Hi Guys i wanted to share my take on the BTC charts.Please feel free to comment.Thank You.
Lets start with the latest Daily triangular pattern targets.We have met the 0.786 % down target at 3200.This is precisely where the 200 SMA weekly is sitting.
This seems to be holding very strongly where the bulls and bears are having a tough battle.
My take on this is between now and the end of Feb 2019 the bears will ultimately meet the 100 % down target of the triangular pattern at 2335.
We then zoom into the 4H chart and find that there is a Descending pattern and within the wedge there is also a triangular pattern broken.The down target of the triangular pattern is 2895 which has not been met yet but there seems to be a small break of the wedge pattern.If the wedge pattern is true then there would be a strong intermediate break to meet the 261.8 up target of 4861.The reason i say this is that there is a strongest resistance of a the bigger bullish descending wedge forming where it would be rejected to then come down and meet the 100 % down target of 2335 target.This should complete the huge descending wedge by the end of Feb 2019 and a break out of this huge Bullisg descending wedge would finally end our bear market with a very powerful breakout into a Bull market.
This a the bigger picture of the daily and i have also placed the weekly chart showing where the descending triangle ends at the end of Feb. 2019
Cheers
Rgill
Lets start with the latest Daily triangular pattern targets.We have met the 0.786 % down target at 3200.This is precisely where the 200 SMA weekly is sitting.
This seems to be holding very strongly where the bulls and bears are having a tough battle.
My take on this is between now and the end of Feb 2019 the bears will ultimately meet the 100 % down target of the triangular pattern at 2335.
We then zoom into the 4H chart and find that there is a Descending pattern and within the wedge there is also a triangular pattern broken.The down target of the triangular pattern is 2895 which has not been met yet but there seems to be a small break of the wedge pattern.If the wedge pattern is true then there would be a strong intermediate break to meet the 261.8 up target of 4861.The reason i say this is that there is a strongest resistance of a the bigger bullish descending wedge forming where it would be rejected to then come down and meet the 100 % down target of 2335 target.This should complete the huge descending wedge by the end of Feb 2019 and a break out of this huge Bullisg descending wedge would finally end our bear market with a very powerful breakout into a Bull market.
This a the bigger picture of the daily and i have also placed the weekly chart showing where the descending triangle ends at the end of Feb. 2019
Cheers
Rgill