Dec 17, 2018:
This started out as a joke about a week ago but I think it has proven to be a rather accurate description of the mood in #cryptocoin markets and how many of you probably feel when looking at those convoluted charts with hundreds of indicators - all showing what happened, none telling the future.
NB! This chart can and will be used against you in...
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BTC/USD price chart is rather flat the last days, but the chart is moving to a moment of divergence. RSI 4h is climbing above 50 and could push a bullish breakout before Feb 9. The climbing On Balance Volume (OBV) is a bullish signal. They all come together this week. The ice is thin till March 15.
The mirror game... bottom beginning/middle of April.
Approx 1500 EUR (1700 USD)
The vertical lines corresponds the lower highs above 6K
The timeline between the future lower lows also corresponds with the time between the past lower highs that was used to find the support levels.
Funny how this also matches the sloping support line.
Just for fun, but will trade...
Maybe not overcomplicate your TA.. looks like a 12.8% bearflag to me...back to re-test the lows.
Also look at all the previous years of Bitcoin what january did for the price (between 22 and 48% decline....every year the same story before chinese christmas)
Pattern potentially repeating. Confluent with HTF downtrend channel demand line and 1W pivots.
Watch volume, might just roll over and die on right shoulder.
Long strength at this level, hedge in neckline area, add on a retest of level if looking solid.
Plan B: Short the breakdown.