Someone I follow on Youtube would call a pattern like this baby blue line a "double bottom with bear trap" Basically it is a W formation or double bottom in the chart price and just about the time everybody thinks we are breaking North the price plummets South thereby confirming the bearish bias. In reality though it is just a "bear trap" catching those that...
No matter how you draw these triangle the momentum still is very Bullish. Still long and still slaying it! BBS out.
A daily look at the current situation anticipates a breakout to the North around the first week of July. The green box is 70%-75% of the entire triangle. A typical breakout area. If the price breaks North as expected the new target is around $16.2K Good luck! BBS out.
I'll be watching this 4 hour channel on Coinbase to see how long Bitcoin can trade inside it. So long as we don't fall out of the bottom of this Channel we are making bank. :0) Keep in mind that from now until next May 2021 the 365 day stock to flow price will continue to rise until it reaches over $99K. What does that mean in simple terms? As time goes on it...
Are we going to get one more chance to accumulate during the summer? If this inverse head and shoulder plays out that may be exactly what we get. Good luck! BBS Out!
This analysis is a bit more speculative as I believe it is very hard to predict any securities price-action in the medium-term. With that said, I am providing on very solid scenario: BTC has been bullish for 5 weeks in a row, that being one of the longest 'bull-runs' in BTC history, that of which has consisted of many bullish channels. Often BTC breaks these...
Just posting this long term monthly look at Bitcoin for future reference.
If we stay above the pink line this could be another bear trap, if we break below the pink line then the inverted H&S pattern is busted. We'll know which soon.....
The CME gap will fill along this pink line. If one were so inclined, this would be a good area to add to their longs. This is not financial advice, just me thinking out loud. Good luck!
If not, we must be getting close....
This line looks important to me. Price has traded around it for a very long time....
Are you a Bull? Then this triangle is breaking north. Are you a Bear? Then this triangle is breaking south. If you are a market maker it could do both. Move up then down or down then up. If we get a head fake I am in the camp of down then up. Perhaps a break down with a spike low to tag $8,900 area filling the CME gap and sucking in the Bears followed by...
If this pattern is valid the minimum target is about $10,730. Of course if we hit that target what's next? Moon? lol Had to say it. :0) Still long....
It's been a long time but it looks like this major correction is finally coming to an end. The last wave of the WXY needs 5 sub-waves to complete. We either have already completed the fifth or we could continue down to the 1.27 Fib extension around $7,125. I would say that would be the max. We could even creep up to about $8,900 or so before falling back down...
In my previous post I mentioned that I was again studying the "Stock to Flow" model for pricing Bitcoin. This model does not track averages, chart patterns, Fib levels, support / resistance, nothing of the sort. The model just looks at how many Bitcoin have been mined to date and how many will be mined in the future. Add some math to the current stock of coins...
Was this a huge Bull Flag developing all along? I guess we'll know soon enough....
Can we STFU about it now? And yes, I had to pick up a little more at these prices. BBS out.