Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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Every time we pump, we dump. Every time we dump, we catch support somewhere important. Bitcoin not only pumped off the .618 retrace, but recently held the .5 from the same fib after again retracing. So, no retest of the .618. (Yet.) Wicks are by far and wide the worst I've ever seen in Bitcoin the past week. Ethereum is pumping. We have a massive IHS ready to complete. One could argue a few more days and it is invalidated. We have a 'head' formed from my previous post, and it looks to be breaking into a 'Wing 3'. There is a massive falling wedge that has been formed and it looks as though Bitcoin has now broken through it.
Someone with very deep pockets is holding Bitcoin in place meanwhile Ethereum is pumping like mad. At first it started as Bitcoin being knocked down any time it went past $3,900. Now, it's Bitcoin being pumped any time it breaks below a crucial support. That isn't coincidence.
I was very bearish the past week, but after taking the past few days off the charts, things are looking primed to complete that IHS. Be on your guard people. *When* this market explodes, the direction it chooses will be violent.
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This is a year-long resistance for Eth. If it breaks, the entire market will go crazy.
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If we are forming a head for Ethereum, we could see a $400+ Ethereum before serious retracement. Bitcoin would be likely around $6,500.
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2 wings and a head spotted on smaller TF's:
Today be should be a fun day. :D
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Updated idea!
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Bitcoin quietly breaking through a key support
This is the major bullish trendline. Apologies for the sloppy chart. This is my daytrading chart ;)