There is a rising wedge forming within a larger bear flag and we are coming up against a VERY important downtrend level that was formed all the way from the peak at 20k.
This makes me lean to the bearish side, but the volume is so weak, a big order either way can tip the scales.
This is, however, hallmark of bear flags. Volume dries up, resets before another strong volume push to break the bulls.
The bulls really need to push the price above $6700 as it would be the first break of the down trend we've seen.
Next, we can also see that there is also resistance around $6800, the .618 fib, where we saw it get sold off twice in the past two weeks.
A break down from the rising wedge would have supports around $6351 and $6150-$6200 and finally at the swing low of $5700-$5800 and if we completely break out of the potential bear flag on strong volume, a potential target could be $5680. (These can also be targets for a short if we break to the downside.
The volume is so weak right now and the volatility is so low that it looks like it could move either way with 1 or 2 big orders.
Shorts and Longs are about 50/50 on Bitfinex as well with no dominant trend showing up.
RSI gave us a swing high failure on September 28th when the price climbed, but the RSI couldn't break 70, which is typically a bearish sign as well
I will open a short with a break of $6500 and more with a break of $6400 and open a long with a break of $6700 and more with a break of $6800.
Either way, I think we will see a massive move in the coming days. We may see one move down to take out the long stop losses before our move up. -------------------------------------------- Stay tuned for my long term Bitcoin analysis that I'll be publishing in the next day or two where I show my thoughts on why I think we may see a run to $52,000. :)
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Broke the rising wedge and was rejected on a retest to climb back into support.
Aren't you the one who predicted "Hush" the best coin of the 2018 and will hit 100$ ? Hahaha...... For GOD sake, stop playing with novice investors here with your pre-planned things... to pump n dump ! Thank You !
jacobcanfield
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@masq83, Are you talking about Hush, the coin that went from $1 to $31 and pulled a 30X? That Hush?
masq83
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@jacobcanfield, Yes, I'm talking about that personal promoting of yours... 1$ to 31$.. only for few days Pump & Dump... Let's talk about its current price that is $0.16 USD ... Hahaha from 31$ and even from 1$ to 0.16$ .... Clearly shows that you made money by pumping it & your investors, followers from YouTube just lost their investments... It's not always about showing only your profits, you should be Honest like Randell AKA (CryptoLove). Also share your mistakes so that we also learn from it. I like your analysis & videos on Youtube, I'm your follower as well, but dude Be Honest with people around you ! It's not always about private memberships ! I hope you get my point & won't get angry on it ! Peace !
jacobcanfield
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@masq83,
1.) I still have my hush and never sold any, although I should have. I had it locked up for the Bitcoin Hush airdrop and cryptopia wallets were down for deposits.
2.) The event that happened was a black swan event where the team imploded on each other and wasn't a predictable event.
3.) I've never dumped on my followers. Ever. Period.
4.) If people don't take profits, then that isn't really my fault and people should take responsibility for their own actions and their own trades.
There are hundreds of cryptocurrencies that are 99% down from their all time highs, and hush is one of them.
jacobcanfield
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@masq83, Also, what the hell does this have to do with my bitcoin analysis? You really think I can manipulate a bitcoin pump and dump? lmao.
masq83
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@jacobcanfield, Haha... I never said that you can manipulate the price of BTC... but yes in case of some shit coins It happens we know that.... you were promoting Hush too much on that specific period & since that time many of my friends bought it who also follows you.. Obviously you are not responsible for their trades, They are responsible for their mistakes. But Honestly I was thinking that you are good analyst, have grip on Crypto-Currency market and your YouTube channel came before CryptoLove (Randell), and today I understand why he has more followers than you. "Honesty" is priceless ! .. I hope you won't get mad at me, I will always support & like your contents here and there on YouTube, but we need (Your Followers) some real stuff on your next upcoming videos, some trading mistakes, aware us for the suspicious coins scams.... like Randell did about BitConnect on the very first time & saved us from a huge scam. Take Care & Happy Trading ! :)
jacobcanfield
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@masq83, I started my youtube channel to warn people of bitconnect and usi-tech. Hush tech is better than any privacy coin that exists. Duke Leto was one of the lead devs for Zcash wallet. Price doesn't always follow technology.
I did ONE video about hush coin because I liked the technology and am very careful about what I recommend.
masq83
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@jacobcanfield, Hmm.... So Finally my comments & some points that I discussed worked for you, and today in Weekly signal email from SignalProfits you are finally talking about Stable Coins :) And soon I hope we will see a video from you on it at YouTube as well... Thank You Jacob Canfield for listening & reacting Positively !