Here's my trading plan!
See the ascending triangle pattern trying to break-out of $10,000? Well, if that breaks I'd be short term bullish till $10,500. If that breaks and confirms too, I'd be basically bullish.
However, if it reverses from $10,500 and goes on to test $9500, I'd be looking for a broadening top formation which is long-term bearish but will look...
The 2 most important long term trends for me has been the bear 9-month bear channel from September 2019, and the 4-year old long term bull trend.
The price has been witnessing a startling rejection from the bear channel of 2019. There can be many ways a channel or a trend can be drawn. What particularly impresses me about this channel is the significance of the...
The pattern is self explanatory. The long term resistance above $10,000-$10,150 has been broken so could the mid-line as it is now.
However, a pullback to $9875 area is also on the cards! Break-out of this pattern on either side should be tectonic!
Bitcoin bounced right back above the long term resistance on the logarithmic scale. Peter Brandt and Tuur Demesteer highlighted the same yesterday.
Moving on, we're kind of seeing a double bottom inside a double top. So the double top is the one that is consecutive. Today's correction does bring relief for the bulls. However, the stop loss for the pattern was...
All Oscillators are pointed south:
The CMF on the daily flipped negative on the drop yesterday. The MACD is at a cross-section of a bearish shift.
Moreover, the RSI is also showing room for further drop on the daily scale.
The descending triangle with the Wick from the Xi pump could drive the price below $3000. While it seems far less probable, the descending...
I shifted to a time scale graph for this one.
The falling wedge pattern is clear to one's eyes. The sentiments also reflect that the buyers are stepping in more quickly than the bears would ideally want. Are we primed for a break-out? I think sure. But here are a couple of scenarios that could take place.
If we break-out from the pattern now I would target...
I had chalked this graph last night, forgot to publish. In hindsight, I might not have believed in it much.
But the intersection point of the two bearish trendlines CME hold exceptionally well. Currently, we are looking at a downtrend only with resistance still not medelled with.
Now that's something.
The market is largely bullish after the massive break-out on25th October. But TA suggests otherwise.
After what Sawcruteez suggested was a death cross between 200-EMA and 50-EMA. We now see a shooting star on it as well. The wick of the candle found resistance at the death cross and is now trading at $8620.
Stop loss at $8800,
The move on 25th October which led to the flash bullish surge is a strong bullish signal. But seems like it is the only one for now.
There are two trends beginning to take shape currently, a descending triangle and a downward-facing channel on the long term. As the bull flag continues to expand, the uncertainty in market continues to increase as well. Moreover,...