HanktheTank

HanktheTank

Following an inverted hammer candlestick pattern on the weekly with a 15% wick rise and confirmed close of the following candle > || == that inverted hammer's close, Bitcoin followed a trajectory up to the top of the range set by that inverted hammer's wick/handle. On the weekly resistance is at ~$44693 while on the daily, a flag pattern will likely provide some...

HanktheTank

Seems obvious, but personally I don't think BTC will dip below the liquidity in the green zone. Bitcoin hasn't touched its previous high during any correction so far, and I don't think it's about to start now. There are too many ecosystem advancements and this bear market has been enough to shake out bad actors. The demand for Bitcoin is higher than is priced into...

HanktheTank Updated 

Technically, just another lower high on the daily. Weekly/Monthly show some strength, but considering the overhead resistance, not likely to burst through to 12k anytime soon. I could be wrong, but considering the action I've seen in the past, and the fact that most traders I know of are pretty disenchanted with the asset, it doesn't look overly bullish. Don't...

HanktheTank

As you can see from this long running chart, bitcoin has always needed about a 50% - 68% retrace of the rally to continue it's bull market fun runs. What we have here is, so far, no different. This correction has taken slightly longer, but still might be on track to complete at around 7400 to continue north to new ATH. If we're wrong, well, it's time to...

HanktheTank

On the monthly chart we can see the emerging pattern and it's idiosyncrasies. The most simple TA demonstrates that a breakout of the lower low pattern achieved around $4200 has not been rejected at the 2018 bottom of ~5700 to re-enter a bearish consolidation patter, and has instead broken out strongly above resistance. From a technical standpoint it does look...

HanktheTank

I can draw lines pretty well, I went to art school after all. And as a human being, I can recognize patterns and assign them - arbitrary or not - to any situation to suit my preference to how I want to perceive an outcome of an event, even if that pattern is truly meaningless, in the end. Here we have another line put under the big pattern that makes our current...

HanktheTank

Just noticed the pattern that's been holding bitcoin in grips for ages and thought I'd share. Doesn't seem to be breaking through.

HanktheTank Updated 

Bitcoin is dropping hard. I made this chart a wee while ago, but the call of a drop the completion of the H&S line is a pretty easy one at this point. ON THE OTHER HAND if BTC decides to make a (~$10.00) higher low on the hourly (highly doubtful) a pullback could be negotiated. It all depends on the ~8125 level. OOPS! Wait, nevermind. That's just broken as I'm...

HanktheTank

After bouncing off triangle support yesterday and the day before, a high probability of completing the upward retracement to around 9k is possible. There is a possibility of a breakdown, but the risk is slightly lower than if it had rejected support. Still, keeping a stop under 20 day EMA at 7277 is probably wise.

HanktheTank

GOOD MORNING! The weekend is always the best time for big moves in crypto, since the 9-5ers are only watching their portfolios with sidelong glances. I'm guessing one of two formations will play out this weekend. I've included in the chart both a layout for a iH&S move, which many people are advocating, though I find hard to swallow. Also included is a move...

HanktheTank Updated 

This could play out just like the good ole' days, when you'd see the alts drain to fund Bitcoin in the final stages of its bull run. In that case, we'll possibly see Litecoin follow along this time, since it's been so good to the King, while everyone else has been around just to attempt to dethrone him. The chart has most of the description in it but I'll...

HanktheTank Updated 

I'm experimenting with parallels here, as a way to target long exits and stop-losses for swing/day trading strategies. I've noticed the tendency for BTC to travel in parallel channels, and I think this may be a good strategy for a beginner trader to use in order to understand price movements and enter/exit with a little more certainty. Here, on the hourly, BTC...

HanktheTank Updated 

This is simply an update to my other idea (A record of proceedings: BTC and the 5-3K Drop.) which is likely to become a series entitled "A Record of Proceedings" in which I chronicle my eventual success or failure to short the market, go long and successfully sell at the top, or completely ruin myself. I'm personally hoping for the first two. This is my...

HanktheTank Updated 

Disclaimer: This is an opinion based on experience and analysis, meant only to add to your own formulated opinions, not give you a trade to take. There's been an incredible amount of fear surrounding the CBOE and CME futures contract, mostly because people don't really understand them. The first ride on the futures merry-go-round brought the price down instantly....