Bitcoin critical moment, symmetrical triangle, & possible crash

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
I've been suggesting that BTCUSD may complete the head & shoulders pattern & confirm a downtrend with targets at 9k or <5k.

Two days ago, it appears that market makers had enough commitment to prevent the confirmation of H&S as they quickly pushed BTC above 12k (on Bitfinex). This has given many investors newfound confidence. We must now acknowledge the possibility that BTC crash may be prevented.

Now, there's a symmetrical triangle pattern that's about to break in one of two ways:

  • A break up with strong volume will lead to another rally and bulls will gain full control if BTC can go above 15k.
  • A break down under 12k will confirm the H&S and lead to further drops.

Having said this, the last few days have convinced me that altcoins have grown more independent of BTC , for while BTC has made a lower high many altcoins have made a higher high. This suggests that while BTC may remain bearish it may be time to consider entering on some alt positions.

As this one is on the short-term, you can also see my mid-term view of BTC here:

Long-term I'm as bullish as everyone else in this market.

Also check out my website: http://www.jlteng.com

Comment: wild pump on bitfinex at the moment, one order >1000 BTC buy (when I saw it; could be 2000+ when it started)
Comment: The bulls & the bears are literally having a war now. Tomorrow morning we'll see for sure who will have won. I must admit I'm more bullish than before, as the commitment of bulls with multi-million-dollar buy walls one after another is impressive.
Comment: So this time it was fake news about some big investor that's BUYING bitcoin

except he BOUGHT 1000% ago
Comment: Shall we bet that today the news will say that this bit investor has sold?
Today's News: Today Bitcoin is 9 years old from first day mined.
Looks like the Bulls are winning... ;)
still balsy to bet on bears
Looks like the less likely scenario happened.
+2 Reply
So no one saw Coinbene (Japanese Exchange) with 6B volume on BTC, and then suddenly disappear ?
+1 Reply
DrJLT Squarebear
@Squarebear, haha maybe wash trade? some say the Japanese exchanges charge no fees?
+1 Reply
@DrJLT, Yep, and the only reason BTC didn't go up any higher was because it went offline. I got SS but can't seem to post it here
+1 Reply
subscribed, following your updates with attention.
I think btc will fail on 16k, and still targeting 8-11k, for now.
we ll have a better view tomorrow for sure.
+1 Reply
DrJLT neofutur
@neofutur, Indeed. I witnessed them having 2000 btc sell wall @ 14k, then 2000 btc buy wall @ 12k, then 2000 btc buy wall @ 14.6k -> and this is what I saw on bitfinex. Must be more. So they get to buy low & sell high many times. that's $4mn profit each time
+1 Reply
@DrJLT, they can also be pretty good at setting up bull traps . . .
+1 Reply
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