DrJLT

BTC possible inverted H&S, to watch for 8.5k 9.5k 7.8k 10k

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Very straightforward: we go up the same way we came down.

The chart is illustrative. I think we'll slow down & take some time in each accumulation zone. Chinese NY is the 16th.

BTC             is like an index. In the short-term, its dominance level is likely to stay; perhaps it could even go a little higher around / after the breakout. Coins that significantly & consistently outperform BTC             are the ones to hold. Those that underperform BTC             are speculation-only IMHO.
Comment: Appears to be rather stable in the "accumulation zone".

Perhaps when RSI goes to 50 & UO under 40 on 4h scale we could be ready for the push.
Comment: As I mentioned in my reply to @monitorr below, it seems that the lower boundary for the zone is 7.6k not 7.8k.

I think we're not ready for breakout today; a revisit later to 7.8k & hard bounce w/ volume combined with the oscillators as I mentioned in my last update should be the signal.
Comment: Btw, I see people are suggesting a retest of 6k on TV, including someone that at 10k, 9k, & 8k said bull who now says it's downward channel. I see this as a sign of reversal.

After capitulation, many people are in despair. A small fall after the bounce has scared them. Surely we couldn't go straight up even in the most bullish markets?!

I'd say the chance of a 6k retest is minimal, but a retest of 7k is possible.
Comment: need to note that while the price seems to be close to "wave 5" on the chart; the chart is illustrative. I think we'll touch the bottom of the channel again (at least once more) before breakout
Comment: On second thought, perhaps suggesting "waves" here at this very small time scale isn't the most appropriate.

I'd like to see that we accumulate for a while & build a strong base.
Comment: If this evening / night we see a slow drop towards the bottom of the channel, it'll be very bullish.

We need to accumulate, and within the range it's likely to come down. If there's no rush sell-off during this, the market sentiment can be confirmed to be warming up.

Also, like I mentioned yesterday in the comment section that I think the ones that are likely to perform well are those with solid fundamentals & great progress: I believe in the beginning of a market cycle people are more cautious; it's towards the end, when the market is euphoric, that people buy into undelivered promises.

It's one of my investment principles. I can't post the link here because I'm not a "premium member" & not allowed to promote myself. I may subscribe if I get to make a little this year. Cash flow is tight.
Comment: Another strong push. This to me again confirms that the bulls are starting to gain momentum

Nevertheless, IMHO we're not going to break out just yet. Perhaps this evening or tomorrow. Again, this breakout will likely be followed by a retest (as this post original suggests).
Comment: Probably should've bought some LTC when BTC was at 7.8k this morning. Still thinking it should have a "spring" before breakout. --- of course nothing is certain unless you certainly know (in which case I wouldn't be posting here :D).
Comment: Binance back online & everything is safe --- this is a bull push that may bring us to 9.5k. I think it's quite likely to have a breakout tonight / tomorrow.
Comment: We have crept out of the accumulation zone. I expect around 9.5k in 24h but a drop afterwards (that is if the chart was right)
Comment: oho, seems to have failed 9k & heading towards 8.5k
Comment: We have a falling wedge now. Quite likely to see a bounce back to 9k, but going under 8k would be bad.
Comment: Need to watch closely. I'd say if we go above 8.5k we have a breakout above the falling wedge. This'll take us to retest 9k.
Unfollowed.
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maybe this is the 5k shot ;-)
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yep sounds spot on doc, up a little down a lot then moon maybe ;-)
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Thanks for these updates
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Well, it's "tonight" and we're at the bottom of the channel. I guess we'll see what happens.
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https://www.jlteng.com/category/my-principles/investment-principles/
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Very strange thing. don't want to slander anybody but why are some 'top' posters on TV always wrong? A friend suggests that somebody intentionally post the opposite to mislead. I prefer to think it's less cynical.
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@DrJLT, you're definitely less cynical than me doc but nah I think they just clueless ;-) We know who the true #1 is ...
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@DrJLT, Interesting you point that out. There are few "influencers" on tradingview too. You can always go for the opposite of what their idea suggests. Any good trader will be trying to fool the average investor... Sometimes with a hidden agenda and misleading ideas. Or ideas to help boost ideas sold in the premium channel.... WATCH OUT PEOPLE. TRUST NO ONE.
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Hey Dr, I was plotting the same EW pattern but it was invalidated last night because wave 4 can not over lap wave 1. I think we now either have an ABC (which would see B revisit 6k) or the wave 1 was prolonged and we are in a consolidating wave 2.
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