BTC is still stuck in a descending triangle. It has tested the base level (around 6k) five times now depicted by the pink circles. The optimist would say this means this is a strong support level, which unarguably it has been, but we are nearing the end of the triangle, and its coming to decision time. The volume is decreasing and the enthusiasm of a bull market is no longer existent. Yes, the possible CBOE ETF on the horizon (Aug 16) would be very positive for btc, and if the triangle remains intact until then it could break upward. Until then I will remain pessimistic looking for buys around 5k and if that level cant hold, buys around $2,800.
On the optimistic side, every time I publish a "short" chart for bitcoin the price usually does the opposite so here's to hoping. Cheers.
Trading ditutup: stop tercapai
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"On the optimistic side, every time I publish a "short" chart for bitcoin the price usually does the opposite..."
At least I am consistent^
Komentar
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I shouldnt say I have completely given up on this idea given the line hasnt completely broken and solidified itself above it. I will wait until the end of the day before I concede to the bulls.
Cheers for your insight! Look I hate this indicator as its sighted as often as objects in clouds, but I can see a h&s forming on the hourly. The beginnings of it start to form from 06/24/18. This pump could continue and break, although I just dont see the volume and drive from the market. RSI is oversold and we haven't even broken 6650s with conviction.
@KyleBessoni, Yea fair enough it happened. Still have the 6800 to puncture with conviction. Volume is still low as, and rsi looks like its making a turn down. People got hope before every important break, and then and literally just fell of the cliff. I don't see any difference. I guess we'll see right?
ThumbSkin
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@alexkostoff, Agree 6800 is in fact the real test. You are right. Before every break sediment is high and then we get straight rekted. I dont think whales are done messing with us. So yes we will see. like always.
alexkostoff
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@KyleBessoni, wow big stuff happening here. But I dont expect it to break 7487. Significant trend line and this thing has to tip eventually, even if its a small correction.
UnknownUnicorn2454397
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Thinking we will find support back at 6100-6300 then if that falls away we will peel back to 5200-5500. I really see a lot of hidden nastiness in this current setup.
PainKillers756
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Great analysis. Thanks.
One quick question, why do you choose 4900 and 2800 as key support area, only because they were the two intensive trading areas one year ago? It simply doesn't make any sense any longer.
PK
Brodie_MT
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@PainKillers756, That is exactly why I chose them, historic resistance usually translates to support. Additionally, there are certain psychological levels like $10,000 or $5,000 or $3000 that traders will gravitate towards. So a part of my assumption is that there will be stop losses that will be hit once we get to these levels taking us under the typical $5000 or $3000 levels.
You can see once $5000 was broken in Oct. '17 it came back to test this level 3 times (~5170 & twice at 5400), all getting rejected by bulls and pushing higher. I guess my point is these shouldnt be looked at as precise levels, but rather a range of areas where this support lies. Probably closer to $5400 - $4900 and $3200 - $2800.
johntradingwick
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Brodie_MT
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@imfamousrajat, I have seen this all over my twitter feed, and usually when that happens it means too many people are watching it and trying to play this pattern. The same happened to ZEC back in mid January. I could be wrong, but it bounced off the neckline last night... I'll keep an eye on it.