Since the beginning of the year BTC has seen a massive breakdown. Dropping nearly 70% since it's all time high in December. The chart above shows throughout the breakdown, we have been given multiple breakout signals, all resulting in lower lows.
Once again, BTC has broken a major downward trend line. However, this time we gave been given multiple bullish signals along side.
The Happy Ending
Multiple Confirmed Signals:
The break above a major downward trendline
The completion of a Bullish Butterfly
Bounce off the Daily Support trend line on Feb 06
We also have a pending Inverse Head & Shoulders shown on the chart above. Bitcoin needs to break above the neckline in order for it to be completed.
IF Bitcoin succeeds in breaking above the neckline, I will add to my current position. All horizontal lines shown above may act as resistance from there on out. My ultimate target is the golden downward trendline. Which IF broken, it would be a very bullish sign for Bitcoin.
The Sad Ending
As the chart shows, we have been given multiple breakout signals in the past. So even with all of the bullish signals, there is always the chance this could go south.
IF BTC fails to complete the inverse head and shoulders, I will likely cancel my current position and wait for a clear sign of upward movement.
We are still in a bear market, so everyone must trade carefully.
I wish you all the best of luck.
DISCLAIMER: Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
Komen
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YordiDeKleijn pointed out a possible cup & handle on lower time frames. I will be looking for bounces on the .382 fib levels. This shares the same neckline as the Inv. H&S.
Dagangan aktif
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Komen
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There is a break on the 4hr timeframe. We have let to break on the hourly so expecting some consolidation. I am slowly adding to my position on these small pullbacks
Komen
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We're we all faked out once again? Here are some possibilities