Tracking the BTC Bear - Breakout in the next 24 hours?

28 févr. 2018

We can see that BTC tested the long term down trend resistance again recently, and again bounced off. Such a tease. Could we possible break through or attempt again in the next 24 hours? It certainly looks that way. Overall, the trading action in the last 24 hours looks really strange, and completely removed from what we saw last week, which looked more like a typical 'trading in a channel' type of pattern.

Checkout both yellow elipses on the chart, do you think this pattern will repeat and we'll shoot through the trendline resistance? If we bounce off again, I fear it could be a sharp drop back to the 9k range.

28 févr. 2018

Note

Updating this with some fundamentals as to why we might be seeing BTC reaching to break this trendline:

Crypto Ban Lifted by Israel's Supreme Court - coindaily.co/2018/02/27/crypto-ban-lifted-by-israels-supreme-court/

Chinese Government Newspaper Directly Endorses Blockchain - cryptobriefing.com/amp/chinese-government-newspaper-directly-endorses-blockchain/?__twitter_impression=true

These are both fairly bullish in my opinion, could be why there is such a strange spike in BTC (at least out of the character of the channel we were trading in smoothly till the last 24-48 hours).

My other charts show where the EU regulation news and 'Circle' purchase of Poloniex may have coincided with sharp rises in price and moved us out of this channel potentially.

Thoughts?

28 févr. 2018

Note

Looks like the pattern highlighted in the yellow elpises has played out and we've punched through resistance trendline. If this continues, we will finish forming the inverse H&S pattern on the larger timeframe and should see another rise. Almost a self fulfilling prophecy as traders will be watching for it to form plus they will have noticed we've broken through trendline.