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TOTAL2 (TOTAL MARKET CAP EXCLUDE BTC): bears in action.

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BTC: target -> 5.4k

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BTC formed a bearish triangle from the peaks of june 25 and july 9 (the Downtrend Line 1 represents the desceding side of the original bearish triangle; the base is the 9.1~9.3 support zone). There was a break up of this triangle on September 12th. As it was a weak break up, I just redrew the triangle, now in yellow, considering previous failed attempts (august...

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BTC continue to respect the descending side of the redrawn bearish triangle. However, look to some points: 1) the price is compressed between the "downtrend line 1" (the descending side of the triangle before the triangle redraw) and the descending side of the redrawn bearish triangle (see related ideas to see the redraw of the bearish tringle). 2) since the...

mmsantos.br Updated 

Today BTC is just above the line I had been calling the downtrend 1, and that forms or the downward side of a downward triangle. As it was not a decisive break up, with good volume and good penetration above the line, I chose to redraw the bearish triangle (now in yellow). The literature recommends caution when redrawing triangles as one of the goals of the lines...

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In the last days we are seeing bulls fighting bears on the edge of the Downtrend Line 1, that forms the downtrend side of a bearish triangle. We should note that, to produce its fully effect, a triangle must break around half and 3/4 quarters of its size. In the case of a bearish triangle, a break down must occur beetween these marks. In the last analysis, I...

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We have a bearish triangle on BTC chart (as noted by Mr. Peter Brandt) - and it is a well described typical pattern. However, when a triangle delays to produce a breakout, the pattern loses strength. According to the book "Techinical Analysis of Stock Trends", the breakout must occur between half and three quarters for the pattern to produce the expected effects...

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I draw a chart weeks ago about TOTAL2 - TOTAL MARKET CAP EXCLUDE BTC, $ (CALCULATED BY TRADINGVIEW). I saw a small Head and Shoulders that developed as described in the book Technical Analysis of Stock Trends 9th ed. (by Edwards, Magee and Bassetti). Now, It seems we are seeing another Head and Shoulders (and the small Head and Shoulders is the Head) - a pattern...

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BTC still testing to break the supposed neck line.

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Note how BTC has no strength to break a downtrend line (attempts circled in black). Let's wait for the end of the day. For the other side note how the 9.1~9.3k support zone is strong (blue arrows).

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BTC tested (again!) the 9.1~9.3k support zone - and then went up. We saw a median volume and a good size candle (compare the size of the red candles with the green candles on the daily chart in the last weeks). Right now, BTC is testing the resistance of the Downtrend line 1. A failure to break to break through this resistance will send the price back to the...

mmsantos.br Updated 

Some days ago I wrote about BTC Head and Shoulders. Today, we have all the components of the pattern (Head, Left and Right Shoulders and the confirmation breakout - and descending volume on the right shoulder). The BTC found support on the 9.1~9.3k support zone - a strong support zone. What we are going to see is the test of the resistance of the neckline. If the...

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About the BTC Head and Shoulders pattern: note that almost all the components of a Head and Shoulders is present in the chart. What is missing? Just the confirmation breakout. Once we do not have the confirmation breakout, the Head and Shoulders pattern is not completed. Observe that the price was being supported by by the "neckline" and, today, BTC is being...

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I have tried to make things as simple as possible. Not only because I'm not a professional or top analyst (and I'm not a top or por analyst), but also because I think that between two different analyzes with the same results, the simplest one is superior to the more complex one. So let's go to what I see. We have a long asceding channel. And we have a possible...

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Days ago I draw a chart just to monitore a possible Head and Shoulders for Bitcoin (see related ideas: July 30, 2019). The recent price action has worried me. We have almost all elements of a Head and Shoulders for BTC. Look at the chart: we have a clear neckline, and a lower volume on the (possible) right shoulder. The only problem with the chart I draw is that...

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For the third day in a row, bulls are trying to break the downtrend line 1, and are failing. Fasten your seat belt and expect strong turbulence.

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While BTC seems bullish, other cryptos are strugling to survive. TOTAL2, that measures the total market captalization for crypto excluding BTC, formed a Head and Shoulders pattern. They are trying to break the neckline, but are failing. It is time to separate the chaff from the wheat.

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Yesterday BTC touched the downtrend line 1 and retreated. Today the BTC tried to break this line but failed. Note that downtrend lines 1 and 2 form a downtrend channel. From my point of view, a close above 12k is crucial to confirm the resumption of the uptrend.