BTC just bounced right off the 20 week MA, this is what I've been waiting for. The correction I wrote about in my last post is most likely over. Time for a big break of this triangle pattern. The fact that the volume is declining is also suggesting a (very) big move is coming soon. BTC NEVER broke the 20 week MA in a bull market, so down from these prices seems very unlikely to me. The pattern that I see is a massive bull flagg, and when this breaks up, we are in for 22K soon (2 months from now). What do you guys think?
Trade safe!
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Well I was wrong about the big move, I thought it would be a pump, because everybody was expecting a dump. This time the herd was right. My bullisch scenario however isn’t off the table. The chart has formed a text book bull flagg. The RSI traded in a falling wedge, the fake-out below the wedge that we got with this big dump is actually very common. I would like to see BTC make a weekly close with the body above the 21 weekly MA, because otherwise I am really going to doubt that we are in a bull market. For now, hang tight, the chart will provide us the answers in about a week from now.
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I found a fractal of Juli 2013! Watch this: So we could be in for a month or two below the 21 Week MA but then continue this bull trend
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I explored the fractal even more, even the weekly RSI is EXACTLY the same, at 47. This convinces me even more that bitcoin is in for a bounce up.
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Fractal still in play, RSI back in the wedge. Lets see if price pumps within the next 2 days.
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Break out of the Triangle happening right now. Target 9300