A bullish bear H&S chart to shake out the top buyers - BITSTAMP
Something in line with Novogratz predictions with some TA to support the idea down to $9,300-$6,000 before we get a healthy bounce up to new highs.
Short entry on a convincing break down of the $11,300 support - at least a completed 4hr candle. The first serious support from four different sources is at $9,300:
+We have the pitchfork anchored in May 2017,
+Fib levels since the Jamie Dimon market manipulation to the recent top at $19,666 (superstitious anyone?),
+Doubled cloud on daily support AND
+the psychological $10k resistance-becomes-support line.
Long entry if and when:
1. A convincing break up of $16,500 - cancelling the H&S
2. A convincing reversal after drop to $9,300 (or $6,500-ish based on H&S height but highly unlikely)
No volume on this chart but you can check on cryptowatch to see that it does indeed match the Head & Shoulders volume pattern.
Not a bear although this is my second bearish H&S chart in recent memory. I believe in BTC as the financial tech of the future, soon as we get this Segwit + Lightning enabled. Can't wait to test some of that when it comes online!
Short entry on a convincing break down of the $11,300 support - at least a completed 4hr candle. The first serious support from four different sources is at $9,300:
+We have the pitchfork anchored in May 2017,
+Fib levels since the Jamie Dimon market manipulation to the recent top at $19,666 (superstitious anyone?),
+Doubled cloud on daily support AND
+the psychological $10k resistance-becomes-support line.
Long entry if and when:
1. A convincing break up of $16,500 - cancelling the H&S
2. A convincing reversal after drop to $9,300 (or $6,500-ish based on H&S height but highly unlikely)
No volume on this chart but you can check on cryptowatch to see that it does indeed match the Head & Shoulders volume pattern.
Not a bear although this is my second bearish H&S chart in recent memory. I believe in BTC as the financial tech of the future, soon as we get this Segwit + Lightning enabled. Can't wait to test some of that when it comes online!
Comment:
Really glad this got canceled out, now we're safe for another great month or two of up. Next stop is $20k, after we break that, its ATHs all over again. Wohoo :)
Comment:
Oops got excited too early and exactly at the wrong time one could say.
Comment:
Quad Support and Support #2 held looking for a bounce, I'd buy here once we have a few more upward confirmations.