Self Explanatory, Inverse Head And Shoulders on the Daily Chart. Not saying We're going up anytime soon. But I will say don't miss out on the halvening.
whose head and shoulders are those? What animal got head pointing down and shoulders up? Or is it an alien?
shiruba
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Is This a Troll?
ILL_Midas
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@shiruba, no. Definitely not trolling. This long is over 6 months or more
ILL_Midas
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@shiruba, the down trend will even the chart out and will make the neckline more even, then you will see it. I'm calling it early
irsanchez
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Are you eyeing any particular resistance level to indicate the start of the breakout?
ILL_Midas
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@irsanchez, this halvening is different from the last two, we've always been Bullish going into a halvening, but this time I feel it's going to be bearish. I'm currently looking at $7800 in the short term. However I'm also keeping an eye on the hashrate ribbon indicator so that I can keep an eye on capitulation if it occurs soon. Additionally I'm also watching the 50MA as of right now to see if it crosses the 200MA on the daily chart. If these events occur I'm going to be even more bearish and will have to do additional analysis to determine a lower support. As of right now I I'm leaning towards us just being sideways between $7800 and $9200 until roughly June - August of 2020 where I think we will break back above 10k and going into September and October we should be at all time highs above 20k
irsanchez
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@KingMidas423, why do you think a bull rally has followed the last two halving events? I have been trying to rationalise the sentiment shift but haven't come up with satisfying logic yet.