The old adam and eve neckline we broke up from before was holding very strong support after the bearflag breakdown but could only hold for so long before it gave way. Are next 3 big supports are 7.3k the 4hr 200ma(shown here in blue) the 1 day 50ma and the 7k psychological. The bearflag breakdown target could send us all the way to 6.9 or even upper 6.8k. However I am hopefully that either the 200 on the 4hr chart or the 50 on the 1 day chart will provide us our much needed bounce. if we break under 7.2k however then 6.8-6.9 becomes a real possibility.
評論
⋅
My guess is our bounce support will be found where the 1day 50ma (shown here in orange) and the bottom trendline of the handle for the potential cup and handle(shown in red) converge is where we will ultimately find our bounce supprot it lines up exactly with the projected bear flag breakdown ----> s3.amazonaws.com/tradingview/snapshots/9/9bVCdeE9.png
評論
⋅
$6896
評論
⋅
we are seeing the bulls put up a nice fight and also bullish divergence on the 4hr chart. we are also seeing a reversal pattern of an ascending triangle in a downtrend. Because the triangle is ascending it has a bigger chance of all continuation patterns of breaking up in a downtrend...however as a continuation pattern it can also break down sometimes. this coupled with the bullish divergence on the 4hr suggest we may break up...in doing so we will have formed our higher low on the 1day and our lower low on the 4hr chart finally....both possibilities have decent probability so until the breakout I'm neutral.
BTC was showing some real confidence. Now going really shit. Feeling really bad about the crypto market.
DrDovetail
⋅
@sankarmail, if we get a bounce by the bottom of the handle this could just be a giant cup and handle. I would only be concerned if we go under that as it could prevent the golden cross...hang in there.
@sankarmail, there's also still a chance that the adam and eve neckline can save the priceaction and regain support here..enough buy walls in this region but I also assume any upward movement here may only be a dead cat bounce.
sankarmail
⋅
@DrDovetail, One question for you, I was seeing bearish divergence on 1 hr and 4 hr, can a stock/crypto change its path after showing bearish divergence?
DrDovetail
⋅
@sankarmail, it certainly can. Especially if the trend is up. The highest percentage of success rate on divergence is I believe bullish in a bull market. I can't recall the exact success rate of divergences at the moment but bear in a bear market is pretty obvious too. pretty thorough breakdown here--> thepatternsite.com/DivergenceTest.html