The 4H chart looks good for buying. The main reason for this is an Inverse Head And Shoulders chart pattern which gives a strong trend reversal signal. This pattern must be confirmed by the price breakout above the signal line. If we so, we'll have a very good buy signal. Also, this signal line forms with SMA100 and downtrend line a strong resistance zone. This zone is very important for the market and price action at this zone will show the further price movements. If the price breaks this resistance, it will be a confirmation of further upward movement. The price will move to 10000.00 and 12000.00 resistance levels. Alternative variant: the price will bounce from the resistance zone and drop below 8000.00 level. After that we should be ready to see the market falling to 6000.00 support level. It will give us new trading opportunities and good levels for buying for long run.
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The price broke the signal line of iS&H. The reversal chart pattern was confirmed. It's a good signal for buyers.
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Now the price has to stay above the signal line (the neck line). We should be ready to see the short term retracement to the support zone between 9000.00-8500.00 levels. If so, it will give new buy signals and confirm further upward movement to 12000.00 level and the daily downtrend line.
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The 1st resistance level was reached. Will it be a breakout with further upward movement to the downtrend line or the price move back to 9000.00 level, we'll see. But reaching 10000.00 level it should be a positive signal for the buyers and hodlers. The market becomes bullish more and more. It's good!
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10000.00 resistance level was broken. The price moves to the next resistance zone formed by the downtrend line and 12000.00 resistance level. Waiting for new trading opportunities from the market.
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The price is not far from the 2nd profit target. It's possible to fix the part of profit from the previous buy trades. If you prefer to hold in long run, just do nothing. The price will break the downtrend line and try to reach the previous market high at 20000.00 level. It's the question of time.
CBOE expires tomorrow during US open and Asia already trading it. We Break 9200 tomorrow and we follow through past 10K after CME expiration on the 23rd please remember this statement so you can come back and like when it happens.
IanEnero
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@mycoinmoon, do you get an incentive if people here will like your post? lol
WvLRampage
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@mycoinmoon, first target complete waiting to see 10K nice comment bro
WorldEconomics
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This is literally the 5th time according to you that bitcoin has become "bullish". Be sure to join their PAID pump and dump groups. People are being fooled by investors who do not know whats going on. Capitulation. Don't be fooled by false increases
MVPMC
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@BankofEngland, Looking at ETH, there seems to be repetition of its pattern.
All crypto's are linked, BTC gives optimism for bulls, but it holds <35% of the market cap, its not king, its not even majority shareholder.
WorldEconomics
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@MVPMC, - BTC dominance has plunged from being over 90% to a dismal 34%, and a huge part is the influx of new ICOs which investors are dumping money into. But, at the same time we are seeing over 1,000 new coins. This is following step-by-step stages of the Dotcom Bubble and the influx of IPOs. Investors finally caught on, pulled their money and it crashed. The same thing is happening now with crypto but it seems like "experts" can't see this.
MVPMC
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@BankofEngland, Though, this bubble has inflated and popped over and over, and after the dotcom bubble, many assets grew.
Shitcoins will crash, but eth xrp and many others will find growth if they find a practical and real use in people's everyday lives.
macintosh
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@MVPMC,
I would not be so sure that this is the end. It feels more like first sell-off. According to of anatomy of the bubble (well documented many times over) that November crash was not it. Also, please note that all bubbles before us took years to develop before they crashed. Til middle of November we had nice, healthy uptrend what turned instantly into the vertical madness thanks to the press. The moment they discovered a magic number of 10K everyone was yelling "free money!". I'm moderately bullish, but still, expect one more drop either to test the same lower level the second time or go bit lower. And after that, we probably go shot time sideways in preparation to final pull run.
mcgough_max
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@macintosh, years to develope.... BTC has been bubbling for a decade now