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Still inside larger rising wedge; Potential inverted h&s in playAfter seemingly breaking down from the first wedge but not getting a big enough red candle to go with it I have readjusted the smaller green rising wedge to fit more of a traditional bull flag shape. Was also able to widen the larger purple rising wedge with the newer candles wicks to see that we are still very much inside the bigger rising wedge. We could essentially however stay inside the bigger wedge and trigger an inverted head and shoulder pattern for a bullish break upward before we break downward out of the larger wedge. If hat were to happen it may allow us to avoid breaking downward from the bigger lavender rising wedge all together. Current stochrsi, and rsi on the 4hr chart seem like tey are ready for an upward climb as well. All these things considered makes this idea a neutral one.
BITFINEX:BTCUSD
by DrDovetail
Bitcoin Reversal Currently, it appears to me that bitcoin is following the path of the inverse head and shoulder I have drawn and suggested weeks ago, it has broken the trendline of the last move down in an off shade of blue. So long as 6250 (the green line) stays strong the bullish sentiment will remain and we will continue the pattern. I believe that there is a strong possibility that pattern will be completed. This is also one of the possible last times that the bulls have to reverse this trend. So, for bitcoin to reverse its trend, it must significantly break the resistance trendline of the descending triangle (the lower purple line was the support and this will now be strong resistance, and the upper purple line was the resistance and it continues to be strong resistance), this would confirm a double bottom and it would send bitcoins price further up and to possible new highs. Failure of breaking the trendline would mean that we are most likely going to continue move sideways or continue our slow decent downwards. Once completed, the inverted head and shoulders has about an 80% chance of reaching its target objective. The Large oval is the point at which I believe bitcoin will test these trendlines. If the inverse head and shoulder is completed then it will be going upwards to test the trend lines, if not then it will continue moving downwards or sideways. If bitcoin cannot break the first trendline of the descending triangle, then it will continue downwards, if it can break the first trendline, it must test the true resistance which is the upper limits of 7000 or the lower limits of 8000 dependent on the time frame bitcoin makes a move; however, if it cannot break the second trendline bitcoin's price will continue downwards or sideways. Take Away: 1.) The inverted head and shoulder must hold (the left shoulder should not dip too low) then it must test the neckline of the inverted head and shoulder, if these do not hold true, expect more downwards action. 2.) If bitcoin breaks the neckline on high volume expect to test the trendlines and expect a possible bullish reversal and a continuation upwards, if not, expect more downwards action. Previous analysis:
COINBASE:BTCUSD
by CuddlyCuddles
1hr inverted head & shoulders triggers neckline could go to 6.8kWe can see an inverted head and shoulders seems to have triggered on the 1hr chart. the target price for the breakout is 6.8k they don't always reach their but ometimes they exceed it. So while I'm long until 6.8k if we turn back towards the downside before forming a higher high there's still good odds we will be heading towards a lower low right afterwards. This lower low could be just low enough to trigger the double bottom with february's low or it could reach all the way down to 4.1k to complete the breakout target of the inverted cup and handle on the 4hr chart. So unless I see a higher low or higher high fo some sort I probably won't be staying in too long. when In exit I will put a stop buy in a somewhere $200-$300 above wherever I exit just to play it safe. Please make your own strategies and decisions because this is not meant as financial advice if you choose to factor in anything I've said here that's your own choice. Good luck and thanks for reading!
BITFINEX:BTCUSD
by DrDovetail
1
lower lows/head & shoulders pattern I warned about is triggeredI exited at 7632 like I said in my previous idea...I wil not jump back in until I see a series of higher low/higher high and then a follow up confirmation higher low. Hopefully when we see this I can still jump back in early enough to accumulate some extra btc on the dip. If I bought back in right now I would make and extra .07 btc..but without the higher high higher low higher high first it is a good probability that it will continue to dip. Just my own personal strategy the strategy you choose for yourself is entirely up to you. I am short until I see the higher low higher high pattern confirmed.
BITFINEX:BTCUSDShort
by DrDovetail
series of higher lows still in tact, higher highs broken.We are still at this moment in a continuing series of higher lows on the 4hr which is good but we've actually had 2 lower highs in between those higher lows in a row so that coupled with a new potential head and shoulder pattern leaves rom for concern. I exited my position above the t line at around 7632 and only plan on getting back in around 7821 to play it safe. I may buy back in to accumulate more btc if it dips way low but I might just wait until it reaches this point and shows that it can clear some of these sell walls. That's my current approach. Good luck in whatever you choose to do, and remember this is not financial advice only me sharing my personal strategy that works best for me.
BITFINEX:BTCUSD
by DrDovetail
Head and Shoulders on the 4hr chart still in play.I'm keeping a close eye on this...was hoping we would break upward from the latest bullflag but we apparently did a bart pattern instead. If we trigger this head and shoulders shorting is likely wise. I'm trying to be optimistic that we will avoid it though but gotta be prepared in case it occurs. Just putting this info out there so you can make a better informed decision yourself...not meant to be financial advice of course just a possibility worth being aware of. For now I remain neutral and am trying to stay optimistic. The 4hr stochrsi is not in a good position right now either and has plenty of room to drop but I'm hoping it makes a 180 before falling too far. Good luck in whatever path you choose to take.
