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RE: Bitcoin (BTC) Mid-Day Update: BOTTOM COULD BE DONE!!! $26,440 Short Term Target!!
Even though @haejin doesn't think so, I believe the H&S still can't be ruled out, especially in light of the rising wedge:
it sgoing to be a rough few days, try not to make mad moves that you will regret. If unsure.... do nothing at all is the best advice i have heard.
People are selling for christmas presents, the whales buy cars, boats, houses, have mistresses to wine and dine. It can take alot of Bitcoin. There is a lot of investment coming in January, sit tight and get prepared cause 2018 is going to be bigger than 2017.
Verge could hit $5 easily.
People dont learn, within a week they will be as crazy as ever, probably higher highs, use this time to plan for the next correction.
Main thing i learnt this time was, there are warning signs, but you need to take notice, once that whale dumped his Bitcoin and put in down to 7k that was a red flag. You live and learn.
Very nicely observed ;)
BTC just started dropping again.
The head is supposed to have the largest volume.
I know @haejin said that, but that's not the understanding I have, nor what http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:head_and_shoulders_top_reversal says either.
The head has lower volume then each of the shoulders.
Volume does not really matter that much in my opinion when the market is not liquid enough because there is 200.000+ transactions sitting in the mempool. 60% of Bitcoin adresses are unusable due to high fees. This is when you have to look at the fundamentals and other factors than just TA. As well as how other coins are acting compared to BTC. I'm very bearish on Bitcoin short term and long term and my current target after this dead cat bounce is 8.000... for now.
I think TA predicts the current situation, but I guess it's just how you interpenetrate the data. I think the volume pattern is bang on so far for a H&S.
I want to see increasing volume now as the right shoulder drops. If that happens, I'm seeing 6k over the next week or 2.
The 'interpenetrate' is genius level ;)
Increasing volume right now sure won't be coming from MY side...
Seems we didn't get an evening update this time ?
Yeah!
There have been fractal bear shapes everywhere! And we just broke out of the latest one
And we're just forming another tiny head and shoulders within the right shoulder, 10k are surely ours, probably less, or more - whichever way one looks at it ;)
Wow, neighbor's dogs are barking like mad, they just got their presents ;))
Nice! I hadn't even noticed that.
As I said, there are bear shapes everywhere!
What is most likely to happen after the big H&S has finished?