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13th May 2022

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Daily bitcoin chart

How Bitcoin matures, the chart structure becomes more readable over time. We can see how a conventional moving average indicator perfectly supports price. I added a 55 day moving average (Fibonacci number) (green) that held the price at least three times this year in bullish mode that started last October when the price crossed that upper limit.

Another popular indicator, RSI, perfectly recognized the bearish divergence and pushed the price down over the past month. After that, it moved back above the crucial 50 level, which supported the current upward move.

I see possible AB / CD segments in the table (blue labels). The BC Consolidation was huge and complicated, but it might be over now. If the CD segment moves the same distance as the AB segment, the price of Bitcoin could hit the new all-time high of $ 80,000. The projection of the resistance of the black trendline confirms this ambitious goal and we know how strong the trends are.

In the lower timeframe, the price will consolidate after the upward move as it has already reached the Fibonacci retracement level of 38.2%. The 50% and 61.8% levels are lower at 55,000 and 54,000, respectively. After that, Bitcoin could shoot the target. The bullish confirmation level is at the current all-time high of $ 61,782. The invalidation trigger is below the $ 50,000 C point.

This scenario is in line with my statistical calculations you made back in February entitled “Can you imagine Bitcoin at $ 103,000?” Have shared. The majority of you agreed with the math behind this incredible goal.

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The Dollar index Still higher despite my last bearish call as he instead moved another higher leg according to my earlier plan.

Bitcoin Update: Daily Chart Dollar

This correction (right orange ellipse) is big enough. It is visible on the pressed daily chart. it is about the size of a similar downward retraction in the large first leg (left orange ellipse); The second leg of the current retreat traveled nearly 1.618 of the first leg. It might be enough to move on to the next step – continuing down as we saw on the first drop when price hit the 88.25 valley. I look forward to the next step to test that low again.

The RSI should move below 50 to confirm the reversal of DXY on the downside.

There is a slim possibility that the dollar has already turned in a major upward move, so we should be watching the bullish trigger at 94.74.

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Take a look at the correlation sub-charts. Silver today is inversely correlated than gold.

gold was just a dollar away last week to mark previous low but failed. A strong rebound followed and it could be just a second part of the minor complex correction before another decline.

Bitcoin Update: Daily Chart Gold

I renamed the big legs down because the current downward movement travels almost the same distance as the first. It should hit $ 1648 to complete the same distance move.

The up trigger is way above that at $ 1876. Let’s see if this current move could do something bigger to put the structure in bullish mode when it hits the previous top around $ 1760.

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The converging orange trend lines formed a perfect falling wedge bullish pattern for silver. This has changed the structure of the second leg down as it doesn’t look like a simpler butt down now. The whole structure of this great sideways consolidation could have changed again. The retest of the former valley is not mandatory in this case. There could be three options.

Bitcoin Update: Daily Chart Silver

The scenario with the blue up arrows means that the falling wedge pattern has completed and the current rise is the part of the big rally that goes to at least the $ 30 area. I will update the planned target once the market sets the actual growth point. The upside trigger is at the earlier peak past $ 26.64. The invalidation point is below the recent low of $ 23.78.

The green path takes another drop within the pattern before reversing upwards. The bullish confirmation is above the top of the current move if it fails.

The red plan takes into account the reversal around the previous peak and the subsequent retest of the first leg low of $ 21.67 within the classic structure. It doesn’t follow the falling wedge pattern. This scenario is similar to the outlook for gold above.

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Smart trades!

Aibek Burabayev
INO.com Contributor, Metals

Disclosure: This contributor has no position in the stocks mentioned in this article. This article represents the opinion of the contributor. This is a point of view provided for general informational purposes only and is not intended as investment advice. This contributor will not receive any compensation (other than from INO.com) for their opinion.

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