Is Bitcoin breaking out?
Updated
Don't have time for pleasantries, this is time sensitive. LIKE THIS ANALYSIS SO OTHER PEOPLE SEE IT.
This is possibly a BEAR TRAP. A MASSIVE BART. I turned stupid-bear when we dropped from 6k, exactly what psychology would want you to do. How many people do you think are out of position right now due to fear of a massive fall to 2.4k or worse?
This is that time they tell you to buy FEAR.
Key points:
RSI is printing a symmetrical triangle.
Zoom in on the RSI first and foremost, to get a broader perspective of what is going on.
The 2nd to last time oversold was tested on the 2h, it bounced from the ATH weekly resistance marked in thick red.
On this more recent occasion, when RSI dipped into oversold and bounced, it found support much higher back above the bullish divergence trend line marked in black.
Bullish divergence has continued to build since the 11th - AFTER A BART. Our most recent dip into oversold also has bullish divergence.
Key areas are highlighted in the RSI for a breakout.
A breakout and subsequent successful re-test of the RSI triangle will indicate a buy signal.
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Price is showing an inverted head and shoulders pattern. The volume profile fits perfectly, so this may be legit. An attempt has already been made to the neckline. One could place a buy stop above the neckline for a slightly more aggressive play, but the textbook trade opportunity occurs post breakout. (However, if this IS a real breakout, you'll be waiting a while for a re-test if at all, causewhales. js.)
Once price clears the neckline, a subsequent re-test of the neckline should occur. If it holds support it is a HUGE buy signal. Bullish divergence is occuring post bounce from the lowest point of the bullish wedge marked in blue - another massively bullish signal.
The thick black dotted trend line is the down trend line from our ATH. Should both of these wedges break, we will see an extremely violent rally to 4.1k/5.5k or more. This, in theory, could be the literal end of the bear market. Be prepared for a very large breakout if that ends up being the case. You will know.
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MACD is confirming the bullish divergence seen in the RSI. Also showing a massive symmetrical triangle printing.
MACD lines have crossed and are curling upwards, indicating buy pressure.
This is a buy signal as soon as MACD crosses the zero line.
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This looks like a bear trap to me if I have ever seen one. I truly believe we are in the midst of one of the most epic barts we have seen in a while, at MINIMUM. What's your opinion?
This is possibly a BEAR TRAP. A MASSIVE BART. I turned stupid-bear when we dropped from 6k, exactly what psychology would want you to do. How many people do you think are out of position right now due to fear of a massive fall to 2.4k or worse?
This is that time they tell you to buy FEAR.
Key points:
RSI is printing a symmetrical triangle.
Zoom in on the RSI first and foremost, to get a broader perspective of what is going on.
The 2nd to last time oversold was tested on the 2h, it bounced from the ATH weekly resistance marked in thick red.
On this more recent occasion, when RSI dipped into oversold and bounced, it found support much higher back above the bullish divergence trend line marked in black.
Bullish divergence has continued to build since the 11th - AFTER A BART. Our most recent dip into oversold also has bullish divergence.
Key areas are highlighted in the RSI for a breakout.
A breakout and subsequent successful re-test of the RSI triangle will indicate a buy signal.
--------------------------------------------------
Price is showing an inverted head and shoulders pattern. The volume profile fits perfectly, so this may be legit. An attempt has already been made to the neckline. One could place a buy stop above the neckline for a slightly more aggressive play, but the textbook trade opportunity occurs post breakout. (However, if this IS a real breakout, you'll be waiting a while for a re-test if at all, causewhales. js.)
Once price clears the neckline, a subsequent re-test of the neckline should occur. If it holds support it is a HUGE buy signal. Bullish divergence is occuring post bounce from the lowest point of the bullish wedge marked in blue - another massively bullish signal.
The thick black dotted trend line is the down trend line from our ATH. Should both of these wedges break, we will see an extremely violent rally to 4.1k/5.5k or more. This, in theory, could be the literal end of the bear market. Be prepared for a very large breakout if that ends up being the case. You will know.
--------------------------------------------------
MACD is confirming the bullish divergence seen in the RSI. Also showing a massive symmetrical triangle printing.
MACD lines have crossed and are curling upwards, indicating buy pressure.
This is a buy signal as soon as MACD crosses the zero line.
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This looks like a bear trap to me if I have ever seen one. I truly believe we are in the midst of one of the most epic barts we have seen in a while, at MINIMUM. What's your opinion?
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Yes, I realize this is a 5m chart.But, peep this.
All 'smart money' eyes are looking at this pattern. If it fails, I would not be surprised at all to see a very significant dump. Be ready for that.
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Inv HS within an inv HS.
Yep, this bad boy is gonna dump real hard if this fails.
;o
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This is a REALLY big deal.Whichever direction this market takes from here will be the start of the decision.
It will be powerful.
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Live on twitch for the first time in 6+ months.Message me or find me by my nickname.
We just broke out of a nice fat wedge.
Shenanigans will ensue.
My name is MC Peewee,
but you can call me teh salesman.
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XBT and Bitstamp are both showing a re-test of the neckline of this quasi-HS.Currently holding the .236 indicating a 4th wave retracement.
Hourly candle closes in 7 minutes. If the neckline holds and confirms an hourly above this resistance, I expect to see a large expansion in volume.
This trade is textbook.
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We got a nice fat bull flag on shorts, aka FUEL.
Guess where this whale shorted?
FUEL. Aka a narrative.
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Inverted head and shoulders inside a bear pennant inside another inverted head and shoulders.Note
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This was/is a textbook long entry:Note
Not lookin too shabby so far ;DNote
Press play.
We wicked to local bullish wedge resistance as well as ATH wedge resistance.
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Bulls have an open window of opportunity here.If they drop the ball here, it could get bad. However, I was expecting a complete rejection in this area. The real fireworks will probably start between the new monthly, or around Feb. 5th.
Now is not a bad opportunity to take profit, just in case we drift lower.
Press play on here. So far, a perfect call.
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new update is out btw
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This could get really interesting here in a sec.
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Interestingly, shorts are sitting right now at +6.66% for the day.
MASSIVE hidden bearish div. in shorts.
Also, we have a whale on Finex who shorted 1,240 BTC right around this area:
Yiiikes
STRONG bearish rejection on the 15m after wicking into ATH resistance. The MA we are being rejected at is the 365d MA.
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By the way, ascending bearish wedge in the RSI and in price.If this doesn't get invalidated by or near those fib timezones, we're gonna DAMP
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This 2h candle is very important.
The MACD is showing an extreme resistance here.
If we don't go bull within the next hour there will be consequences I think.
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THIS IS A REALLY REALLY REALLY REALLY REALLY REALLY REALLY BAD THING TO SEE IF YOU ARE SHORT:HOLY
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We have a test of the ATH resistance line, and is so far holding as support.Next will be the 6h short-term bullish wedge resistance.
We pass that with momentum and we're staring down 3.7k MINIMUM.
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Bitfinex ATH trendline says this is a buy.
A big one.
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I believe a decision is going to be made here shortly.I suspect on this hourly close.
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Is it possible we literally just went sideways through ATH resistance?One would argue that for a time frame like this, you use log. Does it really make THAT much of a difference though?
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