What we're looking at here is a giant W. A Big W, if you will (Aussies will get it). Bitcoin has been unsure what it's doing for too long and people are starting to get bored. On more than one occasion recently I have uttered the words "just dump already", and we can see it trying, but something doesn't want it to go there just yet - if at all. A W formation on a...
I made a call a few days ago that we were in the midst of creating a giant W (on the 4 hour). So far that has been coming true. I was expecting there to be a bit more volume in this W creation but it has been pretty lame. Lame volume = unconvincing movement. I don't have confidence in this retracement. For the W to be completed in its traditional sense, it is...
Yesterday I published an idea that said we are in a giant W pattern (4hr). So far that has been coming true. The way the Stochastic RSI is looking at the moment, and after checking past occurrences where it has essentially flat lined on the 4 hour, that flat lining has only lasted for around 2 days before heading in the opposite direction. The next 4 hour candle...
One thing I was always taught was that bitcoin doesn't do sideways. Well, obviously it does. Either someone needs to restart the bot server, or whoever is keeping the price in this strict channel needs to work out what they want to do. Maybe we're in a negotiation phase. One whale (bear whale) wants to keep the price down, and is negotiating with another whale who...
Again, not going to launch from here unless a whale so desires. If it were going to be done it would have happened by now because we would be seeing much more volume and a lot more more upwards price movement. This is the bounce caused by the "buy at market" orders that were sitting around the 6400 level. Curiously though, I was watching bfxdata at this crucial...
Bitcoin failed to close above $7200 during this most recent consolidation period. It has now fallen below $6900. If it was going to launch and make a bull comeback, then it would have happened already so those who claim it's going to launch now are just engaging in wishful thinking. Usually when there is a reversal in bitcoin it happens immediately, not drawn out...
If it were possible to describe BTC movement like a tv show, I would use the whole series of "Lost" as the reference. What is happening? This makes no sense?? Are the characters in purgatory? That polar bear came out of nowhere. WTF?
I like to think of trading bitcoin as everybody in the world vs one major player (whale/exchange?). There may be some other whales...
