BTCUSD potential ascending triangle & to rally to $12k by Mar

BITFINEX:BTCUSD   Bitcoin / Dollar
Hi, this is just an update on my previous two posts (see links below).

I've mentioned this inverted H&S for some time. It's true that the time frame isn't the largest, but there's a possibility of bullish momentum around the next CBOE maturity date (which coincides with the Chinese NY).

I explained this in an YouTube video I posted this morning, but those are just the details. The main takeaway is

  • Inverted H&S
  • Neckline 9k
  • Breakout around Chinese NY
  • Rally to $12k by Mar
  • $12k is 0.5 fibo from ATH
Kommentar: btw, $12k is also the neckline of the H&S from ATH.
Kommentar: I'm a little uncertain whether we have a breakout.

Above 9.5k would be certainly a breakout.

If breakout is confirmed, a rally could be very fast b/c CBOE.
Kommentar: one thing that troubles me is that it seems all the "top" posters here have become bullish again.

perhaps a retest of the ascending triangle may be forthcoming.
Kommentar: Send to be the Chinese New Year rally
Kommentar: Seems
Kommentar: btw, the previous support was 10.3. I think $10.3k is the highest it could go today
Kommentar: Really didn't pass 10.3.

Right now small correction. I expect 9.5 to be a support. Can't see it going under (or too close to) 9k.
Kommentar: I made another YT video explaining that we're starting to turn bullish --- not having a bull trap. I think $11k will see some resistance, but $12k+ will be achieved by Mar.
exactly all of a sudden everyone is a bull. bad sign. im still short on this thing.
+1 Antworten
DrJLT venturetrade
@venturetrade, I've been bull since some days (as you can see from my last three btc posts). but now I have to be careful, too. I don't think it'll crash again, but it may just retest once more & shake off some weak hands
+1 Antworten
@DrJLT, to me it's a giant bull trap that been developing for several days and today this volume is a fluke. and i am watching this. on a 4 hour i expect retracement but on a daily chart i think of a selloff
DrJLT venturetrade
@venturetrade, I don't actually agree, but we'll see. can't be a bull trap at the bottom.
+1 Antworten
@DrJLT, yes that's the only thing that is different.
@DrJLT, but realize that bulls just only now started to come in
DrJLT venturetrade
@venturetrade, yes, today they got some excitement. before it was all gloomy even though many coins have recovered / started recovering.

I think the problem is that people think once it's not bearish 20k can be reached in a week. More likely it'll take months with lots of ups & downs
+1 Antworten
Hi, tks for sharing . One doubt that arises from the graph is does not break up the neck line and leaves the right shoulder pattern, you can have continuity on that line conforming another figure of smaller MSM supporting on EMA 50 and that from there is generated the break up? Or do you have some other implication that I am not detecting?
DrJLT gusccbb
@gusccbb, not sure I understand? no breakout yet. just hoping for a breakout soon
gusccbb DrJLT
@DrJLT, Thanks for your answer. I see that you are optimistic about a break that takes us to a higher level. My query, a little confusing perhaps, is if the formation of the right shoulder is maintained that could end in a break or has begun outside that right shoulder a new formation that would take more time to complete.
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