Very early to say of course but ..
At the moment looks like a "head and shoulder" might be forming
Left shoulder had good volume , Head made a higher high but failed fast (engulfing candle) and volume wasn't convincing.
If the right shoulder forms in a typical manner (top around $8000?!) it might send BTC down to $6800/6900 area, which in turn would start to form an even bigger "head and shoulders" (volumeprofile would be 'wrong' though)pointing to about $5700, which coincidentally sits right at the multiyear support we've managed to break.
The double "Head" and the "Right Shoulder" from the bigger one could be interpreted as an ABC correction of the small "Bullrun" we've seen the previous few weeks (or even plummet is back in the "Bearmarket"
But for now: watch the neckline ~ 7500 and then the yet to form "right shoulder"
(i'm probably totally wrong and the 'Bullrun' will continue to 10k and beyond without retracing..)
At the moment looks like a "head and shoulder" might be forming
Left shoulder had good volume , Head made a higher high but failed fast (engulfing candle) and volume wasn't convincing.
If the right shoulder forms in a typical manner (top around $8000?!) it might send BTC down to $6800/6900 area, which in turn would start to form an even bigger "head and shoulders" (volumeprofile would be 'wrong' though)pointing to about $5700, which coincidentally sits right at the multiyear support we've managed to break.
The double "Head" and the "Right Shoulder" from the bigger one could be interpreted as an ABC correction of the small "Bullrun" we've seen the previous few weeks (or even plummet is back in the "Bearmarket"
But for now: watch the neckline ~ 7500 and then the yet to form "right shoulder"
(i'm probably totally wrong and the 'Bullrun' will continue to 10k and beyond without retracing..)
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yet again a H&S that doesn't want to close it's shoulder .. where have i seen this before .. (rolleyes)
made a little mistake up there, right shoulder top is around 8200 not 8000, bitcoin is staying below it .. might still play out that way, correcting and stuff .. or might consolidate in this range for a few days
made a little mistake up there, right shoulder top is around 8200 not 8000, bitcoin is staying below it .. might still play out that way, correcting and stuff .. or might consolidate in this range for a few days
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sigh ... is it going for a double top now or what ?
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yep double top it is
doesn't change things that much though
still think it should find support or fall though 7600
second (now only) bigger head and shoulders could still apply .. we'll see
doesn't change things that much though
still think it should find support or fall though 7600
second (now only) bigger head and shoulders could still apply .. we'll see
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this might just turn out to be H&S after all, on much wider than i originally thought
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WOW
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Schödinger's Chart LOL
did make the plunge, but the H&S isn't quite right..
well, who cares, as long as the pricetargets remain correct
did make the plunge, but the H&S isn't quite right..
well, who cares, as long as the pricetargets remain correct
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so .. little revision ..
the initial H&S didn't quite work out and became double top like said before
targets remained intact
bigger H&S is already forming
during weekend might see a bounce up (although the sloping down at the moment doesn't look al that great)
so either up first then down
or sloped down then collapse
either way, i expect another move down, testing that 5700-6000 area as support..
the initial H&S didn't quite work out and became double top like said before
targets remained intact
bigger H&S is already forming
during weekend might see a bounce up (although the sloping down at the moment doesn't look al that great)
so either up first then down
or sloped down then collapse
either way, i expect another move down, testing that 5700-6000 area as support..
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still on par ..
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a picture says more than a thousand words
it could still be some kind of H&S but took it out for the moment for making this part clearer.
Friday and Saturday "pumps" yet Sunday "slumps"
happened the last two weekends, what will this Sunday do ...
I think we might still see 7400 again as a retest perhaps?!
but that 6600 wick (6200 on some other even) 'concerns' me, i have noticed that a lot of those kind of wicks going down are like little 'feelers' and actually are a precursor of what might come (a drop is after all what many think is necessary..)
But..bitcoin wouldn't be bitcoin if it didn't do what most don't see coming.
Although the broader picture (weeks/months chart) paints a deceleration of growth, it wouldn't be all that surprising if 2019 becomes a year of ridiculous parabolic 'growth' (but let's not get ahead of things ..)
it could still be some kind of H&S but took it out for the moment for making this part clearer.
