Here might be a clue. MACD study of two double tops.
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I'm copying this from my last posting "Bitcoin short again"Looking at previous pattern market went up from $10,122 to $11,788 (difference $1,666) . Then down from $11,788 to $9,583 (difference $2,205). Then up form $9,583 to $10,500 (difference $917) Then down from $10,500 to $9,280 (difference $1,220).
Last drop went to $7,665 low. That's drop of $1,835 from high of $9,500 or drop of $2,235 from high of $9,900. That drop from $9,900 to $7,665 best matches the drop in the previous pattern from $11,788 to $9,280. Therefore for the next drop I'm taking the last high of $8,604 and my first target based upon the last pattern is $8,604 less $1,220 = $7,384, and my second and lowest target is $8,604 less $2,205 = $6,399. I put two yellow diagonal lines on the chart but they are not done precise. So thought I best put it into writing.
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Update just posted my latest post entitled "Death of the Bears. Worst case scenario Y/N". My most recent worst mistake was going bull with stop at $8,150, and getting caught in a bear trap. Can't win all the time.Note
If anybody wants to check my latest postings or all my postings just click on the "F" symbol with purple background.Note
My latest posting - I have to go cautiously bullish . Thought was seeing another bear flag - big one, but not so sure now as market holding up too long. On 4 hour chart my first leg target has been hit MACD and Stoch RSI all looking bullish . I think it would have been better for a recovery had market gone lower to repeat pattern of last dive in February. Price on the 4 hour chart has also broken through 20 bar MA, and I guess needs to hold on to that. Interesting to see what happens around $8,604. A strong break through on the 2 hour chart to touch my Bollinger lines would be further bullish for me (my Bollinger's set 20,close,3). Patterns look bullish but none of my confirmation signals yet. Maybe will get some pullback ? The high in December was over by midday London time. Maybe this last phase waiting till midday London time today?
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Disclaimer
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.