Whats the mystery of this falling witches hat pattern? 2018.07.30

k3t3r (61)in #bitcoin • 6 years ago

15 minute candles

Starting at around 17:00 UTC we had a sharp sell off which dropped the price $264 on Bitstamp taking the price from $8117 to $7853. The drop quickly reversed and bounced slightly higher than where we started. It is also positive to note the increase in volume as the price climbed. A good bullish momentum evidenced in this move but what prompted this sell off?

2018.07.30.2305.15min.PNG

1 hour candles

The best explanation I have found for this pattern was the breaking of the support of the ichimoku cloud on the 1 hour chart. We can clearly see that the dump starts at the same candle that broke the cloud.

2018.07.30.2305.1hr.PNG

Disclaimer:
This information is to record and preserve on chain my observations of this technical analysis system, I do not advise making trades with real money from this information. You may lose your shirt or other spurious items of clothing with a possibility of starvation and death if you trade on this information.

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#cryptocurrency #trading #crypto

6 years ago in #bitcoin by k3t3r (61)

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cyberblock (65) 6 years ago

Usually we see the witches hate right before the Broom! get ready to fly!

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postpromoter (63) 6 years ago

You got a 6.07% upvote from @postpromoter courtesy of @k3t3r!

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surikowstepanuk (0)(1) 6 years ago

How do you think @k3t3r what will happen next?

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bumshak (55) 6 years ago

Quick recovery for BTC, but alts seem to be bleeding from it when taking a look at the Alt-to-Satoshi price. Hope BTC stay stable now for a bit and then pushes higher with the alts following like last years bull run.

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