DrDovetail

Extremely pivotal moment for bitcoin could signal bearmarket end

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
If we can break up from bitcoin's current 4hr bull pennant , the breakout target shown here is around 4350 or so....which would also allow us to hit the green falling wedges breakout target shown here as well. Much more important than either of those targets however is if we can at least get enough momentum from a bullish break of the bull pennant to lift price action above the lavender horizontal trendline at $4117. Why is this line so pivotal? Because if we can reach above it we will for the first time since near the beginning of the bear market form our first higher high on the 1 day chart. That would signal that we may finally be starting to see exchange in the overall market trend from bearish to at the very least more sideways...we could of course hit that higher high and still follow it up with a lower low if the rejection at the top descending dotted white trendline is powerful enough...if we were to then follow it up with a 1 day lower low, that would almost certainly become our capitulation candle(unless we already had capitulation back in late December at 3.1k). Also if we were to follow the daily higher higher with a lower low, even though bears would then still be in control we would very likely have another higher high after that lower low since it would likely be a bounce up from capitulation and from there we could expect a higher low and a subsequent higher high after the higher low on the daily. Once we can complete a consecutive higher high/higher low/higher high sequence on the daily chart I will then be confident the bottom is indeed in. However we could also bart down here instead of breaking up from the bull flag and simply continue our never ending bearmarket series of lower highs on the 1 day chart....if so the bottom may not be in for some time. So for now though this is a very pivotal moment for btc ...especially if we can break up from the current 4hr bullpennant. 4hr stochrsi looks like it wants to go up but the daily stochrsi looks like it wants to head downward so who knows it could break up hit the target and then have a big retracement...if so as long as the breakup goes above 4117 that will be a very very good sign...even if we capitulate immediately after.
Comment: looking on the BLX (bravenewcoin liquid index for bitcoin) chart instead of bitstamp, on that chart it appears that we may want to get above $4288 to achieve our daily higher high but as long as this bullpennant triggers we are likely to surpass both it and bitstamps higher high target.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Send feedback Ideas Published Followers Following Private Messages Chat Sign Out