CuddlyCuddles

CuddlyCuddles Updated 

Bitcoin's bullish sentiment has faded and although the bears are exhausted identified by the daily bullish divergence that occurred on the double bottom, the bulls have not been able to show true strength and take advantage of this moment, in this image I have made all of the supports green the bigger supports a thicker green bar. The price objective of the light...

CuddlyCuddles Updated 

Currently, it appears to me that bitcoin is following the path of the inverse head and shoulder I have drawn and suggested weeks ago, it has broken the trendline of the last move down in an off shade of blue. So long as 6250 (the green line) stays strong the bullish sentiment will remain and we will continue the pattern. I believe that there is a strong...

CuddlyCuddles Updated 

Currently, bitcoin is in a downtrend, and I am going to support my idea using the weekly RSI because I believe that divergence is a strong indicator of a changing trend. In this graph, I have noted the divergences that have occurred in bitcoin during the weekly time frame. However, as you can see there I have made the bearish divergence in red and the bullish...

CuddlyCuddles Updated 

As for weeks as I have described, that there would possibly be a inverted head and shoulder occurring in bitcoin, it is coming into fruition, it is still far too early for to confirm it is a inverted head and shoulder pattern, usually, you cannot truly confirm something until it has happened, but I have drawn a macro image of what is currently happening....

CuddlyCuddles Updated 

So, although the down trend is not over, there is a possible chance of a bitcoin reversal. Right now it just went through its first inverted head and shoulder pattern. Although, it hasn't exactly distinctively broken through the neckline first, which is roughly around 6200, the price is holding above it. If it can distinctively break through that first, neckline...

CuddlyCuddles Updated 

Currently, the RSI is weak as bitcoin is hitting a slightly lower low, I was hoping that the price would break past 6000 at least, currently there is not enough supply of bitcoin for the price to go down tremendously. The bear pennant (yellow ascending wedge with the green pole) has the price target of 4800 as mentioned previously. If the sell volume increases and...

CuddlyCuddles Updated 

It appears to me that we are currently in a bear flag above the support line of 6000. Currently, on a larger time frame, bitcoin is currently moving in the direction of the pennant that I have illustrated in yellow and the pole which is in green, the pole current puts bitcoin at around 4800, however, it is important to know that the pennant has a close to 50%...

CuddlyCuddles Updated 

Mostly, this will be a note to myself and because I am new to technical analysis, any helpful comments would help randomly stumbling across this but: I believe that there are multiple possibilities as there always should be; First, I believe it is possible that bitcoin is in a descending triangle opening a good opportunity for a inverted head and shoulder reversal...