Feb 6k low overlapped chart, working good so far!
Price action from Feb 6k low onward is overlapped. I scaled it down both in time and price. This implies that market is weaker compared to that time. Also, we are in a different stage of the market. The first stage started Nov 13 2017 and ended March 30th. Followed by a transitional/reversal symmetrical triangle. See this idea for more details:
It is very likely that we see a totally unique price action from now on.
FYI: I am not a pro chartist. Quite new to this market. Posting ideas to get feedback.
Bear in mind that BTC might deviate from the pattern at any time. So trade with caution and don't follow the pattern blindly.
Per our magical chart, we should drop one more time. I closed my short position from 8.4k and opened a small long position. Per each 1% drop, I will double the position as far down as 7650.
Please like if you like the chart. It worked so far and I think that is enough for getting a like.
I did not expect the chart to work this far.
Hope it was useful when it was alive.
This is just my 2 cents. Don't trade based on it.
I think most people are confused with the current price action. This is totally expected. Bitcoin has entered a new stage after the last weeks symmetrical triangle. As I explained earlier, this price action will be very unique. It's an uncharted territory for BTC since it's ATH. We are close to a very important resistance down trend line. Read my last TA about possible upcoming scenarios.
Just throwing this out for those of you who love overlays.
As long as we are above the trendline (blue line), we are good. In case we fall, we might bounce back from the lines in the chart. The pattern is called Adam and Eve double top which has never been spotted in the wild before. So I invented one myself. The one seen in the wild is Eve and Adam double top pattern.
Confidence level: 0.1%
The bear composite is getting smarter. They have removed the stoplosses to avoid short squeezes. Instead they are closing their shorts manually after minor pullbacks.
It seems that the bull composite has done its job, price is creeping up natuarally without a push. As I said before, breaking 9.5k will take us to 9.8k in no time and even to 10kish. The order book from 9.5k to 10k is very thin on Bitfinex.
If you look at the magical overlay, you can see that it is now again perfectly aligned. I am still not taking it seriously, might just be a coincidence.
My confidence level re these statements: 1%
Some of you are probably trading alts. I think that alts are in phase 3 now. Being distributed at high prices. When BTC enters a correction phase, we will enter phase 4. Alts will correct much more. There they will be re-accumulated. Read my half-baked theory to understand what I mean by phases.
My confidence level re these statements: 0.1%
Confidence level: 0.1%
We broke a major resistance today that signaled the end of bear market for short term. Normally, the price should have jumped couple of hundred points, but it didn't. Bitfinex sell orders that was almost empty from 9500 to 9800 is again full. This I suspect is a distribution phase. These huge buy orders you will see until we reach the next resistance (starting 9.8k) are wash trading. Pullback should not be far away.
It's been only 2 hours since I wrote that the pullback is not far. They did a lot of wash trading and distributed some BTC on the way up. They gave up the real fight at 9.7k resistance. I am feeling that phase 4 might just have begun. I am really really not sure about it.
Confidence level re these statements: 2%
There is a huge buy wall on Bitfinex. If we break that wall and drop below 9k, I will be quite sure that the wall is fake.
As I am writing this, price is dropping and if it drops below 9k, it will invalidate what I am trying to convey in this chart.