Two whales bought for 231K and 643K USD worth of bitcoin a couple of hours ago to make the price shoot up. They will take profit and then the price will go down again. Cant get rid of the feeling this whole market is rigged and controlled somehow :(
Surely it's important to consider the intermediate trend line here (downwards), which you've not considered in this analysis. If this is broken at just under $3900, then clearly a time to buy. If we keep hitting that resistance line and being rejected (as has already happened around 6 times according to your chart above), then we could see much lower levels as part of a wider correction, as far as the long term trendline at around $2200-$2300. I'm not an expert on triangles and consolidation phases, but @goldbug1 and others have talked about these aspects at length in various posts and I concur that this is what we need to be watching carefully. I will buy aggressively above $3900. But until I see that my short position is still active.
UnknownUnicorn728136
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@heisginger, True. I have considered that in a previous posting. Lets continue to watch how it plays out.
@kiheme, I went long at $3,860, so I'm ok. Not as happy as if we'd broken down, but risk mgmt paid off. Hopefully the buy wasn't precipitated! And thanks for the great posts.
UnknownUnicorn728136
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@heisginger, No prob! Lets continue to watch this however - @goldbug1 says he is anticipating this:
goldbug1
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@kiheme, Just to clarify, there are several bullish patterns that are also valid, but looking at the RSI prior to large bull movements we are still not there yet. Price movement in the short term does not trigger a bull market, strength and buyers do. I just don't see them yet to convince me we are going up. But that does not mean we won't. FOMO is a powerful emotion!
goldbug1
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@kiheme, Where you have the $4673 line, is where I would have to redo my chart and consider a bull move if other indicators are also showing that as well.