Every "Bear" and "Bull" There. It is not trading advice. It is just an idea.
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In a time of war. The king does not go in the front. He send his messenger first, after the messenger comes back, he will send the soldiers on the front , it will be the time of king to go for one on one with the other.
The messengers on the front (Hype of Alcoins) - Done Messengers coming back (Consolidation of Altcoins) - Done Soldiers on the front (Major Alts hype) - Done Soldiers come back (Consolidation of Altcoins) - Active and seems to be done
Now its time, for the KING to see if he decide to go for battle (5K-8K) or have it won with the grace of of the Soldiers (15K-17K)
If gone in the battle, Will he die (1k-3k) or will he survive (20K-25K)
In a downtrend you can constantly "see" double bottoms that never confirm and get broken. Not saying we are in a downtrend, it is difficult to say that when we are over 1000% up in 12 months. But if this is the begining of a downtrend you are going to get tired fo calling double bottoms that never confirm.
A double bottom is confirmed once the peak between both bottoms is broken and the target would be the price distance from the double bottom to the middle peak, measured since the peak, like this: So in this case we need 17250 to confirm the double bottom and it would target 23375.
Not relevant at all to this, I think we are actually facing the start of a bear trend, if you want to know my insights you can check my last idea here
ManipulatedAnalyst
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@bagofXMR,
Great analysis indead.
I know, we may be in a downtrend now.
But, the question is do you see that pullback on 1D chart, its the buyers power.
Moreover, if it is bear trend, then i would only say.
Those "heavy buyers" are gonna crush themselves.
bagofXMR
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@worldstockmarket, Thanks for the kind words.
I guess at the end of the day we will have more info, after we see how the markets (specially bulls) digest this puke down to 10.5k in bitfinex.
Good Luck and trade safe
@dobrovan, A double bottom is a pattern in which 2 bottoms are made. This indicates, too much buyers in that area. So, in technical analysis, BTC should be bull now.
Now, the question is, do BTC follow technicals of market or is only fundamentals.
The idea i posted is not about if everyone should follow. Its about "IDEA". not a trading advice.
A double bottom is confirmed once the peak between both bottoms is broken and the target would be the price distance from the double bottom to the middle peak, measured since the peak, like this:
So in this case we need 17250 to confirm the double bottom and it would target 23375.
Not relevant at all to this, I think we are actually facing the start of a bear trend, if you want to know my insights you can check my last idea here