around January the 9th, on which there was a similar pattern going on…
…On January the 10th, the supposed “Bull” flag triggered exactly the contrary (see “B” point in the chart above) and many have called that pattern the “BART” pattern since it looks like the head and hair of our beloved character from Simpson’s Cartoon…
However, no one knows what is going to happen next… but I see mainly the two following options:
- Upwards Breakage of the Wedge on “D”, at the end of the Bull flag , which is now…
This option would find some resistance at 3800 USD (Exit Point)
- Bart Pattern pushing down towards “E” in our long Falling Wedge
This option would mark a triple Bottom at 3345 USD and so, a good point for rebounding…
Whatever will happen, I’m still thinking that RSI on the Daily Chart but also on the 4h chart is showing an interesting Bullish Divergence so, I really doubt that BITCOIN and so the market will fall further that the already touched year lows (remember 3340 $)
Enjoy.
@toofasteddie
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