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Bullflagbreakout

Shiba, 23 Dec. The 54-Day Bullflag.SHIB has been in a waterfall to the downside since 27 Oct, losing about -67% of its value - a very typical correction in crypto land. Understandably, many will short the current breakout, but is it the right decision? Elliott: It is difficult to get a clean count, but we are able to interpret it as an abc correction with 5 sub-waves in wave c (in green). Shib has retraced exactly 38.2% of the previous wave. Oscillators: The MACD crossover has occurred and the MFI is pointing upwards after a bullish divergence. Geometry: A Schiff pitchfork from the low of 7 Sep. appears to be well respected by price action and indicates a possible low on 20 Dec. Moving Averages: The important 20 week MA provides support. How I trade it: The idea is to build long exposure in case our bullish assumption is correct. First targets are at 7000, the pitchfork median. Because a wave 1 usually retraces 60-78%, the idea remains valid unless Shib falls below 3000. Shiba did not have a capitulation candle that triggers buy liquidity. This can still happen, although BTC/ETH had their capitulation in the hours of the lunar eclipse on 4 December.
Long
by UnknownUnicorn12250317
1
ETC, the sleeping giantHello traders and holders; Welcome to this analysis about ETC (Ethereum Classic). As you can see on this log chart the price has been consolidating between strong resistance and supports for months. This has led to the formation of a huge bull-flag pattern with apex approaching in mid-late December. Also notice that weekly RSI has been almost stationary since its decline from April top. I think once the resistance is broken and RSI starts going upward, the blue sky is ahead for ETC. The bull flag has a 300% surge price target. It is likely that we go even higher. I hope you've liked my idea. Please share your thoughts on this one. Thank you for your kind attention
Long
by s_hasan_zolanvar
3
Buy the new $53000 BTC floor before breakoutNotes: Green horizontal lines are support, circled is the incoming true golden cross (100 and 200 daily moving averages- a very strong buy signal). Here we can see that in the last 2 weeks Bitcoin has had a fantastic run up from support at around $41,000. This is as per my last post where I suggested calm heads were in order and to forget the fear of going to 20k after the big sell off, but instead buy the dip. I hope you managed to do that. We should always remember the simple rule of trading buy at support sell at resistance and ignore emotions. Things got very emotional and fear was at its highest always a great sign to buy as well. Things have got a little more complicated now. If we look closely though, we can see that Bitcoin is in a new parallel upwards channel which is validated by the rising volume throughout the past 7-10 days. Also we are currently within a bull flag , with the flag element sitting right above the old daily high of $53,000. Volume has slowed right down which is normal before a breakout higher which I think is going to be attempted. This old daily high is now acting as the new floor support for bitcoin. As with all breakouts, experienced traders buy before breakouts and not after (to minimise risk) and as we are close to $53k its a good time to buy now. We have plenty of room to move up to around $60,000 at the top of the channel. Yes we could fakeout and come down again but thats why its a good time to buy now around support rather than attempt to short the breakout or buy after the breakout with a wider stop loss. I do expect its more likely we will see some sort of retrace back down to the $53,000 support but as long as price remains above the middle line in the upwards channel (known as the control line), the upwards trend remains intact and we should continue to move to ATH by end of October. I would rather hedge my bets now and add here while I'm definitely buying at support. I still expect $78,000 within a few weeks after the end of October. All in all this price now before the bull flag breakout is a good place to add to longs imo.
COINBASE:BTCUSDLong
by breakoutfakeout
5