Friday and Saturday "pumps" yet Sunday "slumps"
happened the last two weekends, what will this Sunday do ...
I think we might still see 7400 again as a retest perhaps?!
but that 6600 wick (6200 on some other even) 'concerns' me, i have noticed that a lot of those kind of wicks going down are like little 'feelers' and actually are a precursor of what might come (a drop is after all what many think is necessary..)
But..bitcoin wouldn't be bitcoin if it didn't do what most don't see coming.
Although the broader picture (weeks/months chart) paints a deceleration of growth, it wouldn't be all that surprising if 2019 becomes a year of ridiculous parabolic 'growth' (but let's not get ahead of things ..)
Comment:
complicated f*therm*cker
first H&S turned into double top at the last moment (high than i thought), but still went down to target
Now, the bigger H&S repeats the whole process LOL
at the top of the right shoulder it starts "pumping"
On minute-chart you can see how "they" (you know, whales, orcas, dolphins and stuff) use the low volume-weekend to FOMO the hell out of it (because during the week they can't do it .. not enough volume to go against the stream)
So, why do they do that ? because "they" want to unload without loss what "they" bought at or near the first top (hence the double top). They 'know' the market lacks conviction to really get higher (at the moment)
If you would've watched that pumping live you could have noticed that it was very hesitant with every push, were a 'normal' 'bullrun' goes up without hesitating but shear greedy buying.
Anywho ... the double top in minutechart is a miniature version (fractal - not what most here wrongly consider fractals) of the big right-shoulder/double top
and seems to paint the picture of what inevitably will come
So as long as the previous top is not broken (8350+) without "retrace" first, i'm not changing my expectation.
first H&S turned into double top at the last moment (high than i thought), but still went down to target
Now, the bigger H&S repeats the whole process LOL
at the top of the right shoulder it starts "pumping"
On minute-chart you can see how "they" (you know, whales, orcas, dolphins and stuff) use the low volume-weekend to FOMO the hell out of it (because during the week they can't do it .. not enough volume to go against the stream)
So, why do they do that ? because "they" want to unload without loss what "they" bought at or near the first top (hence the double top). They 'know' the market lacks conviction to really get higher (at the moment)
If you would've watched that pumping live you could have noticed that it was very hesitant with every push, were a 'normal' 'bullrun' goes up without hesitating but shear greedy buying.
Anywho ... the double top in minutechart is a miniature version (fractal - not what most here wrongly consider fractals) of the big right-shoulder/double top
and seems to paint the picture of what inevitably will come
So as long as the previous top is not broken (8350+) without "retrace" first, i'm not changing my expectation.
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or there is the alternative solution of sideways consolidation .. somewhere between 7100 and 8000 .. could take well into june
Sideways consolidation can de-stress the market as well as retracement, only retracement is usually a lot faster and more volatile (which is what we want .. more money $$$)
Sideways consolidation can de-stress the market as well as retracement, only retracement is usually a lot faster and more volatile (which is what we want .. more money $$$)
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like watching paint dry
(it's a € chart don't mind the price)
H&S still possibly on the table (albeit shape-shifted) -target coincides with 0.618)
double top is sort of triple/multi top now
really struggling to get above 8050/8100
volume decreasing more and more
on the brighter side it could be seen as an ascending triangle ..
H&S still possibly on the table (albeit shape-shifted) -target coincides with 0.618)
double top is sort of triple/multi top now
really struggling to get above 8050/8100
volume decreasing more and more
on the brighter side it could be seen as an ascending triangle ..
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happy with your "bright side" disclaimer now? no?
crap .. of course on Sunday it makes an attempt for breakout .. and actually succeeds ..
back to the drawing board ..
maybe this futile attempt is wave5 then ?
parabolic isn't sustainable ..never was
what goes up ...
crap .. of course on Sunday it makes an attempt for breakout .. and actually succeeds ..
back to the drawing board ..
maybe this futile attempt is wave5 then ?
parabolic isn't sustainable ..never was
what goes up ...
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finally some movement in the right direction .. took you long enough ..
although .. that "A" purposely was in the right spot
although .. that "A" purposely was in the right spot
yet in the last hour it changed it's mind ..