Lots of hype this week as bitcoin made a move up. We went from 7,300 to 8,400 USD. Sounds good, right. Maybe, but be careful. As strong as this weeks move was, I mainly see one thing. Another lower high.
Another positive I heard about this week is breaking up through the 50 moving average. True, we did. But it’s not impressing me until a candle opens and...
Chainlink, still not feeling good.
Chainlink is just working its way sideways. This could be a very telling week for LINK. It is sitting at or below the trend line that’s about 9 months old. To drop and stay below would keep 1.60 in play with some resistance on the way down about 1.85.
The daily candle seems to have been completely below the long term...
Bitcoin closed out the week floating around 7.3 - 7.4k. I was really expecting a pretty steep drop once it closed below the support line. But it bounced back up and is riding the line now.
But I’m not quite giving up on it yet. Maybe it started a a bit earlier than I thought. So I am backing it up about 3 weeks. I drew another line, in purple, that could...
Like bitcoin, Chainlink has been in the large longterm descending triangle. LINK lost about 70 cents this week, huge.
Last week it was brought to my attention the importance of the $2.50 support level. we broke through that without a thought. Didn’t even put up a fight.
Another comment pointed out the purple trend line. It was tested last week and held. ...
Bitcoin broke to the downside of this weekly descending triangle thats been forming over the last several months. I was pretty confident that it would break to the downside but actually thought it had a better chance of breaking up.
I was really hoping it would work it’s way back to the top of the triangle for a chance to make a buck.
We’ll just have to...
I only posted my first LINK chart yesterday. I’m just updated now because the week closed out. I am watching this longterm, in weekly candles. Short term, LINK seems to be trending up. But if it is to stay in this descending triangle, it doesn’t have much room to rise before rejecting down. $3.13 is about as far up as I see it going.
Please see my other...
Bitcoin ends another weekly candle in the red. This is the third weekly red with lower highs and lower lows. $8,500 has been a pretty good support resistance line in the past. It is not going well now. It has been flirting with $8,500 as support, but without any bravado. It has already slightly dipped below to return back up. We’ll see if if holds as support...
I started posting btc posts about three weeks ago and have been doing so at the end of each weekly close. Since getting into cryptos towards the end of 2017, I have mostly gotten out of alts altogether and have been just focusing on bitcoin. Since my son is a big fan of Chainlink, I thought I would take a look at it.
I have a day job and don't have the time to...
Another week in the triangle. The path to a $1,000 Bitcoin could come to pass by tbe end of the year. In this descending triangle in weekly candles, the bottom sits around 7.5k, the current top around 9.5k - 9.7k.
If the pattern persists to the end, that puts the breakdown right around the end of the year. It could break down violently or could take a while. ...
It's a bit medium / long term but still in play. Another week in the decending triangle. Could be the highest before it retests the bottom and maybe breaks down. Could take a while. Could be violent and test the bottom and top again before the breakdown.
Or I could be clueless...
satoshmike
I am no expert, quite the contrary. All I keep seeing is lower highs and lower lows. As much as I want the bull market, I just don't see it. Could this descending triangle push it lower. Another thing that keeps coming to mind is Tyler Jenks Hyperwave prediction that we will see 1000 BTC before it's over.
Thanks,
Satoshmike
