DHuts

So Many Bullish Signs (potentially)! BTCUSD

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hey Everyone,

This is an update to my previous analysis as we look for a perfect entry into the next bull run. From my previous analysis, we looked at how a confirmation of the descending which pattern could propel Bitcoin             into the 10,000+ range which would set us up nicely for a healthy correction back to the .618 Fibonacci retracement at around 9,500. This could then form of positively sloped inverse head and shoulders pattern. We are still headed in that direction and with the development of some very nice bullish patterns along the way.

Let's talk about those bullish patterns. First of all we have a technical higher low at point C of the orange hypothetical ascending triangle . Looking closely at that candle and into the next few hours, we will be able to determine if it is indeed a Hammer . If I hammer confirmed there are next test will be the 9200 range. All previous level still remain intact and the chart demonstrates these pretty well otherwise look at my previous posts and you'll see I follow the same idea on past charts. I did extend the timeframe of the hypothetical inverse head and shoulders pattern to include the hypothetical ascending triangle . Looking to the downside, if we fail to go beyond the 9200 range and fail to form the ascending triangle then we will have a fractal double top and that would not be good for the bulls. I don't think that is likely but I'm not always right.

I hope this serves as a good educational guide and that can help you with expectations. I wouldn't recommend trading anything here, best to sit back and watch for now. We need to see if these bullish signs confirm before we consider them valid.

Thank you, and please "Thumbs up" if you appreciate or like the analysis. I'm new to TV and want to get my rep up.

Cheers!
Comment: Not a very strong confirmation of the Hammer but a confirmation none the less. The 200 EMA and the 50 EMA are giving the price action a squeeze, a break back above the 200 would be yet another great sign for the bulls
Comment: No ascending triangle, but we do have a symmetrical one. I'm hoping for a break to the upside, we'll see if we can hold the long-term upward trendline.

/Users/Daniel/Desktop/ScreenShots/Screen Shot 2018-03-24 at 5.26.12 PM.png
Comment:
Comment: Okay, this idea is totally invalidated. I need to zoom out and reevaluate it. I still think there is an inv head and shoulders forming long term. I am not afraid to admit I was wrong on the timeframe, but I still think that is a possibility and that the trend overall is still bullish. If we break past the long-term uptrend just under the 7000 mark then I might be bearish, but I don't think that's going to go under that.
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