A simple and basic general view on Btc right now

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The graphic is primitive, i normally do them this way for myself in even worse, with indicators on.
I am a day trader and i usually like to trade waves and post dip pumps.
I did not add any indicators, so the overall view could remain clear.
I see two possibilities for Btc right now to open trades.
Trade active: This is getting interesting. On the 5Min chart, a bullish flag is beeing formed.
If the bullish flag was about to reach his inverse pole target, we would be close to reach the target of the reverse H&S pattern, which would be a bullish sign with some chances to reach 9200 Usd.
But Bearish flags are most of the time irrevelant in such an important downtrend we are having.
If the bullish flag doesn't create an inverse pole to the upper part, the normal H&S will certainly be formed.
Such a nice action tonight!
Trade active: Bulls are struggling to push Btc above the 50 EMA. The resistence is very strong so far. Some candles above it would be a very good sign.
Trade active: After 40 mins of ferocious struggle to break trough the current resistance, Bulls are having a break.
Let's see if they are going to try again putting some pressure to this 50 EMA and push above it!
Trade active: Here we go again! The bulls are already making a come back, they just breached trought the current local resistance, but the candle is not managing to stay above it yet.
Trade active: We are actually right now at a key moment regarding Btc.
If the bulls manage to create an upper flag pole, the reverse H&S would have chances to be made, which would give great opportunities for Btc to get to some good decent highs, knowing stock markets and Nasdaq are probably going low again.
If the bears manage to create the right shoulder of the standard H&S, we probably gonna see Btc go back to some lower resistances, for the happiness of opportunistics low buyers.
Trade active: It looks like the bulls are out of breathe right now.
Unless a miracle happens -i'm thinking about some more incoming volume and bullish motivation-, we probably gonna see a right shoulder of the H&S getting formed, for some more lows to be seen.
Comment: The bullish struggle is real, i can't believe the dip that just happened from 8310 to 8030 is not getting already pumped! Come on bulls.
Trade active: Surprisingly, the bulls managed to quickly move up to the local resistance.
Let's see if it pierces it and manages to install some candles over there.
Trade active: Bulls unexpectedly just broke the top of the local resistance line!
Let's study what happens next.
Trade active: The Bull miracle i was talking about seems to be on its way to happen! Such a reversal, everything seems possible with cryptos!
Btc is now on its way to reach the reverse H&S left shoulder target.
The last 10 hours were completely crazy.
Trade active: 14 hours ago, a right shoulder was beeing formed and almost reached its shoulder target, but it completely reversed and started forming the left shoulder of the Reversed H&S.
Keep in mind that the market is extremely volatile and unreliable right now.
As we are in an important downtrend, the left forming reversed H&S could start heading lower to eventually end up forming the right H&S.
Trading right now would be in my opinion some pure gamble and very risky, i would advise waiting for some clear signals before starting to trade.
And... Good luck everyone.
Trade active: A bearish flag is beeing formed. Let us see how bulls react to it, they are looking very strong at the moment.
Trade active: The bulls could not overtake the current small bearish flag.
Trade active: The Bulls seem to remain very strong, they immediately stopped the forming dip at the lenght of the bearish pole.
Trade active: Heading to 8030 to 8840 in just 11 hours made it clear a healthy small correction had to be done.
When we see important quick bull runs like these, we tend to forget that we are in a bearish trend, greediness and FOMO can make trades tempting, and that is why i recommended not to trade as it would be too much of a gamble.

This succession of bearish flags that is happening now should be a clear warning that bears are dominating, and this is to give us pause.
Trade active: Looks like a small Head and Shoulders just formed... Let's see if the bulls can overtake it.
Trade active: We are getting closer to the upper target.
Even if we see some bullish progress, we are in a huge downtrend.
Bears might be calm, but they are still here and active.
Trade active: Target almost reached on Bitstamp.
We need to have a candle to close above it, and the target would be definitely reached.
This will not be a trading start, yet, as we might see a retest of the left shoulder to the downside.

We might as well be in the middle of a dead cat bounce, do not forget the huge downtrend.
Trade active: Bulls are trying to break through the local trendline.
If they can make it, expect some more bullish uptrend to happen for the next day.
Trade active: Btc broke throught the local uptrend line.
We should see a slight new bullish uptrend now.
Trade active: I wasn't monitoring well as im on holidays but Btc formed a sort of big bearish flag. Let's stay alert, bears are still in the place.
Trade active: The slight bullish breakout we just had was in fact weaker than expected, and it even dived below the local support Btc made 12 hours ago.
This is not good.
Trade active: Btc still needs to reach the 9000Usd + area to start trading.
Some candles above 9050 will be a good signal.
Price might reach 9100 and then go lower to find some support.
9100 would be more cautious than a weak 9000. We are still in a bearish market and caution is the key, we dont want to start trading too early and realise we were in a bull trap since a week.
Trade closed: target reached: Btc exploded by the top.
But expect some quick retest of the supports between 8600 and 9000, it is normal to correct after such a general market explosion, it will be healthy to buy in if you missed today's opportunities
Trade active: Btc, Eth are currently forming a large bullish flag.
Ltc is forming a huge one.
Iif you want and can, you can buy now, the risk reward is low, these coins are going to explose by the top pretty soon.
Good luck to you!
Trade active: Btc sloghtly broke out the top of the bullish flag.
Trade active: I hope my updates were clear enough to give you some buy signals, and that you managed making some profits.
The bull run is not over, you still can find some quick entering when the coins have some slight drops.
And thanks for following me!
Trade active: Hi again traders,
Btc is again, forming a bullish flag.
We are having an exceptionnal bullrun, i would say we have a solid 75% chances that this Btc bull flag propulses it higher, with Eth and Xrp too.
It coule be the right time to add some more.
Good luck.


This is a GREAT "exec summary" charts. #RESPECT
+2 Reply

+1 Reply
It could go up or down. Hey, hey, heeeeeeeeeeeeeeeeeeeeeey!
+2 Reply
Giorgioversace modern_day_astrology
Whatssu whatssu whatssu whatssu....
j3g modern_day_astrology
@modern_day_astrology, you brat ;), there are key indicators of what will happen. this smart TA is stating to wait for CONFIRMATION ...but the exec summary is that it is about to go POP! Basically we are all watching for a dip down to $6000 support again
I've got the same view. It's not simple and basic (you are too modest) - it's clear thinking. Suggest comparing with BTCJPY chart, the neckline's a bit higher. IMO the reason it reversed back under the neckline yesterday was because of the Japanese TA (Bitflier inJapan having 3x the BTC vol of any other exchange).
+1 Reply
Spot on. Inverse Head and Shoulders in formation
+1 Reply
Giorgioversace bottomshorter
Yes, let's see if it can finally and properly make the left shoulder of this reversed H&S pattern. We're getting more and more close to do it!
bottomshorter Giorgioversace
@Giorgioversace, Lets rideee baby!! Thanks for the chart
Giorgioversace bottomshorter
I think this is the most painful and intense 400usd raise that Btc has to do for its survival.
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