DrDovetail

Still flirting w/ inv. h&s neckline; nearing 4hr golden cross

Long
DrDovetail Updated   
BITFINEX:BTCUSD   Bitcoin
We continue to form a bull flag at the top trendline of the pink symmetrical triangle which also doubles as the neckline of the inverted head and shoulder pattern. We can see the we are on the verge of a 4hr golden cross too with the 4hr 50ma(in orange) nearing the 4hr 200ma (in blue). A golden cross on the 4hr chart is very often followed by an uptrend. I feel that based on how close to over extended the 4hr rsi and stochrsi are though that we may need to consolidate inside this bull flag for quite a bit longer with maybe even a bearish fakeout or two to reset them enough to sustain the breakout that will come from breaking up out of the inverted head and shoudler pattern and the the pink symmetrical triangle pattern at the same time. I've placed a green dotted line on the chart to illustrate the expected breakout target of the inverted head and shoulders pattern, and a pink dotted line to illustrate the projected breakout target from the symmetrical triangle pattern. The only thing holding the breakout back currently is how close to overextended the rsi and stochrsi indicators are. Despite that I believe we can find a way to consolidate too cool them off then achieve the breakout...especially if a 4hr golden cross occurs. We still have the lavender rising wedge we have been bound to though as well which may maintain resistance so while I believe we will break upward I am prepared for a fakeout as well. We currently have a 230 btc coin sell wall right at 7k on coinbasepro so that may be a hard resistance hurdle to overcome as well. Overall my sentiment currently is bullish though so I will lable this idea long, while anticipating a bearish fake out or 2 before the breakout. Thanks for reading and good luck **not financial advice**
Comment:
One last thing to add here is if we were to trigger a breakout of the inv hs + symmetrical triangle...if we were to reach either of their projected breakout targets we would be breaking above the resistance of the rising wedge, the 7k sell wall, the rimline of the inverted cup and handle(in red) and we would be nearing the downward slanted neckline of the adam and eve double bottom from feb-april that never panned out and was ultimately invalidated once we went below the low from february. Even though the adam and eve double bottom has been invalidated, it doesn't negate how much of a bullish reaction would occur once we were to break above that trendline which has been resistance the majority of 2018. All important lines of resistance to factor in here. It will be one hell of an uphill battle, but the 4hr golden cross should help fighting that battle and hopefully we'll find a way to achieve a golden cross on the 1 day chart this month as well too. Only time will tell.
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