BTCUSD: Bump and Run is the most reliable of All TA.
This needs to be emphasized and reemphasized. Bulkowski wrote the literal Encyclopedia of Chart Patterns and ranked formations against one anther and the the Bump And Run formation, both as a top and a bottom formation rank #1 when it comes to performance
thepatternsite.com/barrb.html
Falling wedges by themselves are garbage, expect when they are macro structures in a bear market (and that is a whole bear market, not a correction).
thepatternsite.com/fallwedge.html
If you are in short now I feel bad for you son. The most reliable chart pattern the next move is up with a interim target is $11,000-1200. With a chart pattern this good you could almost afford to be setting your targets on the formation alone.
I am still very much a macro bear when it comes to BTCUSD. Repeatedly and continually I have put a target of $1,200-1,400 on the table. My Linked post Comparing Gold and Bitcoin: Crypto isn't a Fiat Alternative (yet) makes my case very clear. We are still very much in a consolidation triangle. It may be symmetrical, it may be descending. I have repeatedly stated my intent to short crpyto from higher up and I will admit how high the target is going to be. The BARR sets up a really nice place to set up a short, or if you don't have shorting in you, to take profit one last time. But the bollinger bands, long term trend lines, etc don't have BTCUSD going much higher.
thepatternsite.com/barrb.html
Falling wedges by themselves are garbage, expect when they are macro structures in a bear market (and that is a whole bear market, not a correction).
thepatternsite.com/fallwedge.html
If you are in short now I feel bad for you son. The most reliable chart pattern the next move is up with a interim target is $11,000-1200. With a chart pattern this good you could almost afford to be setting your targets on the formation alone.
I am still very much a macro bear when it comes to BTCUSD. Repeatedly and continually I have put a target of $1,200-1,400 on the table. My Linked post Comparing Gold and Bitcoin: Crypto isn't a Fiat Alternative (yet) makes my case very clear. We are still very much in a consolidation triangle. It may be symmetrical, it may be descending. I have repeatedly stated my intent to short crpyto from higher up and I will admit how high the target is going to be. The BARR sets up a really nice place to set up a short, or if you don't have shorting in you, to take profit one last time. But the bollinger bands, long term trend lines, etc don't have BTCUSD going much higher.
Comment:
We continue to consolidate on the lead in trend line and have formed a potential micro Bump and Run bottom Reversal. We are up 2.6% as of this writing an so there is still time to buy a retest of this lead in trend line. If we don't retest it, then the intermediate target is invalid because you need the retest of the trend line for it to be a BARR.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion
