DrDovetail

The Bulls're insatiable! 11,200+ & heading for the next fibline!

BITFINEX:BTCUSD   比特币/美元
Every time some sort of significant sell wall appears on btc's depth chart the bulls find a way to engulf it and so far the price is still heading for and on target for the original price spike target($11,918) from the head and shoulders breakout. If it can surpass that the enxt possible resistance would be the top fib extension line(in dark grey) at $12198.30. However there is a possibility that the original head and shoulders shoulders have expanded to a point where the real neckline may have potentially just been broken. This one is strictly hypothetical but you can see in the dashed tan lines how big of a climb that could trigger if it is somehow valid. If so it would give us that final boost we need to bust out of the top trendline of the green channel that we have been stuck in the past 2 months....That trendline will likely have very strong resistance at it so it would take something like an extended head and shoulders neckline to get us the momentum to bust up out of it. At this time I'm not doing any swing trading as its too volatile but am instead laddering in small amounts each time it appears we have surpassed walls of resistance without immediately triggering any sort of sell avalanche and that the price is stable to sustain itself above that resistance and use it instead as support....most likely resistances coming up are the original h&s price target, the dark grey fib line...and finally the top trendline of the green channel. So far even though RSI shows oversold on the 4 hour it doesn't on the daily and the mac for both timeframes mac d still looks to be partial to buying...if the overbought indicator is prolonged then we may very well see the potential resistance line closest to it at that time being the support that flips us to consolidation....It's an exciting time to be invested in bitcoin             HODL tight and ladder in responsibly with sensible stop losses.
评论: Finally found some legitimate resistance around 11350 and have scooted back to the 10800-11000 area temporarily for support might just be another quick breather though....although the RSI indicating oversold conditions on the hourly and the 4 hour area reason to be cautious.
评论: SO we finally found the resistance...however I think we will find a way to bounce back to around 11500-11700 before we dip down further ...I think we could dip into the low 900s after reaching the 11700-11999 range. I'm holding until we get to tha point.
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