You would think BTC bull pump up would be exhausted at these levels without a pullback. We have just reached a key resistance point that had been touched many times in the past.
I wouldn't be surprised to see a pull back start here.. or at least a consolidation area.
The old pattern seems to be back in play. I thought we may have broken it to start a new pattern but that does not look to be the case anymore. I would be VERY CAREFUL here. If we get another soft-shoulder (pink top) below the last soft-shoulder.. this will be DEVASTATING to BTC price.. and we will likely see sub 6k in the very near future.
But... if we break...
The last pattern broke with the support around the 6.5k area. Bitcoin just was not ready to break down from there.
Here is a new pattern forming on the 15 minute chart. Lets see if this one holds for a few cycles like the last one did.
Pattern is still intact. This is bearish for bitcoin.. but since the pattern is getting smaller and smaller.. it means it will come to an end soon. After the next double top (soft shoulder) there will be another large leg down... but that could be the last one..
If you want a bitcoin bull-run.. then you would want this leg down to only go to 6k... if it goes...
Looks like we keep repeating this pattern. We are now entering the blue zone (bear flag). We should coil up here and drop again.
This patter keeps getting smaller and smaller.. so this could suggest the downside will not be as severe. I am now sitting on the sidelines to see how this plays out.
Bitcoin has broken its bullish guppy run.. and is sliding down.. I believe this will drop quickly.. Zoomed into 15min chart to show my projected path.
I do not think this will be the end for Bitcoin.. I believe it will put in a higher low in the 7k area.. and then start to trend higher at a slower pace. which will be good for the overall bitcoin market.
A larger head & shoulders formation is almost complete. If we breakout to the upside then look for a HUGE leg up to follow. But if we breakdown.. look for price action to coil up within this channel before the breakout happens. As you can see. I am quite bullish on this chart. I believe there is very little chance for significant downside from these...
Looks like we are at another cross-roads. This time I am not so optimistic for a continued bull run in the short term. The support trend has been holding strong, but if it gets tested again.. it may not hold. My reasoning for this is that Bitcoin has ran up too quickly and needs a correction for a healthy bull market to take place. The current support up-trend...
Well it happened. The price broke out like I expected with very high volume.
I am switching over to the COINBASE chart because I believe the volume on coinbase is a better indicator of big money coming in. (Wall Street wales)
As you can see on this chart. The volume spike reminds me of what happened before bitcoins last historic run. These type of huge spikes...
We broke through an important resistance level. If we stay above that level and break out of this triangle formation towards the upside, we may be looking at a bull market forming. The chart is starting to coil up on low volume. I believe when this breaks (up or down) that it will be a BIG move boosted with very high volume. Hold on to your butts.
I am not a big fan of head+shoulders because they often breakdown. But I thought I would put out this update to show that there is one forming.
I would still say this chart is looking more bearish than bullish. That large red resistance line will be a big breaking point to see if the head+shoulders has legs to move this chart into bullish territory.
Looks like bitcoin will continue to ride between the blue lines for now.. which way it breaks could easily decide if this will turn bullish or bearish.
Keep an eye on volume. If there is not much volume when it breaks the blue line trends. then it might be a fake-out. follow the volume... which is following the money.
The chart is following my line to strong buy at the moment.
We are about to hit the 200 day MA resistance level. This is a key level since it also is hitting another long term resistance level.
If the we see a strong trend lower that breaks the lower blue line. We are likely to go into a much deeper bear market.