BITFINEX:BTCUSD
by DrDovetail
3
I haven't given up on the Adam and Eve Double BottomI know I have been focusing on other chart patterns recently while we are still inside the handle of Eve's Cup but I wanted to post this as a reminder that the A&E Double Bottom is still very much valid and I haven't thrown in the towel on it despite us dipping all the way down to $7090. As long as we see a nice bull run in the coming weeks I still firmly believe we can trigger the double bottom. Here is what it currently looks like on the 1 day chart. I also have a feeling like many of the cup and handle patterns I saw in April that the double bottom is actually the deepest part of a larger cup and handle as well. Time will certainly tell if that is indeed a valid fractal or not.
BITFINEX:BTCUSD
by DrDovetail
2
looking to form a higher low..potential h&s in playThe recent dip back to the 4hour 50ma has us looking for a bounce and hopefully forming another higher low to continue the series of higher lows/higher highs. However, it sent a bear wick under the 50ma before bouncing back upward and that wick dropped down to the exact level it would need to complete the head of a new potential head and shoulder pattern. Because of this it is imperative that on the next leg up we form another higher high otherwise the odds of forming the right shoulder of this potential head and shoulder pattern will be of a very high probability. Furthermore if we were to trigger that head and shoulder pattern there is a much larger inverted cup and handle pattern that could potentially be triggered shortly afterwards. Seeing a higher high after this higher low forms is very important, and if not at least an additional higher low or 2 until we reach that higher high. Hopefully this is what occurs...the inverted head and shoulder pattern we just broke above failed to reach its target breakout though so maybe the same would be true with a regular head and shoulder pattern as well. Stay cautious and vigilant and prepared for either outcome and you should be fine. I'm still optimistic of a bull run, but ready for the opposite.
BITFINEX:BTCUSD
by DrDovetail
4
BTCUSD Sunday Chart Update and Key Trade-Points TodayBitcoin Sunday Chart Update and Key Trade Points So far this looks like a good Reverse/Inverse Head and Shoulders in classic formation with a perfect retest of the neck-line yesterday at 7600 (even more so because no one seems to have really mentioned it - the low today here is 7600 precisely). It carries with it a minimum implied upside target at 8163 on Bitfinex. But in the near term Bitcoin has made an 07:30gmt break higher from the 7644 line as it did yesterday too -before spending 24 hours moving sideways again. The new normal. Sheesh. Every break higher is getting faded now for hours and hours after the intial impulse. £0 minutes of action followed by 24 hours of continuation. Just like fishing on a slow day :( But this break today is still potentially significant. We now have a technical battle emerging between the power of the RHS on upside and the power of the upper dynamic of a loosely defined rising wedge-like formation on the downside, both in opposition to each-other, one a positive force and the other negative. So we can spend quite some time today in yet another continuation pattern with support at 7700 and extending to the lower parallel of the newly forming pattern from the intra-day high. Both these opposing patterns are powerful. Which pattern will prove stronger ? Well, so long as the dynamic which forms the lows of the right shoulder holds up on retests today the likelihood is that eventually the break will be higher and not lower. If so other than buying the dip to 7700 and below to 7768 and maybe to the 7644 line the only other option is to buy the break above the upper small falling dynamic from the intra-day high when and if it comes later on - need a volume spurt to follow it to know it's good - but the pattern is still overall positive at this point and the uppermost risng dynamic which capped the high today so far, is beginning to lose its power and on the 5th strike it should break too. That will open the way for a RHS to take control and begin to drive price towards the upside target at 8163. Returning to the downside Bitcoin has to break below the risng dynamic underpinning the lows of the right shoulder of the RHS to start flipping longs out back to 7644 and if this then fails to the neck-line itself again at 7600. This level must hold up throughout the day from here. Any failure by more than 15 points will flip Bitcoin back into bear hands, signalling ultimate failure of the RHS and trigger a short from this point with stops 50 points or so higher if struck later.
BITFINEX:BTCUSDLong
by sumastardon
BTC has broken above the inv h&s & falling wedge A good sign for the bulls as BTC has now broken upward from the bull flag it was in on the 1 day chart which has allowed it to break above both the inverted head and shoulder pattern and the falling wedge as well. It is still seeing resistance at the 4hr charts 60 line on the RSI but as soon as we can break above the 60 on the 4hr rsi and flip it to support I think the real bull run will begin...lots of bullish signals all around including the developing golden cross on the 1 day chart which is still probably a week or 2 away but worth keeping an eye on. If the inverted head and shoulder breakout is legit we should see the price action go up to around 8k and test the top trendline of the larger triangle pattern that we have been in since the beginning of the year. Our series of higher low/higher highs is still in tact as well so I still am a firm believer in "To the moon in June!"
BITFINEX:BTCUSDLong
by DrDovetail
3
Inverted Head & Shoulder Pattern flirting with neckline.If we trigger a bullish break upward from both the inverted head and shoulder pattern and the falling wedge pattern we will next be testing the much larger triangle pattern we are inside's top trendline. Breaking upward from the bigger triangle pattern has the potential to take us to 20k+ and saeeing how we are nearing it's apex as well I think up is going to be the path of least resistance and still am fully behind my mantra of "To the Moon In June!". Also, the original pattern of the Adam and Eve double bottom is still very much in play and I predict all of these bullish patterns will be triggering in the next couple months as well as the impending golden cross on the 1 day chart. As soon as the 200MA on the 1 day chart no longer factors in the climb to the ATH from november-first half of december. The 200MA should drop significantly and trigger the golden cross that will kick the bull market into gear. The 200MA is currently factoring in all price movement from November 13th of 2017 until today....so by July it should no longer be factoring in the climb to the ATH and the 200MA should by then definitely dip below the 50ma on the 1 day chart, if not sooner. Looks like it shold be a bullish summer.
BITFINEX:BTCUSDLong
by DrDovetail
2