The market is at a turning point now it seems. Going to keep this one short.
2 options here, it's either a bear flag or a double bottom. For the double bottom we need to see it move inside of a small bull flag as we can see on the left. So needs to stay close against the neckline of the W bottom for a while, maybe a few hours. If that will happen, a break upwards is very likely to happen.
If we see rejection at the current level, so if we drop again below 155ish, than the bear flag option will become much more likely to happen.
At this point it's difficult to say which one it will be. For the bulls i would say, play it safe and wait a while to see that small bull flag play out first. Because than your chances go from 50/50 to almost 80/90%. For the bears, its more difficult, because if it starts to drop it will likely continue to drop.
Based on my BTC analysis, for now i prefer a bullish outcome, but only if btc can hold current levels.
As we can see from my previous analysis, so far it has been moving as planned, so the bullish version would be ideal. Would have been so much easier to say things if we didn't have that Finex issue hanging over the market. But feels like most already forgot about it. Tether is also on it's way up again, which is good.
Previous analysis:
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The bull flag played out perfectly, going sideways for a few hours around the resistance and as mentioned, increasing the chances a lot when showing some patience and having the odds in your favor. Normally fell short for like 1 dollar of it's target, so don't dare to say if its already done or not. So mid-term chances have increased again for more bullish movement, compared to past days. Short term, we could see a test of the neckline again, we should NOT drop below that neckline anymore around 156!
If you look at the higher timeframes this is a great entry moment. Wat denk jij?
botje11
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@Crypto_Camper, yes it is :)
UnknownUnicorn1780802
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If @botje11 says the Earth is flat. I believe him.
botje11
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@lvg3g, hahahaha :)
HouseTarly
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I'm expecting this to breakdown. Guessing where there may be a rejection is a crapshoot IMO (Could be $165, $170, etc).
hamie101
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Can you look at xrpbtc? underwater in a short from that random news pump lol
botje11
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@hamie101, that has been a tough one. The target of that big bearish wedge I posted in dec might have been reached. So it could be over already. If you have a small size, maybe wait it out until bitcoin breaks 4950ish. Nothing else easy to say
Protoneus
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David really a nice and objective view!
luissjp
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@botje11 what do you think of a posible inverse head and shoulders
Bears came out to play but the bulls stopped them out and drove the price up triggering our long trade alert. We are currently long and watching to stay above the blue line and also watching the stochastic trend indicator on the daily as it's primed for a move up. Looks like bulls are in control as of right now :)