Bitcoin bulls still have no fear at all, buying up each dip

Going to continue the analysis here. My last update:

Stil not a lot going on, seems the channels and the triangle still have some meaning, but no real moves from either side.
Assuming it's more bullish than bearish, kind of disappointing that it just can bounce up above the 8800. So don't want to say already that bulls are getting a bit weaker now, but if we drop back in the channel again, would be likely to see it drop to the low again.

Not really the movement i am used to seeing inside of a bull flag. So think below the 8800ish, bull should be a bit careful.


Here it shows again that the smallest signs are sometimes the most important ones. On these charts i am showing several channels, just to compare things a bit. As mentioned in the previous update, it doesn't feel like a normal bull flag anymore. It dropped to 8450 so that confirmed that. However, as we can see in the middle (yellow circles), we had a few more moments like these. But then the bounce became quite strong and eventually it became a bull flag again and we simply made another push up.

Alts have been doing even better today after the drop with this bounce, which is a sign of strength. As i am writing this it seems we are seeing an attempt to break up here. Where 8700ish AND that black trend line seem to be the challenges for the bulls now. If these 2 break, together with the alts showing so much strength. I am too slow writing this and the market is moving to fast now, so keeping it short :).

Obviously the 8950 is a resistance. I think short term, as mentioned above the 8700ish is the first step and 8800ish will be the next step. Think if this one breaks, bulls will be in favor again (short term, nothing to do with mid-term view). Now short term there is a lot of noise so making it very hard to make solid predictions. But as mentioned in the other analysis, comparing current rally with the ATH, it is very important now to see what happens if we do rally. If we do break the 9000, it's very important to watch the volume and the shape/pattern we might see that goes with it. The strength/size/volume of this potential rally will give us a an easier answer on what to expect for the coming week.

I see it already broke that little flag and the resistances. So bulls, you can ignore all the noise you want since the trend is your friend, no doubt about that. But you can not ignore volume and possible dropping momentum, those are usually the first signs of a turning point. I am telling this, because if this happens, it can drop very hard and a lot. That's all i can say for now actually. I will try to say when i am more confident about a move down or up, at this point it's just still to difficult to say.


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Previous analysis:

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When looking at alts, they look pretty damn strong. Showing bulls flag and those inverse H&S patterns. These IH&S, are the most unreliable ones there is. They fail most of the time when they are this big. But we have seen in 2017/18 that they did play out. So if the market is still very strong, it can happen. But what is important, if the bulls go for it, they need to squeeze through the resistances, like the yellow circles. Any weak/slow attempt that takes a lot of time, will very likely fail.

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Looking a lot like the inverse H&S from a few days ago. If the blue curved line hold, it could happen again. It almost looks too easy, but if it stays above the 8680/70 it could play out

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New Bitcoin analysis