XBCBTC

XBCBTC

WEEKLY ROUNDING BOTTOM CHART

BITCOINPLUS

Rounding bottoms are chart patterns that are difficult to spot unless you look on the weekly chart. The break even performance rank is small and the average rise is large, so they show good performance. But one must be careful midway through the turn since price sometimes shoots up only to drop back down.

Price may shoot up midway through the turn, near the bottom, but price usually retraces most (not all) of the way back to where it started. The Shape Looks like a  rounded bowl shape, usually over many months and usually after an upward price trend.
The volume pattern mimics the price action – a curving trend, appearing most often as a dome (51%, U-shaped: 43%, random shape: 6%). The trend is upward 51% of the time.
Confirming The pattern confirms, price closes above the highest peak the pattern, either the left or right saucer lip (if it has one), and lastly Price often pauses at the price level of the right or left saucer lip.

Price has returned back to test the previous low being held back 3rd of november and on the 8th of December 2017. Holding strong to diagonal resistance down to the support level. (as shown below)

The USD pair moved down after touching an ATH of  $192. Falling wedge has been spotted on the chart, which is repeating again and might likely test the $120 or $192 zone if brokeout and closes outside the wedge.

price broke out but closed inside the wedge more and more reject wick pulling price down, this calls for more consolidation inside the wedge. as shown below.

 

Technicals suggests that pric will continue to consolidates more as the bear trend has gradually come to an end. A target to around 0.01sats will be the target if it breaksout and close out the wedge. compare both charts.

 

Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.

$COV HODL

 

 

 

 

 

 

 

 

 

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