Bitcoin Bull Flag Triangle Target 22.000, Part 5
Updated
Past hours i have been thinking about what to write and of course about what Bitcoin will do. Again Bitcoin pumped without giving doubters at the lows a change to get in, same as they did 3 weeks ago. I have been seeing this a lot in the stock market. I know it's a tactic of the big boys, it's to make the ones who were waiting for an entry desperate as it simply continues and continues. Why? so they eventually get in at the highs and provide volume for the big boys to get out. Things change unfortunately in financial markets, not just for Bitcoin. See it like this, if the big boys having their algo's and quants and draining the markets. Eventually the smaller traders start to get smarter and they start to loose less and even start to win. Then the big boys need to adjust their settings and because of that, the patterns change as well. So in a sense, all we can do is try to adapt, but we have to adapt faster than the average trader.
An example is the curved/parabolic shape pattern that i showed in my previous ETH analysis, but also have shown (and explained) many times past 2 years or so. Another one, which i have been noticing more often past half year or so, is what we had yesterday. Now this example is not just for an H&S, but also for a bull flag. You can find a similar one during the rally from 16K to 19K 3 weeks ago. When i can find the time, i will try to show more examples. Here below, my theory is:
Instead of usually seeing a right shoulder like the blue line. But instead of seeing it reach the high, then drop and reach the neckline again, you have to tilt your head to the left and see the red line, as if it's the blue line. So most of the accumulation of the right shoulder happens there. See it as a more aggressive approach. Where normally the market takes a step back when first reaching the neckline and then letting the bears/sellers come to them, instead they choose to chase after the sell volume. The orange circle being like the low of the right shoulder. We can see a similar approach in the yellow circle above it. As said, there was one 3 weeks ago as well. Think these are the new bull flags for these time frames.
Okay, so what now? Well if anyone knows, please tell me :). On the left we can see the red line is still the one to follow past week or so, even though it dropped a bit more (twice) than it should, those to wicks on the daily candle below the 18K. The bulls are still not safe here, still needs to touch the high of that triangle at least one more time to be more confident. Since a week ago, i kept talking about bulls need to touch the 19.500, which still has not been touched, not even today. The blue line on the right, is showing the red line on the left in a bit more detail. So consolidate, break up, shake out down and find support again to eventually break up. For this theory/scenario, think 18.800ish should be the low.
I do think, even if the above fails and it drops towards the triangle support again, it should not happen within a day or 2, but more towards 4 days. Just to show that bulls aren't too scared too fast.
So for now, bitcoin is obviously at a big resistance, this 19.400/600 zone. Which i don't think will break easily. Good sign we are not seeing any big rejection yet, also not what bulls want to see coming days. Think for now, just has to stay above the 18.900 with a max of 18.800 and want to see a break of 19.400. Ideally seeing it move very stable inside a channel like we can see on the right. I will try to update as things happen coming days.
Don't forget to like if you appreciate this :)
Previous analysis:
An example is the curved/parabolic shape pattern that i showed in my previous ETH analysis, but also have shown (and explained) many times past 2 years or so. Another one, which i have been noticing more often past half year or so, is what we had yesterday. Now this example is not just for an H&S, but also for a bull flag. You can find a similar one during the rally from 16K to 19K 3 weeks ago. When i can find the time, i will try to show more examples. Here below, my theory is:
Instead of usually seeing a right shoulder like the blue line. But instead of seeing it reach the high, then drop and reach the neckline again, you have to tilt your head to the left and see the red line, as if it's the blue line. So most of the accumulation of the right shoulder happens there. See it as a more aggressive approach. Where normally the market takes a step back when first reaching the neckline and then letting the bears/sellers come to them, instead they choose to chase after the sell volume. The orange circle being like the low of the right shoulder. We can see a similar approach in the yellow circle above it. As said, there was one 3 weeks ago as well. Think these are the new bull flags for these time frames.
Okay, so what now? Well if anyone knows, please tell me :). On the left we can see the red line is still the one to follow past week or so, even though it dropped a bit more (twice) than it should, those to wicks on the daily candle below the 18K. The bulls are still not safe here, still needs to touch the high of that triangle at least one more time to be more confident. Since a week ago, i kept talking about bulls need to touch the 19.500, which still has not been touched, not even today. The blue line on the right, is showing the red line on the left in a bit more detail. So consolidate, break up, shake out down and find support again to eventually break up. For this theory/scenario, think 18.800ish should be the low.
I do think, even if the above fails and it drops towards the triangle support again, it should not happen within a day or 2, but more towards 4 days. Just to show that bulls aren't too scared too fast.
So for now, bitcoin is obviously at a big resistance, this 19.400/600 zone. Which i don't think will break easily. Good sign we are not seeing any big rejection yet, also not what bulls want to see coming days. Think for now, just has to stay above the 18.900 with a max of 18.800 and want to see a break of 19.400. Ideally seeing it move very stable inside a channel like we can see on the right. I will try to update as things happen coming days.
Don't forget to like if you appreciate this :)
Previous analysis:
Note
New Bitcoin analysis:
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