Hello. Recent days were pretty indecisive for cryptomarkets, but the fact is that this indecision was quite specific. Whole image presents accumulation phase, fractals building patterns. Bearish patterns could lead to fakeouts at this stage, like it did at the beggining of April.
Presented analysis shows buy opportunity with tight stop loss below trading channel and profits located at fibo resistances. Touching upper resistance of trading channel could lead to another effects and We will track them carefully.
Long term analysis is prepared for You in my previous BTC idea and it supports current one:
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Profit #1
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Fibo 0.236 crossed, expected meeting with upper resistance of channel.
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Possibility for correction
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0.236 fibo didn't hold, return to blue support could occur.
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single seloff seems no hurty !
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0.236 fibo retest once more, big selloffs seems negligible while bullish signals coming to drive the market crazy. There is some possibility for correction, but good profits very often come quickly!
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Small pressure is not damaging, 2 scenarios for next movement. Price lies on 0.5 fibo, now will pick up decision if retesting blue support is needed.
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Bear trap, back to pushing up, We experience pretty positive momentum these days
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Very nice accumulation phase, this time i am pretty convinced it will push up to profit 2 zone.
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Position is in danger! Price could meet with potential resistance zone! Track carefully this spot to book profits.
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Time to book profits! Dangerous breakouts.
Trade closed: target reached
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Longing is obviously over long time ago, I would just to encourage You to check my mid-long term analysis on BTC in this idea:
I'm 'Lost For Words', that was a very nice call. BTC is 'Coming back to life'. I have 'High Hopes' we wont be 'Marooned' for much longer...
pinfkloyd
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@J167889, Just not to fall into the endless river, this was pleasure to hear You :)
toru99
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Good catch. Hesitated to buy on your post, but now do we consolidate here and up till second target or drop first in your opinion?
pinfkloyd
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@toru99, seems We are accumulating, this could be fast and profitable run! The price looks like It would correct a bit near 7500 but You need to watch 0.236 fibo to be sure if market shows enough strenght to force it and push higher.
Because of the 6th June, some people thought that there will be a big spike, this time a big pump (just like 6th January, 6th February, 6th April, 6th May) today. But it is bullshit! Because that manipulated pattern is detected, why do the market makers want to pump on today 6th June again so that the regulators will have a chance to catch them?1
So it is time for a very very nasty selloff, max. in the next 4 - 6 hours.
pinfkloyd
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@nkhchain, Look. They might want to pump it because price is cheap or people are selling, not 6th June case. Forget time fractal patterns, it is not about them, really. Well, 1 month is enough to shake out holders temporary, why do You try to force opposite thinking? You say big pump, I think +300%. I say +20%, You think "No way!" That's how Market Gods see it, more or less.