FundiFinance

Interesting head and shoulder possibility Clear rejection from difficult area of resistance playing into a head shoulders

Head and Shoulders BTC Seen this forming last week starting to look promising, updating on my last post.

BTC rejection from failed to break resistance in the mid 31k region setting a headline in possible head and shoulders pattern for the Asset. Be looking for a second shoulder to be set before a dive to retest 24k-25k region a break of that could see the asset dive back to 20K

BTC continues to confirm the bearish trend that started with a head and shoulders in January 2022 we now have confirmation of rejection to the 200-day exponential moving average, a rejection from the descending trend line from this cycle ATH and as we have warned for some time the downward momentum shows no sign of stopping any time soon. This cycle support is likely to crash through in the coming week or so and we head towards the true bottom potential highlighted in the zones marked on the chart. On the way down we expect to see several pullbacks as we enter oversold but they are likely to fail and BTC will negatively correlate to a strong $ and the DXY index is truly looking so strong and heading to highs. The global macroeconomic position is set to see stocks and many assets crash as inflation spirals out of control and the FED set a tough stance on economic tightening to solve the inflation crisis. This problem is not going away any time soon and is likely to see a lot of pain in assets such as digital assets, real estate, and stocks as the realisation we are already in a recession gets priced into the markets.

Not seen BTC in such a bad state for some time huge rejection from the 200 EMA and in freefall look out this cycles support 20k region looks set to break and I firmly believe the bottom is nowhere in yet possibly see a bottom between 10k and 15k over the next several months and into 2023. Time to be holding onto those dollars and waiting for a good price one much lower.

looks like eth will follow below the 200 EMA next week unless we see a sharp rebound. I am personally hoarding the stables and waiting for a nice entry from here. Rejection from the mid Keltner channel has been huge and this smells like a bear market pump game over. Retest this cycle's bottom support and maybe go lower only thing that can save this a successful merge now.

BTC confirms the bullish breakout from bearish descending wedge formation. In my eyes, BTC just confirmed support on the old resistance a very strong bullish move, confirming support on the resistance that kept BTC going down in recent sell-off and again putting a higher low on the support trend from the covid low. BTC has also hit the bottom Bollinger band on the same support levels I am talking of. The 1-month chart is set to put in yet another Higher low in a giant ascending triangle formation. RSI is still very bullish after pulling a bullish divergence the RSI also looks set to confirm the breakout move with a higher low confirmation. MACD has yet failed to reverse back from a bullish divergence and also shows more room to the upside is possible. Fundi sees support for BTC has no confirmation and will set a long entry with a stop loss just below the intersection of multiple trends supports, the next region for us is 55k then 61k, at these levels, we suspect some resistance and selling pressure.

BTC could be bottoming out of a huge ascending triangle formation on the MONTHLY time chart. This could be a good place too long with stop loss catching the bottom of the trend before the market price continues the pattern formation and makes way back to the top of the triangle with possible further gains of a bullish breakout. This would also confirm a likely third wave up to the 3rd higher high on a monthly chart for this cycle.Please remember trading is speculation and always DYOR, never blindly follow anyone into trades.

Fundi has reported numerous charts of the last few weeks into a possible reversal formation happening and BTC so far has followed route higher lows higher highs, I feel BTC is setting its next rising channel and third higher macro wave of the bull run. We will have to watch the coming days closely and please relook at our past BTC Technical Analysis to see our macro view.

BTC recent breakout is no coincidence to the levels market price broke out. We seen a bounce from 2 vital supports the covid crash support trend highlighted in red with tag on chart and a vertical support that has been a key support and resistance line during this bull cycle, highlighted in blue and tagged in chart. We also seen the 200 MA hold as support with BTC trading back above the 200 MA as I write this message, the 7 day MA now supporting the market price and arching back upwards, this is a typical pre pump movement and I speculate that BTC is about to start rising with the 7 DAY MA carrying BTC back up over the 200 EMA. The MACD and RSI put in a bullish divergence and both are correlating to reversal formations and breakout showing the charts both highlighted. Bollinger bands hit bottom some days ago around 10th December since then BTC has formed an arched bottom formation and currently pushing hard against middle Bollinger band. I speculate this is about to breakout above to confirm a new rising trend on a day chart. Bollinger bands are also contracting to extremes now another sign that is often followed by a break away move in Market price. Pattern wise I reported early in week BTC just broke out of a bullish declining wedge formation So in short here are the BULLISH SIGNS bounce from 2 longer term support zonesBounce from the 200 MA Bullish divergence on MACD and RSI A rounding bottom Contracting Bollinger bands with a step rounded bottom Market price sitting on the 7 day MA priming itself to be carried up with it.Breakout of a bullish declining wedge formationThis speculation is a longer game and I feel we are possibly about to start the 3rd wave to a new ATH over the coming months.