Bitcoin (BTC) Evening Update: Sideways Price Action Means Symmetrical Triangle
SUMMARY
Bitcoin's (BTC) price action today basically went sideways. Per below chart, it's either putting in the finishing touches of the white abc or another pattern needs to be assessed.
This pattern looks quite fitting given the sideways action. It could be labeled as complex but the symmetrical triangle pattern provides as much sideways action but the price is moving very well to the contracting lines. There should be one more smaller up and a down to bring price closer to the apex.
The longer term bull flag pattern remains valid and in progress. The final C would touch or briefly pierce the longer term support line.
The MACD is or price has not yet invalidated the wave 1 and 2 relationship. Let's see how the overnight price activity pans out.
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I would say 50% think were at the bottom and the other 50% say were going to 6k i don't know what to think any more lol
We will see! My guess is when all cryptos bottom out a few led by btc will rocket and people will wait for some Alts to rocket and
Miss the launch again
Luckily i sold all my alts in to bitcoin a month ago, I knew alt season was over lol, It's def bitcoins turn to rally again before we see another alt boom. USDT and BTC only for me :)
Good job you have been upvoted for making a wise decision!
Yeah it is a good idea especially if you can withdraw straight to fiat. But with alts- don't be afraid to grab some on the cheap that you interested in. Because when they rally, they go up fast. I am using this time to buy some coins for masternodes
I agree. There is pressure both ways.
Ive never seen the market so undecided lol And the manipulated looking chart right now is crazy !
This is what is making it so hard to judge and making TA pretty much useless. It isn't following a trend, anyone predicting it is and keeps plotting triangles is just guessing. There will always be triangles or channels that form, that is the nature of a line graph, it is just simple geometry.
It is easy to keep looking for triangles, channels and plotting subwaves after the fact but lately I've found most of the TA I have been looking at is rarely correct and typically only for short term (hourly-daily). So if you are constantly watching it might help you out, but for most of us following this doesn't help.
Just go look at past charts on trading view from "PROS" or even back track on posters on steemit. You will find 25-50% that got the call right that day. Go to a week, their might be 10/100. A month maybe 10/1000, if that. It is pretty much a guessing game at this point.
Use the simple TA tools first: support and resistance. All substantial support has been broken above the 6900 level so look for a test there.
I agree, that is pretty much the only TA that I trust. We have bounced off of support prior at our current level, so if we don't bounce here we are going down to 6900 levels, then 6k.
A (major) reversal may occur once we test the 6900 level. Not until then.
And that is what happened. Does Dark Cloud Cover portend another decline?
What do you think about this analysis?
Clearly a gator pattern is emerging. If the gator loses its hodl , the market will go underwater for a while.
You definitely understand your crypto!!!
$350 move, can we get another update?
Is forex is better than cryptocurrencies?
Haejin any suggestion please?
Anyone opinion would be awesome.
Forex gains $5,580 in 3 days.
https://steemit.com/forex/@salahuddin2004/forex-prediction-2-usdjpy-successful-total-profit-usd5-858
You'll find he rarely replies to comments and certainly doesn't vote on them. Makes me wonder why people support him
great.
This hourly candle Doe.... Ewww
I like your post, I think simple and good.
very important news for us
What do you think about this analysis?
nice post
Owsam information @haejin
you are starting to think bullish when the bitcoin was 16K but now we are talking 8000. it has not bulled yet because we have to admit it is bear market now ！
@Haejin, you got your lower low. $7,600. If you have to have the bull wick, my thought is we lose a lot of subscribers who will sell out. It's scary cause then the fear of 6,000 is out there.
I'd expect a more impulsive return move up if that was it putting in the bull wick