Bitcoin and alot of the other Coins have turned bullish.
The Bearish H&S has been defeated and invalidated. Note; never marry your position as a trader. Not all trades a profitable you must reognise when previously sound analysis become invalidated.
There is strong confluence across indicators that a bottom has been confirmed. (A&E Bottom, Inv H&S, Bullish Mac D, not shown But Ichimoku is bullish as is the Daily TD seq)
This has not yet resulted in the bears giving up - there is still a significant number of shorters remaining from the $4100 level supplimented by new shorts rejected right shoulder of the failed H&S.
TP1 is at the now inverted H&S at 4385.
TP2 would be 4670. I am aware that this could be the zone that the bears may return to attempt to push down a failed double top so i will be cautious at this level
TP3 5264 is the ultimate mid term target and will be achieved most likely throguh a consolodation triangle in an attempt to break ATH before further shorts are squeezed.
I will look to refuel on bounces and bring my SL with me if the technicals agree.
SL at 3800
Watch for the break of 4100 with volume.
Good luck.
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TP1 done!
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I wasn't alone with Tp1 target.. longs close c.10% shorts building but price is flat. Confident of more upside.
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Current view on price action
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So we Reached TP1 as planned and had a great bounce off the the 4150 range on retracement. Congrats if you added there today - there was a nice divergence on the mac-d 30 mins if you were on the ball to spot it (my favorite time frame for reversals)
Now we are cdoing the TK cros above the bullish cloud on the daily - my favorite entry confirmation. RSI is alsoo ticking up still nicely with plenty of room for the bulls.
The forthcoming bitcoin gold and s2x has already gotten people talking of moving out of alts into BTC. Those not familiar with BTC are still very sure about being bearish in an ABC correction but im not convinced they not know the intimate understand the mechanics of this market, but i could always be wrong so use your own due diligence.
As a side note, the finex shorts are still building with this upward momentum - we could see a very quick move if the bulls once again push and conquer $4400.
I remain cautiously optimistic.
Best, filbfilb
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We've got a flat top break guys - Looking beautiful going into next week.
TP2 Incoming.
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TP2 Reached!
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Consolodation Period to come.
To Know what is to come it is prudent to refer to the past.
Last time we made a big pull back after making a new all time high we needed to consolodated before we could make new highs. This is not unusual and was expected if you refer to my origional commentary. This usually comes about due to double top callers. I personally think that double tops are a fallacy more times than not because if DTs were a real thing, then we would never make new highs.
I am confident that we will break all time highs within 10 days and will comfortably meet our TP3 to complete this $1200 trade.
I look to reload my positions as previously stated $4600 will likely be the lowest point of entry.
Congrats if youve come this far. Please continue to manage your own Risk and reward.
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We are approaching previous levels of resistance - it will be interesting to see what will occur here. if you arent long right now i wouldnt recommend going long yet, but consider it if we make a break for it.
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Short term outlook
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Gooood morning Bitcoin.
The money tree has been shaken.
Trade geschlossen: Ziel wurde erreicht
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Still day trading but this mega run has completed.
thank you for your analysis...gave me some confidence of riding this long.
fineregex
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so bears just dont understand bitcoin's market?;) Those bears trading it like any hpyecycle may be out since august or even June. Now who is left bearish did already dare to stay the maximum time frame until the bitcoin-specific bull trap that seems to peak 30 and a few days after the ATH.
filbfilb
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@fineregex, ha yes I didn't mean that :) I meant some guys on YouTube etc who are equity traders seem damn convinced but don't know the background unique to crypto.
kaylbee
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Do you have any possible ideas on why the other coins have been stagnant (even going down a little) while BTC has been going up? Thanks!
filbfilb
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@kaylbee, I dont have a specific view on this but it could be a symptom of people wanting to dump out of alts into BTC incase of the 2xHardfork to ensure that they have both coins.