Breakout of linear downtrend connecting Dec 2017 high with May 2018 high. Successful close above this resistance is buy signal for me and should lead to retest of 9k levels.
Situation: 20 MA giving support. First resistance will be weak 100 and 50 MA. Main target is the 200 daily MA and beyond.
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Interesting bars patten overlay <deleted>
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We have dipped below the trendline, waiting to see what happens now.
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It's looking like a rejection sadly, but I'll wait and see. If BTC stays above the trendline we can go up.
I am the biggest bull right now, so bullish that you should be scared of my bullishness :D
RealMcafee
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@joachim.snellings, Likely to be a testing few days ahead still
joachim.snellings
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@barclayjames, I agree, weekend are not often the high upside days, and I accept the possible fallback, to retest. I'm not a daytrader
Thanks for your analysis, i'm considering both movements :)
nomisl
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So close, yet so far.
From when I've seen since Nov any impulsive move ups tend to happen between 11:00-16:00 GMT. So theres about 1.5hrs left for today. Also I've marked down all rise and fall days since Jan 2017 and based on the stats Thursday have relatively more chance of rises than falls (41 rise days vs 32 fall days). Although the last two months have been a little odd in the sense that in April all Thursdays have been rise days whilst in May they have all been fall days. Looking into the next three days though there have been more Fri,Sat and Sun rise days than fall days. So hopefully it'll break upwards between now and end of week.
RealMcafee
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@SaimanLi, I noticed that in part, also a lot of pumps tend to happen at night (UTC), probably pumping in Asia??
nomisl
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@barclayjames, Ah yes thats true, the "Asia pump" too..guess I occasionally forget about that as I'm asleep lol. Well looks like theres no action during GMT time so lets see what might happen when Asia wakes up.
RealMcafee
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@SaimanLi, I'v given up guessing - there's nothing bearish about the current setup but I guess people are too scared or unsure. Could be retest of low 7s before any up
nomisl
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@barclayjames, What sort of worries me is the more people think this is a bullish setup the more it might fall. Kind of like when people were talking about the 6th June being the low point and then up. So far nothing has happened and at the moment the recent low was the late May one. But I guess what makes this market quite "interesting" and "trilling" is when it suddenly rises 10-15% when we least expect it. Just like when I was randomly watching BTC when it went from 6.9k to 8k...it just suddenly jumped.
RealMcafee
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@SaimanLi, True, Bitcoin generally doesn't do the most obvious thing but I think most people are bearish rather than bullish. It seems to me all top authors are and just looking through the ideas, it's bearish ideas that attract by far the most likes. We'll have to see to me there's nothing bearish about this market apart from the sentiment here at tradingview
nomisl
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@barclayjames, yes that I agree in regards to a lot more likes for bear posts. Which is a good thing I suppose...so if the price continues to trade sideways and then more people become bearish then it may go up lol. This market really messes with people's mind lol.
I am the biggest bull right now, so bullish that you should be scared of my bullishness :D