Should bitcoin remain making higher lows this is a scenario i see playing out as bitcoin moves higher to test 4k again
Adjusting my chart's standard deviation of the lines for the 3rd time after some whales are playing fakeout games, do not be tricked into selling here, as we are still in a bullish trend.
When support holds at these levels historically a huge bounce is imminent as shown.
With resistance in such a short range from support an inverse head and shoulders pattern is forming causing a jump in price in the coming days, if this does not play out expect it to trade within the channel and flatten out.
The trend line is still intact as price as corrected after the rally from 3200 bottom to 4k, if we remain in channel expect a retest of the 4k resistance and a pump to 5800 if we break it.
As long as bitcoin remains within a standard deviation similar to the bottom dip below the line and remains inside this channel we are in a clear bull market with a bull pennant on the end indicating a move upwards is coming. Circles show how price will react when the support is hit.
Both have an extended right shoulder indicating this larger pattern could be repeating how the smaller one extended off the right shoulder then finally pumped.
Should this trend line hold, a rally should begin as confirmation of the bottom to skeptics will be obvious as we paint more higher lows.
reversal channel suggests movement toward green circles in the coming months. happy holidays.
Price should remain stable in this range if compared to the chart below.
Large squeeze after each channel suggests movement into upward channels.
An inverse head and shoulders pattern can be seen indicating a bullish uptrend highlighted by the green diagonal lines. Also showing previous resistance and support lines it needs to follow and break out of.
Analysis of the 20,50, and 200 day Moving Average with the horizontal support shows a bottom is in if history repeats itself.
Veterans day weekend is this week, do you really think this is going down? God bless the USA and god bless Bitcoin!
This is a textbook double top prepare for target E to possibly break as described below. i.investopedia.com
Preparing for a rally in December bitcoin is close to the bottom line, everyone knows when it hits that line to buy it so no one will be selling, thus rising us out of the lower channel into the higher ones.
The current range for bitcoin is 6400-6700. On the 26th the ETF decision will be announced, causing either a small flash crash that will consolidate around 6400, or if approved could start a massive bull run. We still have another ETF decision in Feb 19' (van eck) and the Bakkt exchange goes online in Nov 18', so any drop below the meme wedge of 6375 will be...