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.
Don't forget to like if you appreciate this :)
Previous analysis:
Comment
⋅
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.
Comment
⋅
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
The market sentiment is positive, but I begin to feel euphoric in the market and so I decided to adopt a more conservative strategy that helped me get the total profit of 45%. I follow the BTC and when it breaks I run to altcoins and stay until the next demonstration of resistance of the BTC. To paraphrase what you said, I am afraid that the market will correct it with such violence, thereby losing my profit. I do not have the ambition to get every correction from 3 to 5%, my intention is to confirm the strength of the bulls and surf until the next resistance, so I keep my profits. At that moment, I await the break of this Bullflag.
ReallyMe
⋅
> "Bulls still have no fear at all, buying up each dip"
Because they are animals, got not much brains in their heads.
kardia
⋅
@ReallyMe, I wouldn't say that. Even large financial institutions are accumulating Bitcoin. You can't think like a day trader in this market. If you do, you will miss out big.
ReallyMe
⋅
@kardia, Oh yeah, the mystical institutional investors, again? Do you really believe prudent fund investors will dare to invest in the most volatile markets, the crypto, in times of economic recession and falling profits of classic, proven share values? You've got to be kidding. Just look at the whale animal who tried to pump Bitcoin past 9k just an hour ago and what he has got. Stupid, greedy animals, that's all
@kardia, , my friend, these alleged senatorial secret "news" that you fall for is being written by whales who want you to believe exactly what you already do
kardia
⋅
@ReallyMe, global regulations are coming to this market very soon. Perhaps you will have a different perspective when that happens. In the meantime, be watchful for an opportunity to get in at lower prices and enjoy the ride up. I believe we are going to 100k.
ReallyMe
⋅
@kardia, "Global regulators are coming this market very soon". I've been hearing that for two years. "I believe we are going to 100k." I've been hearing that for three years. At's alright I too beieve that but low prices mean <2k for me. We're getting there...