Evolving Price & Candle Patterns: Bitcoin

昨天

Look what is happening here with the candle patterns and price action. In the most recent challenge of resistance something changed. Change is good. It can mean the end of this sideways period.

At (1) Bitcoin finds resistance and immediately starts a decent. The same happens at (2). When we reach (3) everything changes. (1) & (2) produced a low and lower low. The down-move was extended. (3) produced only two red candles, a strong higher low and the third day was a full green candle moving above the descending trendline resistance. The price pattern is now erratic, completely different to previous moves.

Now, consider (4). If the strong green candle was intended as a bull-trap, then we would expect a down-move to follow right after the peak, just as it happened with (1) and (2). But nothing, after (4), Bitcoin has been sideways within the bullish zone.

This change is good, bullish.

A drop can develop anytime but the market already had two changes to produce a down-wave, (3) and (4). The fact that a down-move didn't materialize means that the market has something different in store for us, change. This change is good because when resistance is challenged, prices tend to drop when the market is moving within a range. No drop can signal the end of the range trading which in turn can translate into the start of the next bullish wave.

If this idea turns out to be true, Bitcoin will start growing within days. Growth should be strong because consolidation has been happening for months.

Namaste.

1 小時前

交易進行

Bitcoin's chart is bullish but still doubt remains. When we look at it up-close, we can see the danger of resistance but, it is better to be at resistance rather than support.

Market conditions are extremely bullish while Bitcoin trades above $107,000. Currently, we are almost challenging 110K.

For confirmation, we need to look around. Look at the daily ADABTC chart, this is extremely bullish and moving forward. Coming out of a major low, this one shows that the altcoins market is bullish. If the altcoins are bullish, Bitcoin is also bullish, which means that resistance will eventually break.

ETHBTC and Bitcoin Dominance are also good indicators. Many of the smaller altcoins continue to break up.

Strong projects such as Uniswap and Bitcoin Cash have been growing steadily for months. Dogs, Toncoin and Notcoin confirmed a higher low and are ready to move ahead. Everything Crypto is bullish. We are seeing the build up process to a major advance.

Namaste.