BTC - how about a bat formation for April - May price pump?
Not much to say here, since this is pure speculation ... anyone's guess is as good as anyone else's. So, here is mine: a bat formation with the high limit around $15000, somewhere in May. The RSI just curbed up from the limit of oversold territory so we might have a chance here. As always, this is in no way trading / financial / investment advice.
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A week or so late after a nice consolidation, BTC finally started to go up; 4h chart looks like a "pump" but the daily and the weekly look to support the bat formation:
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Two weeks and so far so good ... BTC is consolidating nicely around $8200 and we might even glimpse an inverted H&S. There is a major resistance ahead at $8500 but if broken successfully we are on track for the said bat formation. Let's see what the market says about this ...
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I adjusted a bit the "bat" on the weekly chart, you can see it very clearly with 4 weeks (this one included) in the green:
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As a side note, is interesting that this idea, even though bullish and so far precise, with profits of 30% on BTC has only 5 likes out of 214 views ... what does this say? People lost their appetite for trading or it is just that I am so bad at TA? :)
Comment:
We have a very nice consolidation above the 0.786 Fib retracement level of the previous bull run and also above the 30 days EMA, within the first buy channel (the second one being the one that actually stopped the price decline around the $6000 levels). Both 30 EMA and 50 SMA are nicely curbed to the upside after having a gold cross, so I expect the price to continue up, after finishing this healthy and needed consolidation. Let's see what the market will bring next week.
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One week later, we are witnessing another key "fight". BTC is challenging for the second time a very strong resistance point (which in the past was a strong support) around $9700. If this resistance level is broken, next stop will be around $11500 which is the main "indicator" about what BTC is doing mid term. Let's see when we get there
Trade closed manually:
I will close this idea since it seems the stop was at $9700 and for now it seems BTC is in a side range channel between $6500 and $9500 (good for trades / scalping - buy low, sell high).