As we edge ever closer to the up tend line, we cant but wonder if it will be strong enough to support the weight of the mighty bitcoin.
BTC has pierced the " Daily Close" uptrend line, but still has 18hrs left to close above that important support level.
We might see the wick dip down a bit further to touch the lowest low trend line.
The danger here is that if the wick pierces that line, or if this candle closes below the "Daily Close" trendline, we are going to see a fear induced selloff.
Supported by the shorts from the " 6k bottom believers ", triggering stop losses and liquidating positions as it clambers to stop in time.
There is a white knight in the form of the still active up trend support lines, and a bounce from this level will full the bulls with pride.
We'll see even the most bearish bears go long, even if its short term,
with the "dotted" descending trendline above serving as a major resistance that seems too far away to even think about right now.
The overall structure of this price action, is forming a giant bear flag, which is being squeezed like an orange more and more each day until it breaks one way or another...
Most might see a close below the uptrend line as a breakout from this pennant,
and I have no problem believing that that 7300 support will not be strong enough to hold that collapse.
Perhaps a bounce from 6k is just what FUDDERS need to convince them BTC is fully corrected.
It will certainly tie in well, with the so called April bottom predictions.
For now, we need to twiddle our thumbs for another 12-18 hours before we can confirm for sure which way its going.
Market manipulation is real, and TA is not final, please don't use this as investment advise.
BTC has pierced the " Daily Close" uptrend line, but still has 18hrs left to close above that important support level.
We might see the wick dip down a bit further to touch the lowest low trend line.
The danger here is that if the wick pierces that line, or if this candle closes below the "Daily Close" trendline, we are going to see a fear induced selloff.
Supported by the shorts from the " 6k bottom believers ", triggering stop losses and liquidating positions as it clambers to stop in time.
There is a white knight in the form of the still active up trend support lines, and a bounce from this level will full the bulls with pride.
We'll see even the most bearish bears go long, even if its short term,
with the "dotted" descending trendline above serving as a major resistance that seems too far away to even think about right now.
The overall structure of this price action, is forming a giant bear flag, which is being squeezed like an orange more and more each day until it breaks one way or another...
Most might see a close below the uptrend line as a breakout from this pennant,
and I have no problem believing that that 7300 support will not be strong enough to hold that collapse.
Perhaps a bounce from 6k is just what FUDDERS need to convince them BTC is fully corrected.
It will certainly tie in well, with the so called April bottom predictions.
For now, we need to twiddle our thumbs for another 12-18 hours before we can confirm for sure which way its going.
Market manipulation is real, and TA is not final, please don't use this as investment advise.
Comment:
Comment:
BTC behaving predictably, wow, who thought we'd say that...
It seems to be respecting the uptrend line.
Still lots of trading left today, so a close above the uptrend line is not guaranteed, but a lot more likely than it was earlier.
A potential run at the downtrend line if we close above 8000, even more likely if the candle closes green.
Failure to break that down trend line will be bad for BTC, and a strong pull back from the bears might even invoke a death cross, in which case 6k is back on the table.
However, lets be optimistic, as the big 9400 resistance is now above the down trend line, making it entirely plausible for BTC to crack the roof open just enough to climb out of this bear flag...
6hrs till bull run? lets see
It seems to be respecting the uptrend line.
Still lots of trading left today, so a close above the uptrend line is not guaranteed, but a lot more likely than it was earlier.
A potential run at the downtrend line if we close above 8000, even more likely if the candle closes green.
Failure to break that down trend line will be bad for BTC, and a strong pull back from the bears might even invoke a death cross, in which case 6k is back on the table.
However, lets be optimistic, as the big 9400 resistance is now above the down trend line, making it entirely plausible for BTC to crack the roof open just enough to climb out of this bear flag...
6hrs till bull run? lets see
Comment:
Comment:
SOOO TIRED OF ALL THE FUD!
I'm going to sit in BTC's corner here...
Uptrend line respected by BTC!
It would have been better to close above 8k, but regardless, the wick never pierced the up trend line.
RSI, Stoch, MacD, all support the idea of a run up to at least 8500.
A nice green candle today will surely inspire some buying.
That will place BTC well, as it approaches the end of this massive bear flag...
FUD and market influence are the only negative indicators at this stage.
Lets not discuss what could go wrong, there are enough people doing that already.
Good luck
I'm going to sit in BTC's corner here...
Uptrend line respected by BTC!
It would have been better to close above 8k, but regardless, the wick never pierced the up trend line.
RSI, Stoch, MacD, all support the idea of a run up to at least 8500.
A nice green candle today will surely inspire some buying.
That will place BTC well, as it approaches the end of this massive bear flag...
FUD and market influence are the only negative indicators at this stage.
Lets not discuss what could go wrong, there are enough people doing that already.
Good luck
Comment:
Comment:
Abandon ship! lol
So the close below the uptrend line on the daily chart was as important as we thought it would be.
This will almost certainly be the breakout of the bear flag.
several resistance lines, 6400 and 6800 may be in sight if the 7200 resistance doesnt hold.
Shorting with stop at 7800-8000
So the close below the uptrend line on the daily chart was as important as we thought it would be.
This will almost certainly be the breakout of the bear flag.
several resistance lines, 6400 and 6800 may be in sight if the 7200 resistance doesnt hold.
Shorting with stop at 7800-8000
Comment:
Comment:
BIG MOMENT!!!
Up against the 38.2 fib level, which is just above the 7200 resistance level.
A rejection here really will make the 6k whispers a potential reality.
A close above the 38.2 will be a very bullish sign, there are a lot of bulls waiting for 7500 area to confirm trend reversal before they buy long...
This breakout has liquidated a lot of shorts, and the market is a little confused at the moment...
Up against the 38.2 fib level, which is just above the 7200 resistance level.
A rejection here really will make the 6k whispers a potential reality.
A close above the 38.2 will be a very bullish sign, there are a lot of bulls waiting for 7500 area to confirm trend reversal before they buy long...
This breakout has liquidated a lot of shorts, and the market is a little confused at the moment...