My indicator signalled it was time to buy on Bitcoin!
If you had bought at the moment of the signal, you would have had a slight retrace, but I had my stop below $13k. Off we go again!
Daily fib retrace of 61% puts at a target of - believe it or not - $31,600
Check out the full post on my indicator here: ...
Bitcoin could be in a descending triangle that could complete the H&S seen yesterday. To break the triangle downward bitcoin would first need to break the support line its been following since yesterday's retrace, then break the lower support that is also the H&S neckline.
On the other hand a break out of the resistance hypotenuse would be very bullish and could ...
Possible head and shoulders pattern forming. If confirmed would likely take bitcoin to ~$15,000 level. Furthermore this could setup for an Adam and Eve double top. Obviously the H&S needs to confirm and finish first.
We are currently in a pretty wide rectangle pattern. Once we break out of it I am expecting a big move - more than $500.
Buy long on a break over the short horizontal line with the target indicated by the big horizontal line.
Enter short on a break under the short horizontal line with the target indicated by the big horizontal line.
Good luck and trade safe! ...
Adding another chart for more details to the earlier one I posted. Continuation of the downtrend pattern with a triangle with a target of $5620
Pattern will be invalidated if we break with conviction the triangle to the upside.
The chances this is a continuation pattern are 70/30.
I think we are going to have a couple of days correction starting soon.
The reason I picked the XBTZ17 (December BitMEX contract) it's because you can profit both from the price fall as well as the premium reduction.
The current premium is around $450 which is pretty big for historical standards of this futures.
Good luck and trade safe!
We have a positive divergence and should go up at least to the falling trend line. If we break the trend line will be bullish. Otherwise the recent drop should accelerate with a break of 3500.
I give it 70% chance bullish for now.