I was long from 7.2 but that nasty head and shoulders changed my mind. I previously suggested a stop at 6.4 but that's what the whales wanted, trading hands and forcing all the stops from 6.4-6.1. Everyone got their btc and now flying up from this resistance. It won't be a straight shot but it's looking grand.
This turned out to be an even more bullish scenario...
I know my previous chart was naked but this should give you a good idea of the opposing forces at play.
Overall Bullish
1) The bears could hardly push BTC below the support (in pink, making a bullish descending wedge) made from the circled inverse head and shoulders that exploded mid April
2) This caused a weak breakout outside the wedge which got totally...
BTC will probably trade these supports for a while. Sub5k looking like a reality soon if minimal bullish action at 6.4.
No one likes to buy anything until a huge sell off takes place after dipping below the 400MA.
After a bullish consolidation around 7300-7100, the bears could barely bring BTC below the 400EMA, and the convergence of the 440EMA and 400MA were not even touched, shooting BTC upwards, now looking for a new top.
There were 3 scenarios...
1) BTC finds support below the 400 MA - very bearish and gives potential for further correction
2) BTC bounces off of the...
I totally missed that this larger head and shoulders has completed its formation. Largest head and shoulders ever. Since my post yesterday, BTC made a very weak bounce to 7800 and wound up closing under the green trend line on it's first try on the daily. This is very bad news and if it can't close above today, we can expect a stairstep down. BTC is currently...
Kudos to PRO_Indicators, MPC, DarkEnergy and others who have helped me in how I study charts and patterns.
Bitcoin is a bullish beast that few understand, but with proper TA, it can be tamed. Impending moving average convergence and divergences may predict major moves and help you get into the right position before hand, but BTC moves so quickly that acting...
