All of a sudden everyone has turned bearish calling 7k, 6k, 5k, 4k. FOMO has pretty much died out after the 9.8k -> 8.2k decline and everyone is looking for a huge pull back to their desired bear number... Which also makes it likely that we may get a short squeeze comes that can bring us to the 10K SUPER FOMO level... which should then bring us to the $13,000 target. This all depends on the support line (black) upholding. As of now there is bullish diamond formation coming to fruition.. we should see a price reaction in the next hour or so... Given the high manipulation of the market, with the diamond upper break i wouldnt be surprised if this was just a bull trap and we just head back to the major support line at the $7,000 level. But my opinion we have 70% chance of going higher. I am taking a small long position here.
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Here's the diamond formation
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We did it.
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Now we should head up to $9,200 level and see whether the H&S is validated. I think we have a good chance.
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We should break the bear flag resistance now
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Looks like a bigger diamond formation... Another 12 hours of waiting i assume.
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So it seems we'll be consolidating for a bit.. 12-24 hours? the good news is... We'll be tackling both the bullish diamond and the bearish flag resistance at the same time. the bad news is... whales are manipulating the market... If this was a normal asset I would say 90% of upper breakout and $9,000 - $9,200 target. I am still holding my long position. Pushed my stop loss to $8,300 for a free trade. See you guys when we reach the pinnacle moment in the next 1 day or so. Good luck trading!
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Remember to hit a like if this helped you! :)
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Wow.. the bulls are actually gonna go for it.. maybe.. This break has to be the biggest breakouts of all breakouts.. if not we'll just fall right back in... im betting we get a failed breakout... but who knows.. i've been surprised before... I just think we need a bit more time to get the indicators ready for lift off... TLDR; we need to see HIGH volume.. this is a MAJOR resistance.
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We're in a small bull flag, key resistance $8,500. Let's hope the bulls push forward. If it breaks below we'll see so many bearish signals i'll need to bring my rifle out and go hunting.
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Pinnacle moment coming soon. But i wont be home to update it. Leave a like if you enjoyed the analysis :) Happy trading!
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Just as i said that we're breaking free!! Now, we really don't have much in the way of us and $9,200 if the breakout is successful!
Leave a like if you found this useful!
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If this bearish divergence is not dealt with we're heading back to $8,300. That's why i prefer a longer period of consolidation! More power collected.
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Failed breakout. We're still in the running to stay above $8,500 for another attempt later on. If we manage to stay above and do the second attempt, im betting it is a successful break. If we break below $8,500 we head back to $8,300 to collect for momentum. Still remaining a bull as i believe in my diamonds :3 Leave a like if you like diamonds too!
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So like we expected, the first breakout failed because it was too soon. We return to our small bull flag and await the second attempt. I believe the second attempt should be able to get things kicked off.
However, the second attempt will either come form this small bull flag or a retracement back to $8,300 for a second attempt tomorrow. I think the chances are 30% small bull break out and 70% retracemen to $8,300
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So our small bull flag failed. Now we wait for a bullish divergence on this free fall somewhere at $8,400 or we go back to the original diamond formation. Lets wait and see.
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Looking at the bigger picture. Our bullish diamond is still in play. expect it to follow something like the blue sqwiggles.
If you guys enjoyed it, hit a like and i'll keep updating. Thanks!
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The bulls are going for it. This time i think they will succeed.
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I take my words back.. we now have a clear bearish divergence. Time to consolidate further within the diamond.
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this is it guys. a break above $8,600 is imminent.
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ANNNND we have a break! Volume needs to keep up if not we'll get another bearish divergence and fall right back into the diamond.
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And here we have another bearish divergence.. a triple top.. the bulls are so weak today. We may really need to wait until tomorrow for our upper breakout.
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We have a break but the divergence is still worrisome. The bulls need to bring in the volume!
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We are fine in the hourly chart. Enjoy the ride to $9,200 guys! I'll see you guuys there :D
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Okay guys. 2 more things need to be done. one is we need to break through the downtrend channel. after that, head to $9,400 and validate the reverse head & shoulder. If that is all done, we can see a $13,000 BTC.
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There's really nothing between now and $8,900 where we need to challenge the downtrend channel (which i think should be easily broken). The real test really is to see whether we are in a BIG reverse Head&Shoulder. That would give us the most upside. Thank you for the support guys! Leave a like if you enjoyed reading the analysis :3
Going to bed. Remember to set all your stops!
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Food for thought.
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went to bed and woke up seeing my stop being filled. From the looks of it, we have a high chance of breaking down.. maybe not immediately but after a bit of consolidation. we are in a very delicate phase. If it breaks the trend line we are heading to 7.2k. Looks like it may have been a proper Head & Shoulder rather than the bigger picture one.
You seem quite biased in your commentary -- to the point of cheering for your position. Maybe something to introspect on.
SephTV
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@aethermass, thanks for the advise. just a bit excited since it is my first few posts in TV. Will try to sound more neutral going forward. :)
UnsungTraderTV
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@joonyang92, I am very new here as well. From reading and in my short practical experience trading, being too emotionally invested in a trade is a dangerous situation. The biggest problem is that this could prevent us from reversing a position when we are wrong. Everyone has probably done this.
Keep posting. Also check out @Bleek. His charts are complex but generally very accurate.
Wolverinos
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you don't think this is just a bearflag?
calumon
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@Wolverinos, mate, that would be too easy. It has to be a bullish diamond formation. Diamond is justice!
Wolverinos
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@calumon, could be... could not, I also have a feeling the correction is (almost) done...
calumon
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@Wolverinos, I found a formation which just applies better than the bullish diamond formation