Today it looks like BTC 3.94% had a breakout of the symmetrical triangle. When these triangles form, they have a 64% chance to break upwards, with all the negative indicators however I believe what we are witnessing is capital flight from alts back into BTC 3.94% .
This could mean a couple of things, either the movement picks up more steam, and will attempt to reach higher, or it will be another failed breakout where we will test the lows of the triangle again, with another possible break downwards to lower lows.
Key Notes:
1) Currently, we have two 1 hour reveral doji's in place which could send this thing back downwards. 2) The 4 hour MACD has not crosses the 0 histogram, the bulls need to push this higher for the next few hours to bring a crossing up, if successful, we will be seeing BTC 3.94% going up further.
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Please see the picture below for possible buy zones if the triangle breaks down and ends up breaking downwards.
As always, I will continue to update this idea if it reaches 15 likes.
評論
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Looks like the failed breakout I spoke about earlier happened, we're now looking at a break down of the symmetrical triangle. BTC needs 12800 to hold otherwise we could be seeing 11k range BTC tonight.
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交易結束：目標達成
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Target reached, I've got in the mid 1100's.
評論
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Just to clarify, I have bought in and am now long. Look for resistance @ 12k, 12400, 12800, 13k, 13300.
We should now be in a new range of trading at these levels.
I had the same feeling about this small gain, there is almost no volume driving it. I cashed 35% of my LTC yesterday on a peak, waiting to see what this thing does before I put it back in. Thanks again for your thoughts!
ant187
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@BigD1702, We shall find out, bulls need to keep pushing to sustain the breakout, if they can get that 4 hour above the histogram it's off to the races.
I find it much more likely that people are scared crapless by the moving average crossings, so they exited the alt market and are looking for an exit to fiat, but who knows I'm a pessimist.
BigD1702
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@ant187, In this game full of people screaming MOONSHOT every 10 minutes, I prefer a pessimist.