Bitcoin still BULLISH, H&S within H&S -> reversal imminent
So my last post was incorrect: I was euphoric & forgot that bitcoin just grew 100% in 2 weeks --- let that sink in a bit.
I only looked at shorter time frames & thought the inverted H&S (purple on the chart) confirmed bull --- for that reason I only focused on the chart after the breakout.
If we look just a bit longer, we can see that a retest of the neckline is TOTALLY PREDICTABLE (I was stupid & didn't predict it). Moreover, we already surpassed the 1.618x of the neckline of the smaller H&S.
Now we are retesting the neckline, which also is the height of the left shoulder of a larger H&S --- the retracement will therefore likely be between .618 & .5, though 9.8k seems to be a whale stronghold.
After we break out of this new neckline (11.7k), we can expect a rally to 17.5k --- that will be glorious.
In this process, I don't really expect much performance from altcoins.
In sum, bitcoin is BULL. Just retracing (not even .618x ---> how bullish is that!)
I only looked at shorter time frames & thought the inverted H&S (purple on the chart) confirmed bull --- for that reason I only focused on the chart after the breakout.
If we look just a bit longer, we can see that a retest of the neckline is TOTALLY PREDICTABLE (I was stupid & didn't predict it). Moreover, we already surpassed the 1.618x of the neckline of the smaller H&S.
Now we are retesting the neckline, which also is the height of the left shoulder of a larger H&S --- the retracement will therefore likely be between .618 & .5, though 9.8k seems to be a whale stronghold.
After we break out of this new neckline (11.7k), we can expect a rally to 17.5k --- that will be glorious.
In this process, I don't really expect much performance from altcoins.
In sum, bitcoin is BULL. Just retracing (not even .618x ---> how bullish is that!)
Note
formed a rising wedge earlier & broke downit seems there are groups of people trying to crash bitcoin. some speculate that it could be the banks (either because they want to buy or because they hate bitcoin --- take your pick). it could equally be groups of whales that want to buy.
to be honest the price movements these days aren't normal. always huge dives & jumps. very hard to trade.
Note
If we are to go up the same way we came down, there'll be a push to 12k soon.Note
meant 11kNote
another dry dump. small investors are scared & losing money with each dump while the price slowly goes up.Note
Must say it's not the time for TAs.The dump this morning was EXTREMELY synthetic: on bitfinex there was a drop of almost 1k in 1min suddenly from the top.
Obviously some groups are manipulating the market. During these times, it's not useful to do TA. TA really only works when manipulators have bought in & are riding the waves (no pun intended).
Best to stay out at this point if you're out & HODL if in.
I opened this LONG position yesterday (very stupid). During the night, I checked twice & it was going up steadily. Then, when I finally got up the crash already happened.
Investment is NOT a zero-sum game.
But some people have a zero-sum mindset (banks?). They love making money by robbing others.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.