Pattern: Channel Down on 1W. Signal: Bearish since the price is near the pattern's Lower High. Target: TP1 11215, TP2 11050. *Note: The same pattern took place in 2015/ 2016. After the 5th wave on the Lower High the index pulled back to its 0.5 Fibonacci and then broke the Channel upwards.
Here I have put together the time-line of the Brexit related events and how those affected the price of GBPUSD. GBPUSD was rebounding on its 7 year support zone when the Brexit vote took place, causing a lash crach on the pair. The pair's strong bullish technical inclination (mixed with hopes of no Brexit) made it rebound again following the vote. It reached...
Pattern: 4H Channel Down. Signal: Bearish as long as 26000 is intact. Target: 25055 (1D Support).
Pattern: Bullish Megaphone. Signal: Bullish on the support. Target: 8.8700 (Resistance on the high volatility level).
Pattern: Channel Down on 4H. Signal: Bearish if the dashed line within the Channel Down breaks. Target: 22.5350 (expected Lower Low).
Pattern: Extended Bullish Megaphone on 1D that is posting a repetitive High Low candle sequence after each Channel Up. Signal: Bullish but with a lower entry either at 56.00 or 54.50. Long term bullish break-out if the green line breaks (60.00 - 61.00). Target: 60.50.
Although the Fibonacci Channel says it is, since the price is currently on the support, Bitcoin's historic price action shows that the parabolic curve will continue to dictate the direction, until it breaks (either way) or becomes asymptotic. We can't yet confirm those scenarios. What we can confirm is the behavior before each Halving. Halvings tend to initiate...
Pattern and Signal: Cup formation turning bullish imitating the pattern before it. Target: 0.107600, inside the 0.618 Fibonacci extension and the previous High.
Pattern: 1D Channel Up. Signal: Bullish as the Higher High has been crossed. Target: 0.127265.
Pattern and Signal: Bullish as the price broke the 1D Resistance of the consolidation pattern. Target: The next two Resistance, 0.00000158 and 0.00000186 in extension.
Quick observation. Whenever the two cryptos diverge in market structure, the price action tends to follow Ethereum. Since Ethereum is now on a descending channel we can assume it will break lower. Bitcoin should respectively follow lower. The pull back on Bitcoin is expected to be around -4% while on Ethereum -8%.
Pattern and Signal: Bearish after the price was rejected on the 1D Resistance. Target: 1.35000.
Pattern: 1W Channel Up. Signal: Bullish after the pattern tested twice its Higher Low. Target: 1.36700.
Pattern and Signal: The 1D Rising Channel is testing the 1W Resistance Zone. Bearish signal. Target: 6915 (the 1D Support).
Pattern: Break-out from the 1D Resistance. Signal: Bullish. Target: 0.11500.
BTC's last bull market can be adequately broken down using the Fibonacci Channel as a Phase Marker. During 2015 the 0 - 0.236 Fibonacci band was used as a Support. Similarly in 2016 the 0.236 - 0.5 was the Transition Phase from the Bottom to the start of the new Bull Market, leading to then Bullish Band (0.5 - 0.786). As Bitcoin's historic price action has...
Pattern: Channel Up on 1D. Signal: Bullish after making a Higher Low. Target: 1.3300.
Pattern: Channel Down on 1D. Signal: Bullish after a Lower Low was priced last week. Target: TP1 1.12900, TP2 1.13700.