US Stocks (Dow Jones, S&P 500, Nasdaq) are not doing well at the moment. We are witnessing Real Estate crises in London, Stockholm, and more will come. When that is said, I still think we probably will avoid a Market Crash now, and will postpone a bear market in the traditional markets to 2019 or primo 2020.
Therefore I also believe, that we will see Bitcoin in a small Christmas Rally. No, I didn't say Bull Run! Just a cute little rally to around 7,000 USD. 100 years of data shows that November and December are the best months in all markets.
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Looking at the chart, we can see, that we are inside a neutral triangle. We have been making higher lows since the end of June.
Please take a careful look at my 2 yellow circles. Patterns look the same, and I will say there are definitely a chance that we will see a quick move up soon. We are very close to the end of the triangle, so something has to happen.
If we on the other hand manage to break the up trendline, you still have to be careful since we have a big fake out territory. IF we fall below here thought and go under 6,050 USD we can expect to call off the Christmas Rally, and say hello 4,888.75 USD!
This is exciting - I will keep you updated!
D4 Loves You <3
PS. I would be happy if you gave me a like - have a nice weekend, my friends!
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Watch out shortening the market. A sudden quick move is not unlikely. US Stocks are also doing good today.
US unemployment stats are just out - The unemployment is at 3.7 % which is really good.
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You remember the time when 'soon' in crypto meant 5 minutes or an hour? Now 'soon' means within a couple of days.
Let's take a quick look at support and resistance. We fell out of a ascending wedge, and now we are inside a neutral triangle.
What will happen now? We are still waiting for a big move - it might be first down to the blue box and then up again, or just up.
And btw. Don't be so cheap with the LIKES. Thanks man ;)
-D4
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So we went down a bit, and then up as I described above. We fell a bit lower than expected with 2 wicks - but please take a look at the yellow dot. A small little fake out.
You can also see that we are about to make a not so pretty head and shoulder formation, which is barely valid. Wouldn't put too much weight on it.
Still bullish so far - especially if we can close the week here. Hopefully we can get a small Christmas rally after.
D4 <3
Please leave a like!
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If you haven't read my other post, you should do it. I here describe why a Market Crash is more likely to happen than you think.
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Pretty interesting moment for Bitcoin. We are going up again now, but have met resistance from the upper triangle wall. Will we soon see a Christmas Rally?
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Pretty good call, I would say. You are welcome, ladies and gentlemen!