Bull's Vs. Bears all or nothing, FINAL EFFORT FOR BULL MARKET
As you guys can tell, I have been extremely excited lately, and watching bitcoin in good health and strength is really satisfying. Although you can make money at greater speed shorting, there is nothing that satisfies the spirit as a strong bull market. This is the last and the final battle for bitcoins longer term future right here, and its exciting.
IF you have been following my channel, then you do understand that I have been talking about a double bottom and a descending triangle, well, I have taken a macro picture of the last 6-7 months, because right now is a good time for a macro picture, so we can understand what is happening and what could happen in bitcoin's future. In the off color blue circles, I have highlighted the points of the bottom, the purple trendlines are the trendlines of the descending triangle and the light blue trendline is the trendline of the symmetrical triangle that bitcoin fell out of. The red bars are a point of strong resistance and the red line is a point of strong resistance.
Understand that supports do become resistance, and vice versa, currently bitcoin's price is under the previous support of the symmetrical triangle which is now resistance, in addition, it is also around a point that was its previous support and a good amount of trading had taken place there. In addition, the 100 day simple moving average will be converging on that position as well. So my point is there will be an extraordinary amount of resistance there.
Generally speaking, a head and shoulder pattern has an 85% chance of hitting its price objective in addition to being a trend reversal pattern, so this will be a battle to be felt and seen.
Key Points:
1.) A lot of different points of resistance are converging around the 7500 and the 8000 region. This includes the 100 Day MA, Symmetrical triangle both the resistance and the previous support.
2.) The Bulls look strong and they have a strong probability of hitting 7800-7900 and they have a determined trend reversal pattern.
3.) Rejection or significant penetration of 7900-8000 levels will determine whether we remain in the bear market or whether we enter a bull market.
Trade smart, hedge risk, and make some money!
Previous Analysis
IF you have been following my channel, then you do understand that I have been talking about a double bottom and a descending triangle, well, I have taken a macro picture of the last 6-7 months, because right now is a good time for a macro picture, so we can understand what is happening and what could happen in bitcoin's future. In the off color blue circles, I have highlighted the points of the bottom, the purple trendlines are the trendlines of the descending triangle and the light blue trendline is the trendline of the symmetrical triangle that bitcoin fell out of. The red bars are a point of strong resistance and the red line is a point of strong resistance.
Understand that supports do become resistance, and vice versa, currently bitcoin's price is under the previous support of the symmetrical triangle which is now resistance, in addition, it is also around a point that was its previous support and a good amount of trading had taken place there. In addition, the 100 day simple moving average will be converging on that position as well. So my point is there will be an extraordinary amount of resistance there.
Generally speaking, a head and shoulder pattern has an 85% chance of hitting its price objective in addition to being a trend reversal pattern, so this will be a battle to be felt and seen.
Key Points:
1.) A lot of different points of resistance are converging around the 7500 and the 8000 region. This includes the 100 Day MA, Symmetrical triangle both the resistance and the previous support.
2.) The Bulls look strong and they have a strong probability of hitting 7800-7900 and they have a determined trend reversal pattern.
3.) Rejection or significant penetration of 7900-8000 levels will determine whether we remain in the bear market or whether we enter a bull market.
Trade smart, hedge risk, and make some money!
Previous Analysis
Comment:
Lol, there was a movement down to 7280, 7250 would be a good entry point, a small pullback is natural in a head and shoulders pattern.
Comment:
In fact, a head and shoulder pattern, both topping and bottoming, generally have a pullback to the neckline. So it is more likely than not that bitcoin tests about 6900-7000. Given the strong push by the bulls, I thought they would hold their ground.
Comment:
It seems to me that bitcoin will be the most bullish of the cryptocurrencies at the moment, it looks like bitcoin is forming a bull flag/pennant whereas a lot of altcoins will be retesting the neckline of their respective inverted head and shoulders.
Comment:
On the Daily Candles, it appears like we have a pennant that will be finishing up soon.
Comment:
However, I believe that the 4 hour chart will be more accurate, and that bitcoin will is forming an ascending triangle. The price objective of this ascending triangle puts bitcoin around 7800-7900 which would be finishing the move from the inverted head and shoulder.
Comment:
The bulls are currently unable to push past the first trendline of the a symmetrical triangle, and they are being rejected each time they cross it.
IT appears also that bitcoin could be making a pennant on the daily.
There is also a possibility that bitcoin makes a movement down. the bears might want to retest the neckline, however, I doubt this because the bull rally was strong and there is still a strong amount of buying happening, so if there is a movement down it will most likely be caught around 7250 but I doubt there will be a movement down because of the weakness in selling that is currently going on.