A market moves only UP or DOWN right? NOT REALLY. Did you skip the accumulation phase? What? Accumulation? YES! Lets move ''SIDEWAYS'' . What SIDEWAYS?! That's boring! No! It would actually be GOOD:
An accumulation phase is a sideways channel which happens AFTER a downtrend. The price no longer bleeds down and doesn't breakout either. This is a transitional phase to a bull market. Do not think we suddenly go moon after a downtrend. Here is a link for your reference. Put this up next to my chart ok? -- d.stockcharts.com/img/articles/2015/07/1435783650198402906768.png
- I think there is a really good chance that we have entered an accumulation phase right now. The bottom would have been 6400. (SPRING) After that the market tried to destroy 6500 again. But it failed! Yes that's RIGHT! It could not do it! - Also our fractal patterns have changed and no longer follow the shapes that we made in the wedge. There structure is different now. - If you visit the google trends page, we have flattened out. This means the market is back in the STRONG HANDS! --- trends.google.com/trends/explore?q=bitcoin -- - This week we will play a game of KING of the HILL. The bulls need to keep the level of 6500 safe. If they can we WIN!
Counter facts: - In order to invalidate the accumulation phase, we should lose 6500 to the bears. If they take that back we lose.
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I think it is a little bit to soon to attempt breaking out. There is also a big resistance level at 72xx that can be drawn all the way from the 11k top.
So my scenario would be that we kiss 72xx, drop down and find support at 68xx on wich we breakout later next week.
If we would reach 72xx we might want to scout for a big divergence on a bigger timeframe to confirm this move
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Bitcoin.. is continuing... doing... nothing... WHICH IS GOOD! I hope for an entire week of boringness.
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Great so we finally decided to come back down like I thought. (bearish divergence on the 1h took its toll) Now comes an important moment.. If we fall to 6500 and confirm it as a strong bottom. We confirm this accumulation phase.
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Our wedge seems to hold support. If this already holds its a really good sign.
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Interesting chart of BTCUSDSHORTS. So many people are shorting atm that the chart is going parabolic. Shorts are almost overbought on the daily. It could mean something.. Thought id share this with you.
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Confusing signs from bitcoin.. Pierced through our wedge, crawling back up on it again..
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Hi everyone,
An update to a new pattern I just found.
I believe we are close to the bottom. But from what I see now the market is making room for one more selloff to pull us out of the bear market. probaly towards 62xx or 6xxx double bottom.
I think the market is making a jump to 7k and won't be able to break it. There we make our way down quickly to probaly double bottom. The depth of this selloff is really hard to predict. But this is my take on it now
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Pattern since december in macd
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Another fractal pattern that suggest a downmove soon
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Ok guys im very sorry to keep changing my mind. But for your trading safety im going to give you 2 options again. This is a urgent one you should know about:
1. Yes it can be that we break down according to these patterns. 2. We might moonshot here. If you check the BTCUSDSHORTS chart. It shows you that really EVERYONE is shorting at this point.It's pulling a parabola. This is extremely dangerous. You can see that the price is stuck at 68xx for a very long time now.
If we decide to breakout hard to the upside it is very possible that this parabola of shorters comes to collapse. It can trigger a snowball effect and create a gigantic pump to the upside due to many shorters getting fear and liquidation.
Please be aware of this going either way.. Be careful guys this is extremely hard to predict
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I'm long at this moment. A legendary short qqueeze is very likely here. It looks like the market is out of sellers.. What if these shorters realize? They mass fomo.. Be careful guys!
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This is looking good guys. It seems we are confirming accumulation. The longer we remain up here the more fearful the bears get. I think the trend is changing in favor of the bulls.
Agree! Everyone expecting lower meanwhile Whales are filling up getting ready for the 2nd Boom within 2-8 more weeks when The King Maker PUMPS the markets again.
kardia
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I think there may be a lot of disappointed people who will miss the boat because they expected prices to fall below 6k.
Spadille
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@rev214us, Doubt it
kardia
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@PileOfSalt, When price fell below 6k, I expected it to go lower. But then it shot up. I figured it would go back down again because that's what most people on here were saying would happen. I missed out because I followed bad advice.
Spadille
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@rev214us, Don't lose sight of the bigger trend. Calling bottoms in a bear market is as dangerous as calling tops in a bull market. This can go much deeper than 6k.
crimsonronin
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@PileOfSalt, I'd argue it's even more dangerous. Selling when you think it is the top results in some lost profit. Buying when you think it's the bottom and it goes lower, can wipe out your stack. It's not how much you make, but how much you keep!
Spadille
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@crimsonr, Totally agreed! Let me rephrase that better: Longing in a bear market is as risky as shorting during the bull run.
CivilisedWolf
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@crimsonr, I think profit taking in a rally is actually a good thing. Also everyone is super bearish while we had months of downtrend. It is then when I start buying when people scream out 4k and the fear.
I think the market is setting up for a surprise :-)
crimsonronin
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@VincentBoudewijn, yeah, to the downside unfortunately. We are forming a bear pennant now:
BTW; I heard the same thing at 10k.... we will *never* go to 6k....... there isn't fear in the market yet.