About meI'm a Chartered Accountant with a double major in Finance and Accounting with a minor in Economics.
I bring a unique style of technical analysis and marry it with fundamentals. Technicals bring the discipline. Fundamentals bring the profit.
Refer to previous chart for analysis. First target point is previous local high at around 33500 (~37%).
Inverted hammer theory negated from previous analysis. All other patterns still hold. Descending wedge is coming to conclusion.
Bearish momentum continues with extremely low volume compared to previous break-out ATH. While trend the past few days has been bearish, the low volume is suspicious, as if bulls are waiting for the right price to push this thing to new highs.
RSI is squeezing with two potential support levels on two different falling wedges.
A bullish candle tomorrow would...
Perfect profit taking position here shortly off an H&S pattern. Expect consolidation and buy dips. Profit taking would have netted you 5% premium off current prices, which is no small feat for any portfolio.
Its all about earning your edge in trading - don't scoff at 5% - selling at 100 DMA was a no brainer. Now its time to BTFD and see if it rips higher....
Completion of adam + eve here would provide massive potential for BTC. Measured move is in the stratosphere.
For conservative traders, wait until pattern completion.
Short-term traders should disregard this and trade level to level. Resistance at $9k and $11k.
Ultimate support @ $7k. Abandon shit below.