BTCUSD remains stuck in consolidation - terminal range shrinking, resolution imminent
BTCUSD closed at a 9 day high on Monday, but Bulls were unable to capitalise on Tuesday with pair set to finish the day down:
Pair remains stuck in consolidation, with the Inverse Head and Shoulders neckline highlighted in my previous post capping the pair's advance. A 4 hour close above the neckline is needed to confirm the reversal pattern and open up the path to 9950/10000:
Initial support is Tuesday's low of 8313, followed by the ascending trend-line above 8080. A break below there would put pressure on the 61.8 Fib at 7600, with weakness below there calling the reversal into question.
Note: Fib levels have changed slightly from my last post as I noticed my historical Fib had anchored to $350 rather than 0. Tradingview does not actually allow me to anchor to 0 and I didn't realise the parameter had reverted to $350 before hitting OK. As such, the historical Fib is now anchored to 1 and Fib levels are ~correct with a margin of error less than $1
The terminal range between the neckline and ascending trend-line is steadily shrinking and a resolution in either direction is imminent. Bias remains higher, holding long until invalidated.
Im sooo scared! and excited lol
Chinese New year and more upcoming talks in US Congress seem to be keeping things subdued. Things should start picking up soon, particularly once Coinbase rolls out SegWit support in the next week or so.
Do you think the market will trade sideways until the Asian buyers come back after the Chinese New Year holiday concludes? Upvoted and resteemed.
This seems to be the favoured narrative, but IMO we will move before then. If everyone is saying this then people will position accordingly beforehand. Worth noting that China is essentially offline permanently now due to the firewall, but no doubt residents are still trading through connections in the ex-pat community who also observe this holiday period.
Source
Looks like litecoin is trying to make a move, does it get slammed down or keep moving, good amount of volume is there?
I'm bullish LTC, very bullish. Whole crypto market essentially just tracks BTC for the baseline, then you have coins that are out-performing and under-performing - LTC a solid out-performer and set to soar once BTC finds its feet.
I like the way you think!
It all depends on whether the Eurotether printer wakes up or not.
We're getting close to some price action - thanks for posting
Yep and hopefully to the upside - thanks for reading :)
rebound isnt going to happen till after the 16th.
Once you're finished with your market certainty crystal ball would I be able to buy it off you? I mean you know exactly what's going to happen, you should be able to make enough money to retire by the end of the the week yeah?
also the snappy remark isnt required here, if i did in fact know what was to exactly happen i wouldn't be wasting time trying to share that knowledge on steemit. 😉👍
My point was you said it with absolute certainty which people with experience in markets almost never do (see my bottom call from last week) and also completely disregarded my analysis ... I have been snapping at comments like this lately ... they really rub me up the wrong way. I put the time in to share technical reasoning with years of experience backing it and then some guy just comes along and says "nah" ...
Anyway apologies for being narcy, yours wasn't that bad ... it's the "TA doesn't work in crypto" guys that have really been grinding my gears of late.
PS BTCUSD just broke out prior to the the sixteenth ;)
agree with you 100%, people avoid a yes or no because noone likes to be wrong. I have no problem admitting to being wrong, in fact if more people would just admit to errors, finding the solution would be much more efficient. For the record i appreciate the effort that you and others go through to bring this type of analysis to people. It does help! 👍 and i agree that those who discount TA because it "doesn't work" are just salty because they havent even figured out what bear is and which exchange its traded on 😂🍻.
waking up this morning to green across the board was nice, maybe we are starting to see a recovery sooner than that 16th which is great! Followed and upvoted! i look forward to more of your work.
what no comments? @bulleth ?
17th and plenty of green on the board now!
crystal ball still works
Once you're finished with your market certainty crystal ball would I be able to buy it off you? I mean you know exactly what's going to happen, you should be able to make enough money to retire by the end of the day yeah?
i broke it on another comment on a other post. but anyone who does a bit of research into chinese culture knows that the days leading up to new year are a big deal, they set the stage for what the next year will be like. a bit of cultural understanding goes a long way.
Sure, I wasn't arguing with the view, though I think the fact everyone is thinking this will lead to pre-positioning and a rally prior (which has arguably already happened last week) ... will add my other thoughts on your other comment cos eh may as well
see my comment below
Hi @bulleth, @forexbrokr suggested I stop by and check your blog out. I'm a forex trader looking to get familiar with the crypto markets, as I believe this is where all the action will be soon :). So I'm hoping to connect with traders in this space. Hope you don't mind me tagging along to check out how you handle what is a new market for me. I've resteemed this post for easy access :). Thank you.
Hi @anmeitheal good to have you on board and hope you're ready to make a ton of money - crypto is so damn easy compared to FX :)
Thanks for the resteem too - I'd also recommend following @furious-one and @scaredycatguide if @forexbrokr hasn't already put you on to them :)
Very useful, thank you for sharing with us.
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