Ive identified on this TA three peaks at nearly the same price level. The bounce off the resistance near the third peak is a clear indication that buying interest is becoming exhausted. It is used by traders to predict the reversal of the uptrend..
This triple top clearly shows me the bulls cant hold this area and actually break thru the resistance on my chart. They are struggling to not only break but to also hold that area, and that is why you can see that today Feb 9th , 2018 for almost the entire day, BTC has been trading sideways developing 3 triple top points. As I have said before in my other videos , significant to substantial is needed to change the sentiment and moment of Bitcoin in order for that reversal to truly take effect. Yes, we see some whales buying bitcoin trying to pump it up perhaps, but its not enough to mark a clear indication of a reversal as some other traders have stated! I am definitely not fully convinced of that!! But if does trend up and the reversal is really in effect than it would have to pass the 1st Fibonacci level and then make it the 2nd one as shown on my chart.
Two patterns were observed on this chart to be similar in nature as described as pattern A and pattern B. I thought that was interesting! Hmmh! So I realize the anticipation to get to the absolute bottom is getting devastating for many and especially me.... But patience is the key! Lets hope I'm right! Otherwise I will have missed my opportunity to buy BTC cheap again! That would be a bummer! :-(
If you enjoyed my video, give me a like. As some of you know, I only like doing videos for my TA.. I've always been a video marketer before and I am not new to the investment markets. I use to be a You Tube Partner with millions of views and over 250 videos discussing the economic crises of 2007 and the silver and gold markets.
Disclosure: This TA is not financial advise and you are to perform your own research and not rely on my to either buy or sell.
Bitcoin / U.S. Dollar (COINBASE:BTCUSD) JUST BROKE ----8050.01 -497.48 -5.82%
The Bears are winning. It is getting closer to my target support. I love it! Who hoo!