Maddie
Long

H&S pattern and a bullish flag, sings of a potential breakout?!?

BTCCHINA:BTCCNY   Bitcoin / Chinese Yuan
240 6 11
Heyy guys,

While the H&S pattern is still forming and didn't failed yet I saw another pattern appearing this morning. In my opinion it's a very big bullish flag that's waiting for a breakout soon. The last leg up is on the run to touch the top for the fourth time.
If it breaks the target wil be around 3500 at least! I could go further but we have to wait and see the outcome of the resistant @ that point :)

Another thing to keep you eye on is the positive divergence the last few days. This means that the trend is downwards but the RSI is upwards.A negative reversal is the opposite of a positive reversal. RSI forms a higher high, but the security forms a lower high. Again, the higher high is usually just below overbought levels. When you spot this on a chart a breakout upwards is incoming in hours.

I hope this gives you a new perspective on the economic situation of the last few days and if you like my analysis and/or my description, please like!
Have a good day and good luck!
The RSI shows now divergence. It's bearish. I think we are going down to test at least $442 again (maybe only $497):

snapshot
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ChartArt ChartArt
"The RSI shows no divergence."

That is what I wanted to say :)
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ChartArt ChartArt
I made it larger and added more lines:

snapshot
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Maddie ChartArt
I picked the wrong timescale you need to have the 30 mins there you see the divergence! @ the points i drew them on the RSI :)
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the fact that 495-500 held very very strong all last night is a bullish sign for me to say the least. If we get to 3500+ or 567 it will be a very strong resistance to break from which I believe we will reverse and come back down again.
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Maddie BitcoinGuru
You could be right! In mine opinion there is indeed a very strong resistance around 3500. We will see how BTC goes from that point. There is a good possibility that it's going down from there but the chart is about whats coming in the couple of days and not what's coming after we reach 3500. I will consider my strategy from that point again :)
+1 Reply
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