Price action broke out as I expected in my previous idea and it's currently heading to form a Head & Shoulders around 16700 USD. The reason why the price should fall down eventually is the appearance of a rising wedge pattern. Support at the confluence shown at the end of the right triangle.
There is a pivot between December 31st and January 1st.
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Almost there.
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Bitcoin formed an ascending broadening wedge pattern, dumped from it and got rejected after the bounce. Next bounce should around 13500 so we're close to it.
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Perfect bounce at 13500 as expected. It is either going to 15100 once more now to dump afterwards or directly dumping down to 11k or so.
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Next stop for BTC at 10200. Could have a bounce but considering the Head & Shoulders pattern, it should dump lower from that point.
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Diamond Pattern Formation appeared. These ones normally end up breaking down.
Can you explain how can you draw the top part of the wedge without even a second touch yet? Don't you need price to touch that 16700 point then retrace in order to draw the top line of that rising wedge? Seems like projecting too much doesn't it? Thanks for your explanation!
CoinMajesty
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@cupfish, I put it there because that's the top of the left shoulder of the Head & Shoulders pattern. It is also the place where both lines of the wedge have a confluence for the upper part of the blue channel.
pankajarora.nitk
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@CoinMajesty,
Head and shoulder patterns can't be traded before they are formed. You are extrpolating.
DrJLT
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I have a similar view:
Esp if you read some on reddit/bitcoin you can see:
1. The sentiment there is "back to normal".
2. Most are denying the fundamental fact that the fed hasn't printed enough money to pump bitcoin like they hope for forever.
Bitcoin is in a bubble, and it'll burst right when they believe 1m is on target for 2018.
elshanti
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@DrJLT, agreed and its best use case so far is being a perfect (medium of fork) and been pumped since BCH fork then 2X then wall st etc..big dissapointment no organic adoption and growth
Mikelikescrypto
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@DrJLT, you call it a bubble, I call it a volatile Grand Supercycle. Hehehehe
delai.huang
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@DrJLT, even if fed hasn't printed enough money, other nations do, such as Japan. Bitcion does not belong to US, it's global.