So it seems BTC is back in the wedge business...breaking out of rising and falling wedges one after the other.
A very strong inverse H&S has formed and there appears to be continued buying off of the rhs shoulder.
The last rally upwards looks very impulsive and in turn the following fall looks quite corrective.
The string buying action of the last rally fits the format of a 3rd wave with growing strong blue candles.
This leads me to expect a 3rd wave up to the key levels indicated by the red lines and the pink horizontal channel, a zone the market has respected strongly in June, July and August.
The fibs fit this nicely and also imply a corrective drop back t this rhs shoulder again, around 1450.
As well as this, my combination of StochRSI bottoming out along with InsyncIndex breach, coupled with the break out downwards and fail of the of the Bolinger Band are a strong buy signal signal for me.
So based on this chart alone, I see no reason to be anything but long.
Just wish there were some fundamentals make sense of it :-/
A very strong inverse H&S has formed and there appears to be continued buying off of the rhs shoulder.
The last rally upwards looks very impulsive and in turn the following fall looks quite corrective.
The string buying action of the last rally fits the format of a 3rd wave with growing strong blue candles.
This leads me to expect a 3rd wave up to the key levels indicated by the red lines and the pink horizontal channel, a zone the market has respected strongly in June, July and August.
The fibs fit this nicely and also imply a corrective drop back t this rhs shoulder again, around 1450.
As well as this, my combination of StochRSI bottoming out along with InsyncIndex breach, coupled with the break out downwards and fail of the of the Bolinger Band are a strong buy signal signal for me.
So based on this chart alone, I see no reason to be anything but long.
Just wish there were some fundamentals make sense of it :-/