mikehill85

mikehill85

As you can see, the last time BTC had an RSI this high and started to nosedive on the weekly was at the end of 2017. It is possible that it will just keep diving up and down and staying near the very top of the scale but I personally think we are going to see another decline and a new low not seen for years. We all know the saying, "Fool me once shame on you,...

mikehill85

It appears a very ugly H&S may be forming on BTC. If it completes BTC should drop to around $5,000. I'm going to be getting out the popcorn and enjoying this one.

mikehill85

Unfortunately I am not able to publish with the 5 minute chart but the giant pump that happened a few hours ago saw the vast majority of the price and volume rise occur in a 5 minute window. If that isn't market manipulation I don't know what is. BTC went up about $800 in value in 5 minutes out of the blue...something isn't right here.

mikehill85

I didn't see it at the time but looks like a pretty clear butterfly formation which is indicative of a reversal from bull to bear.

mikehill85 Updated 

Looks like there may be an ugly H&S on the BTC chart. If it completes we could see a drop to ~$9,000.

mikehill85

I don't have any specific analysis but was thinking that since ETH has been the 1st to retrace to and break below the 2/6 low it may be the crypto to watch. Perhaps the response of BTC, LTC, XRP and others will mirror how ETH responds. If so, we may have a nice window into the future for those crypto.

mikehill85

It appears from the below that XRP is bouncing off multiple resistance levels on the way up. You can even see a potential baby H&S forming on the 1 Hr...awww...isn't that cute? Unfortunately it isn't cute and could potentially push XRP to $0.57 and possibly beyond. Keep a close eye on the support. Hopefully XRP doesn't breach it.

mikehill85 Updated 

It looks to me like Ripple is about to head back down under ~$0.74 pretty soon. It is getting squeezed by both overhead resistance and support beneath. Based on the fact we are in a bear market it is more likely to head down than up. If it does break the support it will likely retest the previous low of ~$0.54. I really hope I'm wrong.

mikehill85

ETH has broken through the bottom red support line. Although it is struggling to get back up to that support it seems unlikely at this point (though not completely impossible). The next major resistance to the plunge should come from the bottom blue support line.

mikehill85

If you look on the daily chart, ETH actually isn't doing much different than it has done in the past before going on to make a new ATH. Something to think about.

mikehill85

Right angled triangles are typically seen in bull markets as a continuation but can also be a sign of a reversal in a bear market. They are typically seen with a contraction in volume (which we are seeing now). Watch for an upward breakout confirmed with high volume.

mikehill85

It looks like the next run will start by 5 am tomorrow EST. Fingers crossed and hold on for the next moonshot.

mikehill85

XRP appears to be consolidating in a right angled triangle formation yet again before the final push upto/past $2.00. It looks more than bullish enough to do it as well. If we can get past $2.00, who knows what lies ahead. Once more unto the breach, dear friends, once more; Or close the wall up with our Ripple dead.

mikehill85

It seems that XRP is between two converging lines of resistance right now. It should "make up its mind" in the next hour.

mikehill85

BTC has broken through the line that was previously a support. It has now switched a line of resistance. If BTC can't break through this resistance it appears very likely it will also fall below the neckline of the huge head an shoulders formation and depreciate to ~$6K. The next 24 hours could prove very critical for BTC and all digital currencies.

mikehill85

This looks like a classic head and shoulders formation. Meaning that BTC should now drop at minimum the distance between the head and neckline. Very scary indeed.

mikehill85

Today looks like the start of the last jump up for XRP. I believe the last increase was retarded by BTC's plunge.