Bitcoin critical moment, symmetrical triangle, & possible crash
Updated
I've been suggesting that BTCUSD may complete the head & shoulders pattern & confirm a downtrend with targets at 9k or <5k.
Two days ago, it appears that market makers had enough commitment to prevent the confirmation of H&S as they quickly pushed BTC above 12k (on Bitfinex). This has given many investors newfound confidence. We must now acknowledge the possibility that BTC crash may be prevented.
Now, there's a symmetrical triangle pattern that's about to break in one of two ways:
Having said this, the last few days have convinced me that altcoins have grown more independent of BTC, for while BTC has made a lower high many altcoins have made a higher high. This suggests that while BTC may remain bearish it may be time to consider entering on some alt positions.
As this one is on the short-term, you can also see my mid-term view of BTC here:
Long-term I'm as bullish as everyone else in this market.
Also check out my website: jlteng.com
Two days ago, it appears that market makers had enough commitment to prevent the confirmation of H&S as they quickly pushed BTC above 12k (on Bitfinex). This has given many investors newfound confidence. We must now acknowledge the possibility that BTC crash may be prevented.
Now, there's a symmetrical triangle pattern that's about to break in one of two ways:
- A break up with strong volume will lead to another rally and bulls will gain full control if BTC can go above 15k.
- A break down under 12k will confirm the H&S and lead to further drops.
Having said this, the last few days have convinced me that altcoins have grown more independent of BTC, for while BTC has made a lower high many altcoins have made a higher high. This suggests that while BTC may remain bearish it may be time to consider entering on some alt positions.
As this one is on the short-term, you can also see my mid-term view of BTC here:
Long-term I'm as bullish as everyone else in this market.
Also check out my website: jlteng.com
Note
wild pump on bitfinex at the moment, one order >1000 BTC buy (when I saw it; could be 2000+ when it started)Note
The bulls & the bears are literally having a war now. Tomorrow morning we'll see for sure who will have won. I must admit I'm more bullish than before, as the commitment of bulls with multi-million-dollar buy walls one after another is impressive.Note
So this time it was fake news about some big investor that's BUYING bitcoinexcept he BOUGHT 1000% ago
Note
Shall we bet that today the news will say that this bit investor has sold?
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