Although bitcoin broke resistance of the mega bear trendline , it failed to stay above and broke support showing that the bears are still clinching on the market. Blame the decline on the lack of volume and multiple FUDs that happened the other day (Binance Bot Hack, Japanese regulator, SEC statements, etc). MACD indicates that BTC will continue to decline, I really think we might see 6000 again and or even lower (praying that is not the case). 8000 by tomorrow. 8000 or below will be my buy zone.
There are two bullish patterns forming here that could possibly play out for bitcoin to finally break out of this bear channel . Theres a bullish bat forming. I believe once we hit the bottom itll jump again rapidly like it did when it hit 6000. Allowing btc's attempt to break resistance again and make that resistance into new support. The 2nd pattern that may form is the Inverse H&S . I set a red trendline that is another resistance that bitcoin has been trying to breach. It is going to retest that line, fall and come right back up to complete the iH&S.
I also found an interesting pattern i drew over the bars. If you flip the way bitcoin reached its ATH and entered into a bear market upside down and over lay it to the recent prices it fits perfectly into the possible scenario described. If this analysis plays out itll be a pretty epic market reversal
I am sure many are worried with how bitcoins been lately. I was hoping that once we breached that bear trendline we would go up but nope that wasn't the case. It seems like March bull run is postponed until we hit a bottom again.
Another interesting news, is that Mt. Gox Trustee has been selling mass amounts of bitcoin this past couple months. We had a mega bear whale marketselling bitcoin , literally fucking us in the ass and he is going to sell more of these bitcoin to have more solvency for the Mt. Gox creditors. This indicates mass people are buying lower price bitcoin . If theyre buying cheap btc what do they want? to sell it at a higher price. Bulls will be back and itll come back hard when its here.
but hey, ykno this aint no investment advice. dont listen to me. DYOR. Please leave comments/feedbacks/thoughts. Thanks for looking.
There are two bullish patterns forming here that could possibly play out for bitcoin to finally break out of this bear channel . Theres a bullish bat forming. I believe once we hit the bottom itll jump again rapidly like it did when it hit 6000. Allowing btc's attempt to break resistance again and make that resistance into new support. The 2nd pattern that may form is the Inverse H&S . I set a red trendline that is another resistance that bitcoin has been trying to breach. It is going to retest that line, fall and come right back up to complete the iH&S.
I also found an interesting pattern i drew over the bars. If you flip the way bitcoin reached its ATH and entered into a bear market upside down and over lay it to the recent prices it fits perfectly into the possible scenario described. If this analysis plays out itll be a pretty epic market reversal
I am sure many are worried with how bitcoins been lately. I was hoping that once we breached that bear trendline we would go up but nope that wasn't the case. It seems like March bull run is postponed until we hit a bottom again.
Another interesting news, is that Mt. Gox Trustee has been selling mass amounts of bitcoin this past couple months. We had a mega bear whale marketselling bitcoin , literally fucking us in the ass and he is going to sell more of these bitcoin to have more solvency for the Mt. Gox creditors. This indicates mass people are buying lower price bitcoin . If theyre buying cheap btc what do they want? to sell it at a higher price. Bulls will be back and itll come back hard when its here.
but hey, ykno this aint no investment advice. dont listen to me. DYOR. Please leave comments/feedbacks/thoughts. Thanks for looking.