Regressive Wave 1 in Regressive Wave C was cut short. I say this because typically a thrust out of a Rising wedge doesn't stop until reaching the starting point marked at the "Bearish Rising Wedge Potential Minimal Target", point on the chart. That said, from my perspective it appears Bitcoin's price structure is in what I deem to be a Flat pattern and currently within the concluding point in proregressive Wave C within Proregressive Wave 2 within the Flat.
The only thing that I'm a bit concerned about at this point which contradicts my count is Gold's Potential Monthly Cup & Handle Pattern.
If this Bitcoin count pattern pans out then Bitcoin's price will indeed be cracking, in my humble opinion. All the best!'
Trade active
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The overnight Asian market hour push appears suspicious and will be considered an outlier until proven otherwise.
This article may be of interest to some: There’s a wild theory that the price of Bitcoin is being propped up—and the academic who proved manipulation in 2017 suspects it may be happening again
In my humble opinion there is no doubt that an illiquid commodity such as Bitcoin can be easily maneuvered one way or another through direct or creative means to achieve an end. Be vigilant............
Quote: "But — anyone who claims the Bitcoin price is in any way organic, or follows real-world events, is simply talking nonsense. We’ve seen how it works, live in action, in front of us."
-Reference article: Number go down — the single trade that crashed Bitcoin
noble1ones
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Interesting article: In Crypto, Market Manipulation Remains a Problem
mof3456
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What do you make of the massive inverted head and shoulder on the weekly ?
noble1ones
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@mof3456, Is that what you believe it to be? If it is, then let's see a throwback to previous resistance aka neckline to become support. If it breaks below then you'll know that it wasn't an Inverse Head & Shoulders pattern to begin with.
@mof3456, @noble1ones I agree. The inverted head and shoulders pattern seems to be unraveling for too long (over several months), which it should not do to be considered this pattern.
noble1ones
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@Tradersweekly, That's irrelevant. Patterns can also take years to develop.
Tradersweekly
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@noble1ones, They certainly can. But as a result, one will very likely end up putting all similar-looking patterns in the same category. There is an extensive study on this by Bulkowski, who classified thousands of patterns also based on the amount of time they take to develop (and scored them by risk, probability of breakout, etc.). It is not necessary, but it can be helpful in some regards (especially if you want to take a more statistical approach).
noble1ones
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@Tradersweekly, I know about Bukowski. Again, on different time frames patterns can take years, even decades to develop. That said, patterns may appear to look like something upon which they are not.
on another note, this article may interest you : There’s a wild theory that the price of Bitcoin is being propped up—and the academic who proved manipulation in 2017 suspects it may be happening again
Google it and enjoy!
Tradersweekly
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@noble1ones, Thanks for sharing, I will check it out. Honestly, I would not be surprised if Bitcoin was artificially propped up even now to suck in small investors and create exit liquidity (in the currently illiquid markets) for big guys. I like the initial idea of Bitcoin, but the sad truth is that when geeks and programmers were replaced at crypto conventions by influencers and gurus, this started to seem to me like a very distant dream. Now, the industry is full of scams, cons, and people paid to promote narratives which often play into hands of big guys rather than to those little ones which were intended to be protected by Bitcoin. It is just unfortunate.
"But — anyone who claims the Bitcoin price is in any way organic, or follows real-world events, is simply talking nonsense. We’ve seen how it works, live in action, in front of us."
-Reference article: Number go down — the single trade that crashed Bitcoin