BTC is still in a downtrend . It has not touched Line 2 since January 13 . It has rejected precisely from line 3 twice and it is at the line again now. We expect the trend to continue until we see a new pattern. A new pattern would be a breach of line 3 then line 2. It would require some major event to push BTC above 10500 which would cause me to be bullish. However a rejection from line 3 could target a price of 4000 within the next 2 weeks
评论
⋅
Head and Shoulders on one minute chart
评论
⋅
To negate this pattern we must stay above 10300
评论
⋅
ETHBTC certainly in a downtrend. Perhaps we will get one more visit to 0.1
评论
⋅
BTC has cleared line 3 and line 2. This photo shows line 1 at the upper parallel of the pitchfork. We are at an important resistance now 10400. Next stop 11350. We could get a large retracement there. It may be a place to take profit and reenter lower.
评论
⋅
I have adjusted the descending lines within the descending slope. High so far 11270. Followed by a quick rejection into support on 75centile line of small ascending fork. Three lines converge at 10am NY time when markets open after 3 days. Maybe it is then that we will see the fireworks.
We reached our target but it took much longer than anticipated.
9850 - 4000 = 4850 USD profit per BTC
I will look to buy at 2950 if support holds maybe November 25 or 26
Basil13
⋅
i've shorted cause everyone's turned bullish. i bought when everyone was bearish. lets see how reverse psychology plays out #altcoinparty
a1Keith
⋅
@Basil13, I think that the majority must always be wrong. BTC peaked exactly on schedule. I mentioned 11350 but it went slightly higher. If it does not hold current price 10800 then we could look for a bounce at 9300 when it hits line 2. If it breaks line 2 then I would look at about 6000
DrixlRey
⋅
It broke both your lines...
a1Keith
⋅
@DrixlRey,
And i expect it to reach the continuation of line 1 ( top of descending fork) around Feb 21. at a price around 11350
But I am more interested in how price approaches and penetrates the line . For me the most bullish is a slow steady approach which pushes through then gains support ontop of the line. ( see 1 minute chart above for example) The two points that form the upper parallel both had rapid approaches and equally rapid falls.
Unlike other traders, I am neither bullish nor bearish. I just look for the strongest pattern and go with that. When the market changes I change my opinion. If I see price bounce along the bottom of the line and fall away more each time then I become bearish
calikburak
⋅
It should definitely go down to be healthy for the next bullish wave. I expect it to be testing a price of at least 7500.
9850 - 4000 = 4850 USD profit per BTC
I will look to buy at 2950 if support holds maybe November 25 or 26