As much as I don't want to look at it this way, the similarity to a "bubble chart" is just exceptional. Obviously I'm not the first one to notice this, but you always have to look at both sides of a coin. This is just one of the possibilities, the line is drawn with no intention of price speculation, who knows how deep it could go. And also bubbles could take...
The human brain is very good at recognizing patterns. As you can see I can look for H&S pattern pretty much where I want, and if I am biased towards a certain goal (say bullish) I'd say hey it's a reversed H&S! But in reality you just cannot know for certain what the market will do, so many factors and variables. You can play the guessing game, but at the end of...
I personally wouldn't do anything before any breaking of supports or resistances, waiting for confirmation. Anything goes now, but slightly bullish atm, let's see if they can break the major resistance from which we bounced twice already...
There could be a Bitcoin bull trap forming, so a retracement to 0.618 could be expected, unless we break the support, in which case we are looking at a reverse head and shoulders.
Long term target still stands at around 775-800.
So far it's still following the pattern I predicted, if it continues we could soon be seeing a bounce back to 685-700, some bull wicks are forming on the 15min chart, although the volume is concerning...
After that we could see testing the 600 again.
This is my very first time doing some TA, I was looking to spot a pattern, so I'm not sure if this makes sense...
I'm looking for some long term positions, and will try to play it out like this. Would love to hear some thoughts!
