floring67

Fasten your seatbelts, some important move follows soon!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Should I call it a bullish ascending triangle to send us into ~$8500 range, or a bull pennant to teleport us to $9000 (less likely) or a bearish ascending wedge that will slowly reverse the trend and lead us to $7500? The 2h chart shows a bit of the three, I think this is why most TA's are silent.
Anyway one of the three scenarios will happen in less than 4 hours. As patterns were not so reliable recently, only the Holy Whales decide our faith now!
Elliott waves wise, I would still rather think that a clear retracement should happen and this thing should go down a little bit for retracing upwards again.
And the MACD is still a little bearish on the 2h chart, even if bears are losing momentum; after all, bulls were trying so hard to cross the $8190 resistance and didn't succeed.
Comment: Well it broke out like an ascending triangle, got rejected at $8500, danced a little around the support at $8307, then broke down both $8307 and $8185 supports right at the point of the triangle, and now we stand on an older support region at $8050-$8070. Some longs were liquidated, so it was a false breakout (bull trap). Most likely it will bounce once again a little, but failing to make bullish volume and RSI being overbought, I expect a clear fall near the moment of the intersection of the all time maxima downtrend line (dark grey) with the all time minima uptrend line (light grey); that would be in a day or two. So far the 2014 crash pattern is followed pretty accurately, so I'm not expecting a very bullish trend in the near future.
I like your chart,and I have followed you. I hope you can Follow Me at the same time.



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wat should we be looking for in the next 4 hours?
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floring67 AsmaHassan
@AsmaHassan, I think it will trend down, maybe even fall (but less likely). But it's also a good opportunity for whales to pump and trigger some stop losses/shorts, case in which we would rapidly go up. I wouldn't FOMO on that, cause in the context of the similarities with the 2014 crash pattern, it might be a bull trap. However it did put a low leverage stop loss buy order, for experimenting; there are 50% chances to take some profit.
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floring67 AsmaHassan
@AsmaHassan, Please note, the stop loss trading idea is my decision, it might pose a risk that if we go up we get rejected at $8300 resistance if you buy at $8250 by placing stop loss there. That can't be predicted; not catastrophic neither, bullish trend might continue after.
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