pbrooks1976

pbrooks1976

If this pennant plays out to the upside then 70k here we go

pbrooks1976

Firstly as a disclaimer this is not financial advice, just my opinion. looking on lower time frames (15 -30 mins) BTCUSD has been in an ascending channel for a little while now, and has hit the upper trendline twice. this was making me bullish to be honest, but I started zooming out a bit and I can clearly see on the 1 hour, 4 hour and daily chart there is a...

pbrooks1976

so, bitcoin broke the descending wedge as expected to the upside (red lines), now it has formed a very short term bull flag (blue lines). there are some heavy resistances in the form of parallel channels (the green lines). I would assume if the first line is broken then we proceed directly to the upper green line, this would be consistent with targets for both...

pbrooks1976 Updated 

OK, so Elon's tweet broke the deccending wedge formation, which as expected prompted an immediate upside. Hoewever there was no follow through by buyers and bears took control and re-established the downtrend. my position now is short. it is clear from the upper level of the Elon tweet spike that we have moved from a descending wedge into a clearly defined...

pbrooks1976

Hi all, so BTC has been in a parabolic move recently, but is this over ? possibly yes, but let's look at the evidence.... BTCUSD has been in this ascending channel now for a while, it could break to the downside in which case 34k is incoming. however there could still be a final leg up here if we bounce off the low of the channel. a bounce takes us to 44k a...

pbrooks1976

So Bitcoin is bullish right ?.... long term I agree but short term there is massive over-extension here. A quick look at the 4 hour chart shows a short time frame ascending wedge (blue lines) contained within a much larger ascending wedge (orange lines) on higher time frames. a bearish chart pattern within another bearish chart pattern sounds like danger to...

pbrooks1976

Whilst too early to tell due to only one touch on the top line, BTCUSD looks like it is forming an ascending triangle, which most often break bullish with target level set at the distance of the pattern formation (12.2k -9.9k) after breakout. assuming this happens then that would be a breakout at 12.2k with a max target of 14.5k there are several bullish factors...

pbrooks1976

OK, this may be a bit of a stretch but to me it looks like an ascending triangle on the daily chart. The top has been touched twice and the bottom 3 times, making this pattern valid. Expectation would be to at least retest the top of the triangle at $10500, if a break upward were to occur it would put the target in the $12k range. I am long on this pattern now,...

pbrooks1976

After a big sell-off yesterday BTCUSD found buyers waiting at the $8500 area, halting the slide. A bounce from this area has transpired, but the signals here are very mixed. The descending blue line is the top boundary of the downtrend over the past few days. The orange lines mark the ascending channel the BTCUSD has been in since the bounce off $8500 Today we...

pbrooks1976

The rejection of the $9600 price point has sent bitcoin on a downward trajectory, and furthermore the double top of $9600 means the chart pattern of BTC/USD has changed from an ascending channel (bullish) into an ascending wedge (bearish). This gives us 2 possible scenario's. 1) the price descends towards both the 200 ma and bottom of the wedge where we find a...

pbrooks1976

Here we can see on the hourly chart clearly how BTCUSD has respected chart pattern formations over the past couple of weeks. To start with BTC was trading inside an ascending wedge (Orange lines) and the expectation was for this to break down, which it did. The breakdown of this pattern formed a descending wedge (Green lines), which following chart pattern...

pbrooks1976

BTC is in an ascending wedge pattern on most time frames except really low ones. However on 15 or 30 minute time frames the formation of an ascending triangle within this pattern can be seen. Expectation for this particular pattern would be for the ascending triangle to validate, pushing BTC out of the ascending wedge. But this would make a false breakout and...

pbrooks1976

BTC has broken the medium term upwards trendline forming a descending channel. We should expect that it should continue to reach the bottom of this channel. Co-incidentally this channel will intercept the much longer timeframe upwards trendline that formed was back starting April 2nd. This intersection could prove to be a pivotal point in triggering a trend...

pbrooks1976

So on the 15 minute chart BTC has entered a clear ascending channel after yesterdays dump. If we maintain this channel then its back to 9k on Sunday. Do I think it's realistic ? Yes. The correction was a perfect equal measured move, that landed on trendline support. Am I bullish for 10k ? Hmmm... I think I'll be looking to book profit before then, the bears are...