Looks like it's forming a typical bearflag, or pennant rather. And we all know those usually break down after a while, but this is Clown World *Honk Honk*. So your best bet is usually bet the opposite of what it looks like, and the opposite of what the market is thinking.
We have created a cheeky little Bearflag right now but most of these patterns have meant nothing for months now. The manipulation is taking it where ever 'they' want it to go.
Let's see if that trend line below holds if we decide to dump further. That is all i can say -
I stopped charting and looking up TA for a while.
IMO the manipulation is and was at such a high level that no chart was helpful. Anytime shorts built up, they'd pump it up 200-300 dollars. Longs would build up, they'd dump it (the exchanges themselves). So it was just a guessing game.
Anyways, in the perfect world it'll make something like this. But...
Bears want us to not break out of this down trend channel.
They put up huge sell walls, but seems like Bulls are buying into them. It is a true battle right now, pretty exciting. I have a feeling we may get a nice little break out here, but it could be a bull trap.... followed by a Bear trap? Whatttt , the mind games
As you can see bulls are defending the supports quite well.... but not well enough
The most recent support wicked in then bounced up only to come back. Let's see how strong bears push, ~6950 is the magic number of strong reinforced titanium support. We should bounce there, or things can get real ugly.
PS : Because so many people know of 6900 support.... i think...
We are in a pretty tight down channel right now.
I give you two paths... approximate paths i can see btc -0.15% following.
A)Continue down till we hit ~6950 before a healthy bounce and Rise up.
B)Or start some sideways action right now before a move up to break the trend.
If we follow path (A) then we must NOT break 6900 at the bottom. As you can see there is...
We may have just hit bottom for the time being. Looks like a bounce spot once bulls feel comfortable.
Strong support right below us, i have doubts we will break it on this run. If we do 7200 - 7150 area is the next support which happens to be fortified diamond titanium extract support
As you can see on the 4hr chart BTC has made 4 previous attempts at breaking through that downtrend line right above it. Last time it rejected it barely went down. Looks like we are moving towards it again. Volume is also looking very weak and sketchy... Which can throw people off because sometimes low volume explodes out of nowhere.
Indecision right now, if wedge plays out we go up
It already had a great bounce off my first support
We may need to visit 2nd support (~7900) before going up... i really doubt we need to go any lower than that
Sadly 2018 consensus event didn't give us the pump we thought it would. But remember, that could just be what they want you to think before they destroy all bears.
Last night i uploaded a chart like this before deleting it.
I deleted it because i noticed a BTC wallet transferred 44k bitcoins. I was worried this entity was going to dump, but so far so good.
He could just be buying alts with it who knows ...
What i am seeing in the live trading is Bulls showing strength. MT gox scumbag better not come and ruin the show!
Free fall we definitely did when we sliced right through that support block in my last chart.
Bounce will be commencing shortly, 8100 is the target for this insane dump. Worst case scenario would be 7900-8000 area before the chaos stops. I don't even want to think about any lower, just doesn't seem likely with out a bounce first!
We've had enough ready your...
Who gave you that falling wedge!!!
jk, i'm happy it had a little break out though. There is still more to go, slight resistance ahead at 9.4 where the 50 MA is.
Bulls aren't pushing that aggressively but... slow and steady up trend. Will they reach 10k?
Bulls... make it happen
While we are already up here we need to push to test 10k again (hopefully break it) and move on.
Other wise it's obvious this isn't looking good. Currently sitting on support right now , i see some sideways action before moving up again.