Good Afternoon! This is an educational analysis on
BTCUSD
. This has been a long term, working analysis with much of the existing forecasts already proven true thus far. Let's start with the trend lines: The red sets represent the downtrend of late; the dark lines are our support/resistance and the light red is out trend line. For me to turn short-term bull again with
BTCUSD
, I'm looking for a breakout of the resistance. I'll consider going long-bull if it breaks out of the light green trend line. On the bull note, you can see the inverse head and shoulders pattern we started mid-January of this year; it was never confirmed nor invalidated. It came so close March 5, but we never confirmed it. This means we could still confirm! Yet, since the head and shoulders formed we've had a solid bearish flag, textbook really. It looks like we're also making a second bearish flag since yesterday (3/14). We have not had a complete cycle within this flag so this is really just speculation here. It's been trending up on the four hour chart since about 1AM MTD, so Asia has been buying up some, but this momentum is not all that strong. Looking at the MACD we can see it's really flat given the upward volume. Bulls are waning. I'm estimating a breakout of this hypothetical bearish flag around March 18th with a strong downside pressure like we just came off of. We also had a head and shoulders pattern develop inside the first bearish flag and the bearish flag and inverse head and shoulders were confirmed at breakout yesterday, 3/14. Although I did not publish this speculation (wish I had now) I did call this. I know without any proof I'm gonna catch some shade for even saying that, DGAF! I'm going to call $6000 within the next 10 days, though I'm not going to say if that's the bottom. If I had to be honest I would say it's about 50/50 we head into the $5000 range.
This has been an educational only analysis brought to you by NHoltgraves.
BTCUSD
. This has been a long term, working analysis with much of the existing forecasts already proven true thus far. Let's start with the trend lines: The red sets represent the downtrend of late; the dark lines are our support/resistance and the light red is out trend line. For me to turn short-term bull again with
BTCUSD
, I'm looking for a breakout of the resistance. I'll consider going long-bull if it breaks out of the light green trend line. On the bull note, you can see the inverse head and shoulders pattern we started mid-January of this year; it was never confirmed nor invalidated. It came so close March 5, but we never confirmed it. This means we could still confirm! Yet, since the head and shoulders formed we've had a solid bearish flag, textbook really. It looks like we're also making a second bearish flag since yesterday (3/14). We have not had a complete cycle within this flag so this is really just speculation here. It's been trending up on the four hour chart since about 1AM MTD, so Asia has been buying up some, but this momentum is not all that strong. Looking at the MACD we can see it's really flat given the upward volume. Bulls are waning. I'm estimating a breakout of this hypothetical bearish flag around March 18th with a strong downside pressure like we just came off of. We also had a head and shoulders pattern develop inside the first bearish flag and the bearish flag and inverse head and shoulders were confirmed at breakout yesterday, 3/14. Although I did not publish this speculation (wish I had now) I did call this. I know without any proof I'm gonna catch some shade for even saying that, DGAF! I'm going to call $6000 within the next 10 days, though I'm not going to say if that's the bottom. If I had to be honest I would say it's about 50/50 we head into the $5000 range. This has been an educational only analysis brought to you by NHoltgraves.
Comment:
Bulls have gained some momentum and actually broke out of the bear flag resistance levels. There's not a lot behind the bull momentum and it really doesn't mean a lot to break out of the flag at this point. If it breaks above our downside resistance trend line then I'll go bull again. Looks like we're about to have a MACD crossover so this could be the moment bulls are waiting for!
Comment:
Comment:
New bullish flag formed inside of the bear flag. We're starting to lose that bearish flag as well. It really has broke out of the flag resistance, but just barely. I'm keeping the metric in the analysis because I feel that the bear flag has weight still. Thing is, this bull flag that's just formed today also supports the breakout theory. If this is breakout, it's weak AF! If it is a breakout, it wont last, they'll be mauled by the bears.
Comment:
Bear flag is just perfectly fitting, called this one!!!!!!!!!!!
Bear flag is just perfectly fitting, called this one!!!!!!!!!!!