I have been tracking this potential inverse head and shoulders pattern for the past few days. However, after the volume profile did not quite line up I became skeptical, and even more so after noticing this potential head and shoulders pattern beginning to form.
I wanted to make this post to track both potential formations and their progress. According to...
Since the beginning of the year BTC has seen a massive breakdown. Dropping nearly 70% since it's all time high in December.
The chart above shows throughout the breakdown, we have been given multiple breakout signals, all resulting in lower lows.
Once again, BTC has broken a major downward trend line. However, this time we gave been given multiple bullish...
We have a large bullish pinbar in the weekly charts and and there's weakness on volume, so I'm optimistic about a reversal once we see confirmation on both the 1D and 1H chaerts.
The weekly will likely close around the 8200-8300 level (dotted line). I plan to buy on a confirmation candle below the weekly open, especially on the 7600 price level.
I don't like this either.
But there is a chance that this could happen. We have been grinding up so far after a good bounce off the $6000 support level. The grind up has become pretty painful to watch. The volume has been decreasing again and there's just no real conviction during the moves up.
My previous trading idea was showing a bullish scenario. There I...
Quick post to keep track in relation to my other ideas. This hopefully more clearly summarizes where I see things going over the next few weeks. On smaller time frames we are completing what looks to be an ascending triangle. The 5th wave (wave (E)) has overthrown the triangle as has been seen on several similar fractals during this downturn, as can be seen by the...
Another post just for tracking purposes. Thought it was neat how this fractal is playing out so closely so far. I didn't mention in my first post, but if we were to call this corrective triangle a pennant, then the measured move would actually give us a target around $10,000. Since the bear trend has shown signs of reversing, we could see pushes past previous...
Bitcoin formed a double top on the hourly. Price needs to bounce from the 8K level to form a higher low and push through the 8650 resistance to 9K to continue this uptrend.
Two Scenarios for BTC
Be careful. We might have reached a bottom when we hit 6k. But we are not out of the oven yet. And because of this: I think that BTC has to reach target 2 at least before we can think about a new uptrend.
It is too soon right now to be 100% bullish . After we hit target 1 we will probably retrace to the red support area . But regardless...
If you are new to trading and you want to dive in and trade Bitcoin.
I'm going to simplify things for you!....
There's only two words you need to learn. BUY and SELL.
Just BUY on the RED area
and
SELL on the GREEN area.
Its that easy.
Even a caveman can do it.
