Doom and gloom everywhere. Spy and BTC both close to strong reversals in my opinion. A pattern has formed in Bitcoin where there is a large drop following the completion of a bear flag. This has now happened twice. This is the third bear flag Bitcoin has dropped from, but instead of having a large drop it has instead gone sideways?
Bitcoin also formed a large head and shoulders pattern. The pattern confirmed and Bitcoin dropped below 20k. Right to the measured target. There is a HUGE amount of volumes in USDT. If you analyze USDT against BTC you will also see a fairly easy pattern there that should signal bullishness. Caution is advised here for obvious reasons but especially due to this being a potential bottoming process. Nasty wicks/whipsaws happen in that stage.
Bitcoin is also potentially forming another large 2019 style inverted head and shoulders pattern with the left shoulder being where terra whateveritscalled was 'propping up' the market. Daily/Weekly both presenting strong bullish divergences as well. Lots of bullish confluence here but if this is a bottom the media will make sure you feel the opposite.
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Funny feeling...
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:thinking_face:
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Social media was talking about Terra/Luna whateveritis in the beginning of the year. How the giant buy-ins would lead to a massive bullrun.
What happened?
Then FTX and a bunch of other things happened and everyone is worried about BTC going lower. Much lower.
Also, back riiight before Bitcoin had its massive bullrun from 10k, Bitmex made an announcement requiring KYC.
Can't say for sure here but if I had to guess, bottom is either in or close.
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:thinking_face:
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As it turns out, this would have been a great swing buy. But I'm poor and stupid.
:thinking_face:
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:thinking_face:
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why am i so bad at this
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If you ever have a bad day, just remember that at least you didn't sell your (massively) winning (high leverage) long in the circle (aka re-test) like I did:
This would have been a much needed emotional boost.
:\
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This one had/has legs
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:thinking_face:
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Interesting circumstances here.
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This area is a pretty big deal.
Not saying BTC is bull or bear, but if bear there is a good chance this touch of the 50% fib will hold. Not only is this area the 50% fib of the local high and low, but it also coincides with the 50 MA on the daily. The RSI is also showing divergence with a much lower high in price.
Explosive upside potential to invalidate that divergence, but in BTC bear market rallies, the 50% fib usually produces a strong bounce.
On the bull side there is the potential for this monster to be completing:
Whatever happens next may be a very large move me thinks.
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Hmmm.
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Big break of a major diagonal and horizontal resistance on the daily on high volume. Plus the weekly 200 MA seems to indeed be holding support.
If volume continues to show up this could start a rather large rally. :thinking_face:
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:thinking_face:
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BTW
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gotta love fake ass bitcoin
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Congratulations you piece of shit.
You did it again.
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:thinking_face:
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E V E R Y T H I N G
in me
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4th time is the charm? been saying it for a while now, 40k+ is next. how high? fuggifikno
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NGL the 3h and the daily are straight up fug. Everything else looks okay(ish) though I guess?
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another shit day so that means BTC is about to go ham
WE WARNED YOU, DUMBASS
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So, Bitcoin has hit the 50% fib. Sentiment is quite bullish and there is a lot of talk about BTC reaching the .618 first before any substantial retracement.
My 'target' from back a few months ago was around 40k, but for BTC to reach the .618 it would have to go substantially higher than that.
Even though I sadly am not in a position right now, I am starting to turn quite bearish. When it comes to strong bull moves like this, however, I am usually wrong. This could very easily hit the .618 and I think chances are higher for that than a retracement, but to be objective here this is becoming quite ripe for a long squeeze.
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Another thing to add - the buyers are *very* strong, basically completely ignoring bearish divergences.
Also, a friend of mine has pointed out that BTC does indeed usually turn around (at least temporarily) when it hits the .618 bear retracement during a bull rally.
If I absolutely had to guess, I would say that Bitcoin either reverses here or blows straight through the .618. In fact, I am starting to think BTC's next bullrun has already begun.
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For some reason, I'm getting symmetrical triangle vibes here. Either that, or $38,000 but for some reason I don't see $38,000 yet.
Hmmm
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Here she goes again I thunk
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Trend like breaks and look out below
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Lookin kinda sexy rn
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another bullrun im too stupid/broke to be in
yay!
"Bitcoin is also potentially forming another large 2019 style inverted head and shoulders pattern with the left shoulder being where terra whateveritscalled was 'propping up' the market."
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So close to ATH, which in my opinion it should have done yesterday. Today at the latest. Volume suddenly dries up at an attempt of making a new high, yet it's still much higher than average. 0.886 BEAR fib.
Chances aren't high for a rug pull, but I'll be damned if this isn't a legit perfect setup for one.
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like...wat?
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I 'member this one paaaaaaaaaaaaaaaaaaainnnnnnnnnnnnnnnnnnnnnnnnn
but this is the daily :^)
AND its 60 rsi. AND prior ATH wick borke. with sell candles right before it broke. right at an important ma. weekly closed at a 3.618. 0.886 didnt test. well, on the weekly anyway. yet. my diagonal rsi line that clearly didnt point to the 4h trend line breakout is pointing to roughly 40 rsi (yeah, I remember that one you memed on me, thanks dad) no break of that ma sine january 0.786 was NEVER tested. 0.618 had a (in bitcoin standards) meme test. lol?
etf, etc. behavior way different than 2020.
i have no position but this uh ... ee
OH and most of all, the BATMAN PATTERN in the RSI!