Think Bitcoin will follow this pattern, first it will make an attempt for the 10K and ater that it will probably fall out of this wedge to drop towards the previous low for a chance to make a double bottom. Now short term i think it will make a last small drop towards 8800 to rise up quickly towards the 10K
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It's trying to turn up from the 9000 low. I think it will drop out and go towards the 8800
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LTC, this move is what i mean, there is still much more buying interest in LTC than BTC since the low.
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This flag confirmes my target around 8800
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I have lowered ny stop to my entry level around 9150
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It almost reached the 8800, it's probably already on its way towards to the 10K
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Bitstamp chart (first chart is also from Bitstamp), If it stays above the line we could be going towards the 9K highs
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Now it has dropped this short term uptrend. I am waiting this time, this sideways action can be tricky. I am waiting for a better moment later today,
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And again the sideways action is fooling most. Looked like it was really turning up and ready to break out upwards, npw it's at the 8800 and looking to drop further. I am still flat and waiting. If i missed than i missed :) Cant have them all
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Other exchanges have dropped below the uptrend support line, Bitfinex just bounced off it. I am still flat and will stay the rest of the day i think. I dont think they will let it go, but thats based on a (gut)feeling, nothing more actually :)
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For the bears i would say, watch this read area, downwards breakout level, should be resistance now
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Back home again, so I completely missed this drop. I really thought it would make one more upswing, like a fake breakout upwards. For now it did exactly what I thought, drop to make a double bottom. When I started this idea, I thought it would go up again after the double bottom, but since it did not even get above the 9500, the weakness is even worse than I thought! This could get very very ugly for the bulls. There is no telling to where this could go the coming weeks/months. I thought a quick drop to 5k would be to much, but now? It could be done easily. But I am not getting in the market now, maybe short is if it rallies back up towards 8800. There is no bounce here, so big chance it drops even further. It’s alle guessing now
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Looks like it will break this short term downtrend
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Broke out upwards, now it should stay above the 8200
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I closed half with 230 points profit, just to sure, sto for the rest at entry level
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I am jumping back in around 8310 with the half i closed, all with a stop at 8150
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Why did i re enter at the level of 8310? There was a little fight at that level a few minutes ago, so i assumed it would find some support there, ofcourse a small guess, but still based on something as you can see.
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I think these 2 options are possible now. Go towards the 8600 where there is some resistance and drop down again towards the low of today. Or it makes a bigger H&S and breaks through to go towards the 9K again. It is making a bullish flag now. It should stay above the 8200!
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Last support
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It's taking to long
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I am out at 9270
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Like i said before, it was taking to long, therefore i closed the remaining with a small profit. Now i will probably make another attempt somewhere around the 8100/8120
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8100 it is, stop just below 8000
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Lowest green area is my stop now
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Stop at 9740 now, close one
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Its making a flag, not looking good!!
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Lets see if it can get above that resistance line again
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I have closed half at a bit above even money. Got a bad feeling, seems to be making a flag
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I am out, minimizing the loss
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could be making a very nice double bottom here.
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i think one more drop towards the 7850, i will go long around that level
I see strong resistance at 9500 going back to the beginning of Feb on the 5min chart. I reckon that could be the short term high before the drop to new lows.
botje11
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@JasonT79, You mean this line (the red area), it could well be the top for, that would make it very weak if it cant get above that resistance. For now i think it could get higher, because volume is lower and because it's the weekend. Just have to wait and see
JasonT79
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@botje11, The line I see on the 5min Bitfinex chart was first support at ~9500 on Feb 1. Then three times it was resistance on Feb 1, and three times resistance on Feb 3. It now forms the top of a 8900-9500 sideways channel.
botje11
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@JasonT79,
forgot to poste the link, this read area
JasonT79
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@botje11, Yes, that's the one. Looks like it only made it to 9400 before the drop.
botje11
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@JasonT79, Yes it did, i completely missed the drop for the double bottom. I had a day off today so i was not able to get in when it dropped out the rising wedge. Always enough chances, but always hurts a bit when you predict something very good, but miss the entry point
JasonT79
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@botje11, What are you're thoughts on double bottoms? My understanding is that it is bearish and will go lower.
Speaking of chances, it appears a triple bottom has formed in the 7800-7900 area.
88flavors
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thank you once again! :)
vspectra
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When you said stop at 9740 now and close one, does that mean buy or sell? Kinda confused lol. Thanks.