jacobcanfield
Short

Rising Wedge + Rising Triangle = Bearish Outlook for Bitcoin...

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
After making it to #1 on Trading View, I decided to post one of my real charts. The only thing we need to confirm it is a strong CNBC Bullish Tweet.

On the daily, we've got a MASSIVE descending wedge forming for a strong move to the upside.

On the 240 and the smaller time frames we've got two bearish patterns forming.

The first pattern is a rising wedge that's been forming for the past 3 weeks from August 8th - August 234d.

In a downtrend, rising wedges typically will break to the downside.

So we've got two scenarios that could happen. We can make one more move to the upper resistance before breaking down from the rising wedge (target around $6800.

This could happen with the amount of shorts that are still stacked on Bitfinex, but after we saw the move to $6900 and we didn't get the short squeeze, I doubt we'd get it now.

There is also a large sell wall on Bitfinex around $6500 that is both hidden and on the order books.

The second scenario, and the most likely is a break down from both the rising wedge and the rising triangle.

Breaking both supports, we would see a bounce and retest of the support on the lower end of the wedge .

A bounce around $6300 and back up to the support before falling back down.

We also have a very obvious Head and Shoulders forming that if we make it back down to $6300 zone will complete the pattern.

A retest of that neckline will be very important because if we break it, then we will most likely see a lower retest of supports at $6000 and $5800.

Thanks for following and supporting my CNBC chart! I hope to keep making awesome charts for you guys.
Comment: An update from this morning.

We broke down from the ascending wedge as predicted.

I forgot to add my fibs on this morning so you can see where these bounces are coming from.

We have basically been playing ping pong between the .382 and the .618 fibs from the swing high and swing low.

Bitcoin is currently retesting the former support from the previous ascending wedge.

Continue to hold your short to the .618 buy zone.

Cheers!

Comment: It looks like the unlikely scenario played out and we bounced to the upper edge of the wedge.

We look to be playing out an ABCDE pattern within the rising wedge.

Possible double top around $6800 before a fall.

This would line up with another SEC "rejection" if they choose to announce that this week.

The volume is very weak on this recent rally and is not convincing me that the bulls are fully in control yet.

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The similarities bewteen 2014 and 2018 seems so real, guys check it out and see those facts and figures we might be on for 8400-8800$ according to 2014chart.



BTC seems to bounce as largely expected of people that 58XX zone will do the magic. I saw a great analysis on the log scale showing exact price action on a re-test of major level. It worth looking at. If this is correct then BTC will be on with a great moves.
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Nice! I saw a rising wedge + a parallel channel.

I've taken a TA + FA view on BTC in my analysis for today. Check here:

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@jacobcanfield Good analysis. Thanks for your effort. By looking at the big picture one should see no single reason for Bitcoin still trading in the current price range. The only reason is some kind of life-support from one or more market makers. We will see how big the buy wall is at the level in your chart and, more interesting, how many orders will be executed instead of canceled. Feel free to visit my analysis based on volume and start embracing reality.

Have a nice day!

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I don't believe we will ever see under $6k ever again. The billionaires and super wealthy have recently bought a lot of BTC around $6000 over the counter. Theres clear evidence that over $100million is traded everyday OTC, with a huge majority in Hong Kong. The whales would probably never spend more than %30 of their net worth on BTC. So if I was a billionaire, I would spend 15% of my net worth buying OTC and another 15% would be steadily pumped into the exchanges to drive prices up and get the mass of middle class and retail investors back in to pump the price further. I fail to believe these billionaires would take huge positions like they already have, and just let their investments drop in half unless they want to accumulate more, which in that case would mean an extremely fast recovery and straight into a bull market.
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ghose12 tylor262
@tylor262, in that case if every day about if 100 million dollar OTC is traded the price must have till now should reach above 10k..no good news is effecting market..people stilll in earish mode..shorts inreasing ..we may go upto 6.8k and then down if 6k reaks this time
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tylor262 ghose12
@ghose12, what are you even talking about. do you even know what OTC means
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@tylor262, I can vouch for whales in HK buying OTC. About 3 years ago I went into the ANX exchange here to use their BTC ATM to be confronted by a 'pod' of mainland Chinese men opening up bags of cash which I could only assume was for an OTC purchase. No doubt it's still happening. The mainlanders really do have a penchant for buying things outright with paper money, as can be witnessed here in the property market too.
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So you went completely opposite of your #1 tweet?
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@jairedg, We pumped 7%, lol.
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