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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
Potential Inverted head and shoulders on the 1/4hr chartsWe got a nice little green impulse past couple candles with some very strange behavior going on with the orderbook over on gdax likely from bots.We can see now that we are a bove a very ugly looking inverted head and shoulder pattern but we can also see the 4hr stoch rsi is overextended and must eventually drop sooner than later. If we can maintain the price action above 6250 for the next couple 4hr candles we should see the inverted head and shoulders triggered which could take it to potentially the 6700s if so. There's an equally good chance however it could be a fakeout and a deeper dip could be on the way below our last low after simply forming a lower high here. For us to form a higher high we would need to impulse above 6.8k not impossible, especially if the inverted head and shoulders is triggered...probability still favors the bears at this point but I will leave this idea as neutral for now. Somehow even though the adam and eve double bottom has sadly been invalidated we still have a chance to trigger a triple bottom. if the triple bottom doesn't occur...I still think we will see a bullish turn around within a weeks time or so simply because the 200MA on the 1day chart is now starting to finally curl downward...it is still currently factoring in all price action from December 7th to now...but once it no longer factors in anything from before December 15th we should see a noticeable drop off on the 200MA, and if we simultaneously are going up ward enough to get the trajectory of the 50ma to point upward then we should see a 1 day golden cross sometime in July which will be a great sign for the bulls and potentially restart the bull market. For now, however I am neutral.
BITFINEX:BTCUSD
by DrDovetail
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
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
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