Additionally we have good news:
China will accelerate blockchain development and probably increase investment in blockchain technology and crypto as well. Among with it China is preparing for the launch of its own state-backed cryptocurrency and it will be unveiled next year.
Uber launching own digital wallet and updating its Card services.
Techincally speaking we will probably see price action below the open level of the with biggest occured at October 26.
- Expected buy the dip levels below 8650, and above 7400.
- Stop loss those buys will be good if price managed to make new lower low without divergence.
Please share what do you think about current market situation and what is your expectations in comments.
If we disregard the highs of Dec/2017 and Jan/2018, and consider only the body of the candles
We have another Cup and Handle pattern forming in the monthly
But I will give you my vision:
Cup And Handle is a Shoulder Head Shoulder without the first shoulder.
In my view the pattern doesn't work because there is a picture, they just make a simple representation of a more technical movement
It is a pattern for a pattern. =)
The retraction Fibonnaci, a continuing upward trend, the target is 100% or 161.8% expansion fibo
The figures only facilitate this more technical reading, because in the background is everything to measure waves.
So if Shoulder Head Shoulder works in cryptos, Cup And Handle confirmed must have the same weight.
I am Brazilian, I have a graphical analysis group, and I posted it on Oct. 25, a few hours after he started the second bullish candle, when the price hit $ 10,000, I did a video analysis so people wouldn't get excited because should come a retraction because the $ 10k was a zone of strong resistance
And there is still a downward channel that we are in, it would be good to wait for this daily candle to close !!!
And closed inside the channel, from there I considered the retest of the $ 8800 - $ 8500 (50% and 61.8%) that was the zone that was just broken.
I'm watching and I'll wait to see if it surpasses $ 10,000 to follow a bullish trend, or if it loses the bottom
I had the same view you had, but I didn't see the cup and handle pattern before your post, but I also see a likely triangle at that point
Meet at the top of the canal with the February green LTA (highlighted in orange in the image)
I think more aligned than that impossible =)