Potential Break out to test the Bear market trend.
EDIT: to fix some inconsistencies in my mentions.
Well well well, Seems my Elliot Wave Theory still needs some work! I can see why soo many of us have such difficulty with it and even fail to mention it in their TAs.
As we can clearly see, BTC 6.49% had different plans in store for us in the hours since publishing my 1st TA. He'res my updated observations and analysis.
We've broken the lesser trend line and seem to be forming another potential bull flag! Should the bull flag continue to consolidate and break out, we have a clear shot at trouncing through the GIANT potential inverse head and shoulders formation line and well before the overhead resistance line which has been keeping us held back for some time now. This is very promising for a continued trend in a long position! (wow it feels good to be able to say that) I wan't to be very careful to note, if we experience a break down from here with the formation of a bear pennant rather than a bull flag , my prior observations for the potential drop to the $6,800 range still stand.
Should this break out to the upper direction, I imagine crypto will see a fantastic influx of new money as the wider markets are showing a step into their own Bear Markets. This is a potentially very profitable time to be in crypto folks! Watch for the break up of the potential Bull flag and be ready to be in your favorite positions as BTC 6.49% still rules the roost in regards to the direction of our alt assets at this time. Good luck out there and I look forward to updating this TA when more signals arise!
I'll be honest, I didn't feel we had the volume to break the last trend line in light blue. Seems I was wrong along with many other potential doom and gloom TAs of late.
This is for educational purposes only. Please do not make trades on this TA and I welcome your constructive critique! I hope my sharing of these ideas is helpful and I look forward to observing your ideas as well! Happy Trading everyone!
Well well well, Seems my Elliot Wave Theory still needs some work! I can see why soo many of us have such difficulty with it and even fail to mention it in their TAs.
As we can clearly see, BTC 6.49% had different plans in store for us in the hours since publishing my 1st TA. He'res my updated observations and analysis.
We've broken the lesser trend line and seem to be forming another potential bull flag! Should the bull flag continue to consolidate and break out, we have a clear shot at trouncing through the GIANT potential inverse head and shoulders formation line and well before the overhead resistance line which has been keeping us held back for some time now. This is very promising for a continued trend in a long position! (wow it feels good to be able to say that) I wan't to be very careful to note, if we experience a break down from here with the formation of a bear pennant rather than a bull flag , my prior observations for the potential drop to the $6,800 range still stand.
Should this break out to the upper direction, I imagine crypto will see a fantastic influx of new money as the wider markets are showing a step into their own Bear Markets. This is a potentially very profitable time to be in crypto folks! Watch for the break up of the potential Bull flag and be ready to be in your favorite positions as BTC 6.49% still rules the roost in regards to the direction of our alt assets at this time. Good luck out there and I look forward to updating this TA when more signals arise!
I'll be honest, I didn't feel we had the volume to break the last trend line in light blue. Seems I was wrong along with many other potential doom and gloom TAs of late.
This is for educational purposes only. Please do not make trades on this TA and I welcome your constructive critique! I hope my sharing of these ideas is helpful and I look forward to observing your ideas as well! Happy Trading everyone!
Kommentar:
I'd like to add, we did in fact complete another lesser inverse head and shoulders formation from the $7,800 dip to around $8,400. This is a difference of approx $800 which alone could be the necessary wind we need behind our sails to push the next neck line. That all said, We still have yet to reach that target, even with a stack of Bull flags. We'll have a direction soon enough!
Kommentar:
We just completed a golden cross in the MA 50/100 in BTC 2 hour. It's looking really really positive guys! www.investopedia.com...ms/g/goldencross.asp
Kommentar:
Where's the volume!?! There's soo many positive signals stacking up right now!