I see a "failure swing" on the 12 hr chart, and BTC is currently trading above the previous downtrend.
Definition of a failure swing:
"Specific type of breakout from an overbought or oversold zone, First sign of a potential reversal after a lengthy trend. Occurs when an Oscillator breaks up from the oversold zone, creates a reversal point, pulls back, but fails to reenter the zone" - Wilder (1978)
We also see a bullish divergence on the double bottom on the 12hr chart.
Intraday chart shows an ABCD Diamond formation, which is a reversal formation as well.
DI+ above DI-
Peaks and Troughs on intra-day ADX don't really conform.
IF btc continues to range here, I smell and Alt Season coming, and the longer it can hold above the downtrend line, the less valid the line becomes.
If BTC goes bearish, and breaks below the downtrend, we've got problems.
If we break upwards from this failure swing, all bears will burn in hell.
I've been known to go long and short on BTC, I'm currently on the sidelines, and have small positions in XEM and POWR, as well as VOX.
Follow me on twitter for realtime updates, I rarely post here.
I always welcome your thoughts ideas and comments.
Thanks!
Definition of a failure swing:
"Specific type of breakout from an overbought or oversold zone, First sign of a potential reversal after a lengthy trend. Occurs when an Oscillator breaks up from the oversold zone, creates a reversal point, pulls back, but fails to reenter the zone" - Wilder (1978)
We also see a bullish divergence on the double bottom on the 12hr chart.
Intraday chart shows an ABCD Diamond formation, which is a reversal formation as well.
DI+ above DI-
Peaks and Troughs on intra-day ADX don't really conform.
IF btc continues to range here, I smell and Alt Season coming, and the longer it can hold above the downtrend line, the less valid the line becomes.
If BTC goes bearish, and breaks below the downtrend, we've got problems.
If we break upwards from this failure swing, all bears will burn in hell.
I've been known to go long and short on BTC, I'm currently on the sidelines, and have small positions in XEM and POWR, as well as VOX.
Follow me on twitter for realtime updates, I rarely post here.
I always welcome your thoughts ideas and comments.
Thanks!