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3hr

4 big bullish patterns about to breakout rube goldberg style?the way all these bullish patterns( from various time frames) are currently clustered together if one triggers it will probably set off a chain reaction that triggers them all. . .there's a 5th pattern that it could lead to i triggering too on the weekly chart. A weekly cup and handle that's harder to identify on this chart unless you zoom it out and/or switch to the weekly time frame. It's hard not to be bullish looking at all of this but currently we still don't yet have confirmation so I must be poised for any potential fakeouts even though probability favors a bullish breakout. patterns shown here is the 3hr chart purple diamond/symmetrical triangle pattern. The Green 1 day bull flag and the much larger 1 day chart yellow symmetrical triangle the 1 day pink and blue adam and eve double bottom and then the pink and white weekly cup and handle which needs zoomed out to see fully.
COINBASE:BTCUSDLong
by DrDovetail
1
possible 3hr chart diamond pattern the dominant pattern?diamond pattern seems fairly valid on the 3hr chart. Important to watch where the 1 day candle closes though...if we can stay in this range for close we can close the 1 day candle as a bullish engulfing candle which could be a very bullish signal also currently on the 1 day chart we are forming a bull flag with an incredibly long pole which if broken to the upside would bee very bullish indeed.. If this 3hr diamond pattern is the most dominant current pattern we will need to still wait for some sort of breakout confirmation tot determine whether or not it will be a diamond top(bearish) or a continuation diamond(bullish). The head and shoulders pattern that was forming on thee 1hr has already had 3 confirmed fakeouts and will likely not come to fruition but I am sill keeping tabs on where is neckline is just in case. Also if we can close 1-3 more daily candles above the neckline of the double bottom we've been watching odds are very good that we will bee triggering its breakout and remember it still has a breakout target of 13.1k which could trigger all sorts of other bullish breakouts as well.
COINBASE:BTCUSD
by DrDovetail
1
3 hour goldencross vs. potential h&s breakdownbull signal vs. bear signal on btc right now...because of that this idea will be listed as neutral. We can see we have the bullish case of a 3hour golden cross that has just occured...usually leads to a bullish outcome and we can also see the 3hr stochrsi has been skimming the bottom range for awhile which means there's more momentum available to go up than down. his is also the case on the 4hr stochrsi as well (not shown here). As for the bearish side of things we have a potential head and shoulder breakdown being threatened...however the volume on the candles below the neckline thus far has not been the type you would typically see with a legitimate breakdown suggesting it could be a fakeout...also the entire h&s volume profile from the left shoulder to the right is kind of suspect as well. I'm still anticipating a fakeout but if it does breakdown the target is right around the 3hour 200ma so I'm guessing we could easily bounce right back up odd that zone if a breakdown does occur. Of course, just above the bull flag we have been in we have once again met extremely strong resistance from the 1 day 50ma and the top trendline of the falling wedge we've been trapped in for awhile. So it wouldn't surprise me if the price action decided to continue back downward and retest the weekly 200ma. As always its wise to be patient and wait for a surge in volume confirming the break one way or the other before making a decision.
BITSTAMP:BTCUSD
by DrDovetail
possible fractal tht could prevent breakdown from hitting targetOne thing crypto loves to do more than anything is fakeout the herd so although we have multiple deathcrosses across most major time frames and a breakdown from the recent bearflag, it could potentially repeat the pattern seen immediately after the price action highlighted here inside the 1st yellow circle where it only went about halfway on the rbeakdown and then liquidated a bunch of shorts by inverted barting its way back up. Be prepared for that but I wouldnt go long unless you see a bullish bart pattern start to occur the 4hr cross on xrp just happened which could be some of the market drop but the 4hr deathcross on btc has still yet to occur. this dip should have it occur much quicker than its earlier time frame trajectory of january 18th and when it does I anticipate further downside...always always always the possibility of a fakeout in crypto though.
BITSTAMP:BTCUSD
by DrDovetail
3hour deathcross turkey appears!This turkey must think now that its a couple months after thanksgiving that its safe to roam the charts out in the open...however, when a deathcross turkey appears it typically tends to bring hungry bears soon after it. in 10 minutes from now we should see the 3 hour death cross occur on btc...on xrp when the 3 hour death cross occurred recently it coincided with a decent bearishbreakdown so that could very likely happen here too with btc....btc will now have death crosses on the 1hr, 2hr, 3hr and 1 day charts....the 4hr charts trajectory suggests a 4hr death cross by January 18th currently and likely sooner if we see further bearish priceaction soon...this confluence across most major timeframes suggest the current bearflag has a much higher probability of breaking downward instead of an inverted bart...but as always its best to be prepared for both outcomes. thanks for reading and good luck! gobble gobble!
