This would be a downward continuation if I’m honest with myself. And the 1W still shows downside in both averaged candles and the MACD. Calls for 20s could be valid.
BTCUSD has formed a price channel between the 200DMA and a bottom trend line. The channel is generally an ascending pennant, giving me hope we’re about to see some upside.
We’re back testing the 200DMA, formed a double bottom followed by an inverse head and shoulders. That coupled with rumors of new institutional money entering the market (nearly $2 trillion that stayed in cash during the crash), this gives me hope the board will stay green for some time.
Bitcoin / USD formed an averaged double bottom in line charts, while Ethereum / USD formed one on OHLC and heikin ashi candles, increasing my hope that we’ve seen the bottom.
Shame we didn’t fulfill that beautiful signal. Since most in correlated markets correlate most of the time, and Bitcoin is being purchased by big money, and most of the selling is being done by new accounts, I think we can all agree this is an accumulation period where we all get discount prices. I’m generally buying the whole market and dollar cost averaging.
Now the good news is it could be viewed as such, in which case this is a nice support for an accumulation period. Adding currencies in little nibbles rather than big chucks and dollar cost average down to find the bottom. This is of course because long term I believe the market will recovery. Just like the stock market, there’s only 1 ultimate data point. It...
How long it lasts? How low? Who knows. This blows off some very long term reliable data on what is typical. I’ll call this a long term accumulation period. Cheers.
Ripple so Elliot. Very wave. Correction good. You buy now.
BTCUSD just touched the flag again, portending a potential fulfillment of a longer term head and shoulders. See linked.
BTCUSD looks ready to complete a head and shoulders. Warning #2.
This chart will tell you when to reallocate your %s. It wants you to rebalance you portfolio. Let’s hope it shows us when to go back to heavy BTC.
Alternatively, it could be one of these. This means a deviation from 10 years of data on Bitcoin rallies, but we live in an era of uncertainty. Bear flag?
This is simple. The candle charts are very choppy and confused right now. However this perspective appears to show a loose wedge consolidation. Volume is declining, while highs are sustaining and lows and rising. Bollinger band compression and the MACD line up with the wedge trading sideways for a while, giving me greater confidence in a consolidation.
Higher lows, ascending highs, forming ascending pennant. Increasing buy and sell volume, but with higher lows means the sell pressure is failing to buy pressure. Bullish signal while BTCUSD is flagging uncertainty in the shorter term. Moving BTC to ETH. ETHBTC charts agree, uptrend against BTC hasn't slowed.