dopebroker
Long

Breakout Potential

BITSTAMP:BTCUSD   Bitcoin / Dollar
It seems the Head & Shoulders reversal has failed and we've just gone sideways instead. This is much more attractive on 1d candles, and looks like we're setting up for a breakout at some point here. News will need to force us through resistance on high volume and we will need to close above the trendline .

StochRSI is bottoming out here as well which is perfect for a breakout.

We could go sideways for a month or more and there's no real telling where the range in this will be, however it looks like we're charging up here for the run up.


Asterix
2 years ago
Why do you think head and shoulders have failed? I think they are still forming
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dopebroker Asterix
2 years ago
There's really no form to it in my opinion. It almost looks like we attempted it and now we have this huge mutant shoulder roll-off fueled by nearly no volume.
Pullback Before Flat Trading?
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Asterix dopebroker
2 years ago
Will see. I view current development still as the right shoulder forming
Reply
dopebroker Asterix
2 years ago
I definitely see your point, although I don't see an insanely massive drop happening either way long-term.
Turn It Aroundddd
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Asterix dopebroker
2 years ago
I agree that the overall trend remains bullish, but it seems that in the short-term we are going down
+1 Reply
coinwatcher Asterix
2 years ago
It would only be natural to think a drop would be incoming...but the longer it doesn't occur...the less likely it'll happen.
+1 Reply
dopebroker
2 years ago
This could just slowly retrace down the BTCE downward trendline.
snapshot
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dopebroker dopebroker
2 years ago
snapshot
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Asterix dopebroker
2 years ago
So far volume is so low I think it is difficult to draw conclusions either way
+1 Reply
dopebroker
2 years ago
We're still moving along this same line... the longer side-ways the stronger the breakout at this point.
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dopebroker
2 years ago
Updated chart w/ current indicators
snapshot
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dopebroker
2 years ago
snapshot
Definitely looks like we're retracing here.
Reply
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