Bitcoin (BTC) Morning Update: Triangle of Bear Flag?
SUMMARY
I'm hearing more and more clamors about Head & Shoulders Top. I've drawn out the below traces of shoulders and heads per fractals. Patterns require a completion and a confirmation. One key aspect of H&S pattern is that the volume has to confirm. Below chart shows that volume does not trace out the needed confirmations for any of the H&S fractals.
The triangle pattern is shown below and the the bottom line has been updated to make the overnight price action inclusive. The volume is declining and it should continue declining to a trickle. This is the volume confirmation of a triangle which was missing for the H&S patterns.
Here is VERGE showing very nicely how volume trickles to near nothing as price appraoches the apex, the point at which the two lines of the triangle intersect.
Here is a combined, a bit messy looking, chart showing both the triangle (blue) and the bear flag scenario. IF price bounces and breaches the upper blue line but bounces down from the upper white line, we could have the bear flag play. IF price bounces from the upper blue line and goes down, then wave e could be completing for the triangle pattern. Technical Analysis is a process of probabilities and not certainty; and so, let's see how this gets resolved.
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Btc price support failing
Self
Self
Self
?? do you even use the charts? nothing changed and we are still on track
Check out the Bitcoin price and other coin price few years ago. SO sad, that I didn't start then: https://steemit.com/crypto/@karolynaz/bitcoin-357-usd-litecoin-3-52-usd-ripple-0-0042-usd-crypto-prices-in-2015
Not failing. There is enough support between 12000 and 11000. No spikes for now - just calm movements near the support zone. I guess that BTC will start moving up in few days. Please see my idea: https://steemit.com/bitcoin/@dkn/fibonacci-timeline-idea-for-the-btcusd-chart
TO THE MOON!
Thanks I hope btc holds here, overnight action was wild here in Romania
yes it was. it droped at 4am. like a stone. after i got into cryptos i wake up at 5 am. i was late :(
It's wild everywhere. FUD and all. I hope that everything gets back on an uptrend. I miss my gains.
why not to get some extra gains by buying these delicious dips? you shouldn't be sad but rather appreciate the opportunity, heads up! ;-) Best of luck to you!
6700 to 9700 BTS in 2 days!
Lovely dips 8)
I ran out of buying power that's why. :))
I know that feeling, I'm setting myself up for a little negotiation with my wife at dinner today, need to increase our invest limit a little :D
Good luck! I just got the okay from mine. Time to go shopping, lol.
I'm getting calls daily from different people wanting to get in on the action. Everyone wants some $BTC :-)
What is the exchange? I did not noticed any wild action on bitstamp
I watch binance, it seems to be more volatile
Great explanation. Technical Analysis is a process of probabilities and not certainty. This is what most fail to realize.
In my opinion the price will fall to about $10 000
Agree. Will are going a bit more down. Here are my thoughts about the current situation: https://steemit.com/bitcoin/@dkn/fibonacci-timeline-idea-for-the-btcusd-chart
thanks for the update and taking the FUD away :-) no matter how great my profits have been since I follow you, the best thing I've earned is the calm state of mind, thank you very much!
Good morning
seem I've always been using coffee the wrong way, no wonder it never made me more awake :-)
hahhaa... next time use coffee like this:P
hahahaha haejinfans crappy day?
so big picture...wait for a rebound to sell SBD, don't sell at the current low rates?
Could you please do an update on district0x?
Interesting, always look forward to new posts.
Please look at ICX @haejin .
I look at his blog every hour minute second i get .
you should get this sms service that has been promoted by another user out here, might be a true timesaver for people like you :-)
I use ifttt to send an email to my phone when he posts on twitter. I have one email address that blasts my phone when emails are received.
wow thank you very much for bringing ifttt up, had to first check what it is and I'm definetly going to use it as well, thanks!
I do the same thing with gmail since it allows you set up filters. You just need to know what your sms number is for your mobile phone service provider. I found all the info I needed by googling it.
thanks guys :-)
I dont know sometimes like this post Haejin does not post on twitter. So the twitter alert never goes off. The SMS service however went through.
For one most exchanges havent been allowing new users! Plenty of new money wanting in and as of yet cannot. Just on the news side of things. Thnx @haejin