I will try to answer all of these questions...
First, we are NOT at the start of anything yet, because there has been no confirmation made.
On the , we haven't even made a higher high! If you follow the black , it basically forms a . There may be a newer uptrend line that can be drawn since we have had higher lows the past couple months, but what is the SLOPE of that line?
... It looks pretty weak to me. More like a than a breakout.
But, anything is possible! Could we reverse from here? Sure. But, have we gotten any confirmation yet? I don't think we have. Sure, Altcoins are booming, but has bitcoin even broke 7k? Has bitcoin even broken the larger downtrend line of lower highs? Nope.
Alas, there is my chart. I have drawn historic support levels in blue, and historic resistance levels in red.
- The Green Box is where price will re-test the for lower highs. Breaking that is the first step.
- Next is the Pink Box. If we break that area, I do believe we will be safely in territory for at least the remainder of Q4.
- The Yellow Boxes are local supports, that I think price will likely retest with a vengeance at some point.
- The Blue Box is the massive base support. I don't think we go lower than that, if we do break 3k, my days will lose color and my life will suck.
Thank you all, let's enjoy the show!! Be careful about opening positions in between zones!
But if you practice good risk management, I believe there is still some time to catch these altcoin profits!
Good luck investors and traders :)
Now we are back just under the triangle line. I see another possible formation forming, and will update shortly
The first week of November looks to be very important for bitcoin!
Here is the update!! I drew out some potential patterns that are forming. We have the largest pattern, our descending triangle (still potentially bearish), and on smaller time frames, an ascending triangle (potentially bullish). The RSI has also been adhering to its support /resistance levels quite well.
But something I noticed while charting was that a lot of these patterns, both large and small, come to an end in the time frame between October 31 and November 6! I truly believe we are going to see something during that time frame that will give us a good future indication of the market.
This last short squeeze was nice! Let's see if we can break the upwards resistance and close above it.