Looking at the breakdown from 6000, we can see that there was a sharp drop, and then a consolidation. The first three candles are marked as "Candle A," "Candle B," and "Candle C." As you can see, candle A was huge, and had a long lower wick. Then, candle B formed an even lower wick, but in the form of a hammer candle. Candle C then resumed the sideways consolidation pattern.
Looking at the current price action, we can see that it is pretty much the exact same thing so far, just in the opposite direction. Candle A is huge, and it has a long upper wick, similar to the long lower wick on the red A candle. Then, candle B produced an even taller wick, and it closed in the form of a hammer, just like the first B candle. Now, the current C candle appears to be continuing with the sideways consolidation. So, this is very similar to what we saw on the breakdown from 6000. So, if price maintains these similarities, I could see another explosive rise, that catapults Bitcoin into the major overhead resistance zone.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
I don't see any fundamental reason for BTC to shoot up 25% in one day. Your inverse H&S pattern has the left shoulder much larger than the head. This isn't going to work out unless you think BTC is a hunchback. LOL
IMHO, BTC is headed lower. It will likely hit the purple neckline line of support. And if we are lucky, it will stop there. The FOMO people will have left the party and gone home by then and if the whales show up looking to cause trouble, we may see a retest of the recent lows. You can't get out of a 15 month bear trend with a 3 day rally. The party is about to end, the beer has run out, and people are leaving.
@BDG, We had all week to recover. The 3-day weekend party is just getting started, it always starts slow and eventually ends with a bang.
BDG
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@Sherem, if you're bringing the free beer to the party, I'll be there. But it won't end with a bang. It will likely end with the cops showing up. The only "bang" we'll hear is the cell door slamming shut. ROFL
1. Why did you choose entry @ 6k? You failed to justify reason!
2. You're switching between 1st, 2nd, & 3rd person perspectives in your commentary. It's like watching a schizo do a one-man show ("as you can see...", "I could see...", 'we can see...")! Command your readers by writing in 1st person only, WITHOUT using ANY pronouns! The commentary is YOUR story, it's YOUR money shot baby! Don't fuck up the POV you crafted for your audience!
MagicPoopCannon
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@Jonny_Zutex, I'll write whatever the F I want. Thanks for the input.
earthling
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@Jonny_Zutex, My POV is: His POV is fine. He posts a chart that we can all see, that is the 2nd person plural "you"- he guides us through it. And then he makes a prediction that is his, and he claims it, and owns it with an "I."
there is this stuff called weed. you can smoke it. its very calming. oops , somebody forgot their apostrophe . folks might upset. Whom cares.
KineticCrypto
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@Jonny_Zutex, pedantic much? I thought MPC was supposed to be the one with autism?
IMHO, BTC is headed lower. It will likely hit the purple neckline line of support. And if we are lucky, it will stop there. The FOMO people will have left the party and gone home by then and if the whales show up looking to cause trouble, we may see a retest of the recent lows. You can't get out of a 15 month bear trend with a 3 day rally. The party is about to end, the beer has run out, and people are leaving.
That is my 2 Satoshi's. Like it or not.