pinfkloyd
Long

Bitcoin has green light for short term!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello.
Long time no see! Don't say no TA since my absence. I left You nice hint in one of my ideas, where I was thinking loud about bollinger bands . There was: "First bounce from bollinger band is no-direction case. Second attempt at this is good long entry point." And here We are!

1. Falling wedge (yellow) is forming. Bullish pattern!
2. Support (blue) is forming. High possibility for broken triangle pattern (white lines) retest!
3. Bollinger band second test from bottom.
4. Yesterday's 1D candle closed with long buying wick. This could deny further tumbling.

Anyways, don't fall into certainty! I just see there great buying opportunity after rain of blood and I would never short at this point. Stop loss below blue support would be very safe solution.

Target?
Healthy comeback could coil around 8800, but first profit taking should occur at traingle formation retest (bottom white line).
Comment: Support appears on horizon with parallel line (white). Seems like it has power to grow further.
15 min chart for stream
Comment: Finally, BTC found support right there:
Comment: Inverted H&S counted this way?
Comment: Price lies on blue support. Still no reason to panic, price needs to accumulate in this zone unless there is too positive momentum and long should be carefully maintained. These short term horizontal lines usually mean nothing, volatile ticks can pierce through them like knife in a butter. BTC has its fractal nature, We experience a lot of minicycles during this downtrend. That's why current long could not last long because of chart flattening, where cryptomarkets are trying to catch the balance and volatility is eased, We had been at 6k three times before. What could left to do? Now market could do everything it wants. Anyways We sit on nice bottom, so picking up long side is more wisely.
back to 1D chart

Comments

Looks like a bear flag to me.
Reply
pinfkloyd TruePrimeOne
@TruePrimeOne, Bear flag is weak pattern alone, not supported by any other bearish signs puts in doubt Your declaration. Anyways thanks for hearing! :)
Reply
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