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bitcoin long period of consolidation


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First of all this is not a buy recommendation only a topic for discussion

Is there any chance of this to be some kind of valid bottom? (FA?)

any chance of at least a bearmarket rally?

its a daily chart of Bitcoin showing a potential head and shoulder bottom (if i can attach it)

 

 

 

 

Bitcoin 2019 daily.png

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@Kodiak, that is an interesting chart and bitcoin does seem to be in tune with Awesome (think colour of bars rather than above/below zero) and with the divergence as well . Not supposing a massive retracement but quite possible that there is room to the upside.

Is interesting to see the degree to which all cryptos are big long with IG clients atm. You need to click on each one to find the approx number of clients long. Not always a contrarian indicator. 

@cryptotrader mentioned a possible crypto rally just recent in another thread.

image.thumb.png.6608da3f215453b9e0b1d36415c2fbb1.png

image.thumb.png.759d884a360def75631dc6d7eb96408b.png

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bitcoin currently sat above the 20 day MA, but below the 50. On the hourly looks more to be searching out direction and relatively range bound between the 3600 and 3900...

Volumes and news hopefully pushing the markets higher.

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@TrendFollower,  I know, I think a whole new branch of chart patterns needs to be written up specially for crypto, am keeping my eyes peeled for a goal post pattern next.

Of note though in both that recent up surge and then the down surge both were done and pretty much completed on just a 5 minute candle - social media organised pumping? 

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  • 3 months later...
On 31/12/2018 at 13:45, Kodiak said:

First of all this is not a buy recommendation only a topic for discussion

Is there any chance of this to be some kind of valid bottom? (FA?)

any chance of at least a bearmarket rally?

its a daily chart of Bitcoin showing a potential head and shoulder bottom (if i can attach it)

Bitcoin 2019 daily.png

Was cleaning up the computer and found this chart

Some kind of bottom it seems?

Sorry to say i missed out the bounce/rally

Bitcoin april.png

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  • 1 month later...

Well i did buy a small size lottery ticket in Litecoin back in January, should have sized up😉

Thats the problem with analyze and draw lines and guess how things work out

Trading/investing and TA are two different things 

 

Litecoin.png

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