BTCUSDT - Green Light? Pattern Says Breakout Imminent
Like a game of Red Light - Green Light. Light is about to be Green, isn't it?
Pattern of the bear trend since January.
From the Top:
1. Drop below the 50 Day MA (Blue).
2. Bounce up (fake bottom) to test the 50 Day MA - drop lower.
3. Form triangle pattern 1 (fake bottom)- break lower.
4. Find true Bottom and form triangle pattern 2 - break up (price is currently in this pattern).
5. Climb to the 50 MA and fail to break it (fake top)- retrace a bit.
6. Climb again and break through 50 MA - this has looked like an inverse head shoulder breakout.
7. Break through the top of the great fake triangle pattern before finding top thereafter, create a new fake triangle based on one other point of resistance.
I have drawn the triangle pattern everyone is talking about with the following dates of resistance 1/20/18, 3/5/18 and 5/6/18. However, is 1/20/18 really a date of resistance? If not, then its just two points of resistance, not three, and the pattern isn't confirmed. At one point 12/17/17 and 1/6/18 was thought to be a pattern but it failed on the third test. Then, 1/6/18 and 3/5/18 was thought to be a pattern but it also failed on the third test. As a result, I I am not so sure 3/5/18 and 5/6/18 will be confirm a third point of resistance either. I think we will end up talking about 5/16/18 and a new date. *My focus at that time will be if the price bounces on top of the 50 MA as support. Looking at around 5/13/18-5/15/18, there was a brief bounce on the 50 MA before dropping below it. This time around, the 50 MA could confirm as support creating higher low causing the price to thereafter create a higher high - confirming an end to what will be an almost 7 month long bear pattern.
For now, I bought in a various points between 7,300 and 7,400 and I am holding relatively confident thinking we are at position 4 of 7. I intend to hold unless a day candle confirms a break down from the current triangle.
Why I am relatively confident?
See pattern above.
RSI bottomed out and broke back above the 40 - Green Light.
MACD has confirmed its short term second bottom - Green Light.
DYOR before investing. I am not a pro, I do not get paid to do this and I could be completely wrong. This is for the purpose of discussion. If anyone wants to discuss it, leave a comment.
Pattern of the bear trend since January.
From the Top:
1. Drop below the 50 Day MA (Blue).
2. Bounce up (fake bottom) to test the 50 Day MA - drop lower.
3. Form triangle pattern 1 (fake bottom)- break lower.
4. Find true Bottom and form triangle pattern 2 - break up (price is currently in this pattern).
5. Climb to the 50 MA and fail to break it (fake top)- retrace a bit.
6. Climb again and break through 50 MA - this has looked like an inverse head shoulder breakout.
7. Break through the top of the great fake triangle pattern before finding top thereafter, create a new fake triangle based on one other point of resistance.
I have drawn the triangle pattern everyone is talking about with the following dates of resistance 1/20/18, 3/5/18 and 5/6/18. However, is 1/20/18 really a date of resistance? If not, then its just two points of resistance, not three, and the pattern isn't confirmed. At one point 12/17/17 and 1/6/18 was thought to be a pattern but it failed on the third test. Then, 1/6/18 and 3/5/18 was thought to be a pattern but it also failed on the third test. As a result, I I am not so sure 3/5/18 and 5/6/18 will be confirm a third point of resistance either. I think we will end up talking about 5/16/18 and a new date. *My focus at that time will be if the price bounces on top of the 50 MA as support. Looking at around 5/13/18-5/15/18, there was a brief bounce on the 50 MA before dropping below it. This time around, the 50 MA could confirm as support creating higher low causing the price to thereafter create a higher high - confirming an end to what will be an almost 7 month long bear pattern.
For now, I bought in a various points between 7,300 and 7,400 and I am holding relatively confident thinking we are at position 4 of 7. I intend to hold unless a day candle confirms a break down from the current triangle.
Why I am relatively confident?
See pattern above.
RSI bottomed out and broke back above the 40 - Green Light.
MACD has confirmed its short term second bottom - Green Light.
DYOR before investing. I am not a pro, I do not get paid to do this and I could be completely wrong. This is for the purpose of discussion. If anyone wants to discuss it, leave a comment.
Trade fermée manuellement