BITSTAMP:BTCUSDShort
by DrDovetail
2
Confusing priceaction on btc uncovers 3hour Diamond pattern!took me a while to be able to nail down the current pattern we were in after many 1hr,4hr, and 1 day chart bull flags and bearflags seem to keep 180ing right in the middle of their breakdowns....I finally was able to connect the dots on the 3hr chart and found this diamond pattern forming. Typically diamond patterns that occur after downward movement like this one are bullish and break upward known as diamond bottoms...the vice versa is true for diamond tops. I have also read that diamonds can sometimes be continuation patterns but every example I've seen talking about that only gave a bullish example...so with the exception of a fakeout probability probably favors an upward break from this diamond, unless of course bearish continuation diamonds exist too and I just cant find any examples. This was a very sudden downtrend so to already see a reversal diamond after the downtrend had only just gotten started made me think there could be bearish continuation diamonds...if anyone knows of any please let me know otherwise I'll assume that even though we have just started a new downward trend we are already doing a diamond bottom reversal. I still think we will likely revisit the bottom trendline of the diamond one more time before any breakout upwards however so thats where I plan to enter around 3.7k with a stop loss set should it confirm a bearish breakdown
BITSTAMP:BTCUSD
by DrDovetail
3
Very short term 3hour tradeIt's quite hard to draw my arrows on this one as I am posting it somewhat early hoping that a 9 count will come. The probability is that a sequential 9 will give 1-4 candles reversal (including itself). I made a good short term trade yesterday using this indicator when a 9 showed up before this rally. Note that it shows a red 1 now where I shorted but at the time I shorted it was a 9 and so many people shorted here it changed the count to a red 1. it used to be that the reversal would come following the 9 but quite often it has been happening on the 9 recently and considering we hit the bottom of the triangle and started reversing, that short was literally an active trade for only an hour or two as I bought back in with support at 6800. Either way be very careful with this trade. The daily chart shows probability that there is around 3days left of upside so this is a trade where you'll wanna have tight stops and be in and out quick unless the reversal comes in stronger than expected. I personally think we will correct as low as $7500-$7600 before making moves back towards 8k and beyond. My plans if the sequential gets to a 9 on this 3hr chart: I will most likely short it at the tail end of the 8 candle if the price is high enough (at least 7800) aiming for a 2-3% gain buying back in around 7600 unless the reversal is stronger than expected. Good luck with your trades.
BITFINEX:BTCUSDShort
by AussieCrypto1
4
Bitcoin 3 hr thoughtsThe TD 9 only corrected on itself on the 4hr chart (9 candle went down) and I've noticed the 4hr TD count hasn't been very significant/helpful recently. I have found the 3 hour chart to be more helpful over the last few weeks when it comes to the TD sequential indicator so I want to share my thoughts here. We have been working on this symmetrical triangle and the price could go either way in my opinion. I do have a target of $1500 to either side though with a possible rebound at 5k-5100 to the downside and an upside target of $8600. At the very least I expect a 1-4 candle pull back soon when a 9 shows up in 2 candles time (3 to 12hrs downside). If Bitcoin shows strength and rallies up to 7150/7200 with no significant pull back, I will jump back in on the long trade with a stop loss around 6800. Reasons for long : I honestly don't have a lot for the short term and you'll see why in my 'reasons for short'. * The 50 week moving average seems to be holding up the price well *Bitcoin is getting close to being unprofitable to mine and I would speculate that some of the huge companies now involved would try to pump up the price if it became unprofitable. Bitmain declared more profit than Nvidia last financial year so I'm fairly confident there is enough money out there to keep it profitable to mine and I will start buying like a mad man around 5k. Reasons for short: *We have been trading under the 200day ma for an extended period. The last time this happened we had a 15 month bear market. * We had a death cross recently (50 day dipped below the 200 day ma) * We have had too many opportunities to buy within 10% of the swing low (6500-6600 range) and Bitcoin usually doesn't give you this much time to buy that close to the bottom. * I have seen some massive shorts over the last week in the order books which makes me suspicious that the Mt Gox trustee is back to selling (up to 5k bitcoin at a time). * At 5k Bitcoin is still up %500 in a 12month period so it is more possible than people realize. * If the 50 week moving average is broken, the last time this happened there was a about 12 months of trading below it... Not a good sign.. I'm short right now but long term I'm still bullish for BTC so I'm ready to move with the market and change my position as needed.
BITFINEX:BTCUSDShort
by AussieCrypto1