breakoutfakeout

breakoutfakeout

What a day for bitcoin... The battle between the bulls and bears goes on with a new falling wedge just formed on the hourly charts and a continuation pennant to the downside! The overall falling wedge must take precedent though due to the overall oversold conditions on the daily chart and being below the 200ma. We could quite easily see a move to 8200 and so I'm...

breakoutfakeout

Bitcoin has broken the resistance with volume of the downward falling wedge pattern (see earlier post). 5 min moving averages have crossed to the upside and since price has rebounded of the 21 week MA and 200 DMA and is heavily oversold it longs like a decent low risk long. Looks like we may see a bullish engulfing candle today on the daily chart and a rip up to...

breakoutfakeout

Prices are unable to break below the control line (white line) in the descending wedge channel, shows a lot of strength. Expecting an upside breakout test after the previous hourly candle was a nice doji, need to see volume coming... will there be enough? Watch out for fakeouts!

breakoutfakeout

Alternative to falling wedge pattern in other post. Here we can see another clear falling wedge. Id like to see a break above the pattern with incoming volume to stay long. Either way looks like a clear reversal pattern has formed. Price is nicely oversold on the daily and below the 200DMA. As usual I like to enter longs before the breakout once 5min moving...

breakoutfakeout Updated 

Flag pattern has now failed, expect a swing low to the bottom of the rising wedge before another attempt at a breakout

breakoutfakeout

BTC poised to reverse upwards.