Bitcoin - Moment of Truth - Don't get trolled - Log Scale

Updated

This is just a quick update that the price didn't break through the downtrend yet as everybody else is claiming.
Remember H&S is only a possibility once the neckline is broken. Sad to see half of the community miss using H&S by picking random shoulders, random necklines and prematurely using it as a fact that will happen for sure hence ignoring other possibilities.

Regardless of any chart out there, there are two confirmed patterns

1) Ascending channel
2) Broadening wedge

We are a few days away from finding out which pattern overtakes the other, so meanwhile, ignore all the trolls and the arrows to the moon.

*Tip: Use logscale... don't be using linear on a year worth of data.

I'm personally inclined towards 2) However, I'm not going to let that blind me from other patterns out there.

DON'T ever fight the flow, you will sink. Ride the wave left or right it goes.

~DCFreak

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Here are some important values:
Above 11740$ thats a bull trend confirmation.
Below 11000$ is a bear trend confirmation.

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^ I missed up the downtrend line a bit. use the numbers above instead.

Below 11100 is the 1st downtrend confirmation, 10900 is the 2nd downtrend confirmation. (After 10900$ I would be certain of a fall).

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Here is the corrected downtrend line chart:

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I don't think this is the real breakdown yet.

I believe it will reach around 11193$ then go back up for the final rise. we shall see.

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Triple bearish divergence in the 1Hr frame.. wait for the drop ;)

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keep an eye on BTC right now, its near the downtrend line in the corrected chart.

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yesterday it was triple bearish div, now its quadruple.
Still waiting to see what happens.

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Downtrend is not confirmed yet. But this is the first step in a downtrend.

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I'm still waiting for a confirmed trend, so my entry point is 11700$

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if this trendline is broken, we can say gg to bulls

DCFreak

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