Last week I wrote about a pennant pattern on the 4H time frame of Bitcoin as a continuation chart pattern. You can find the link to this post in the related ideas. That chart pattern was not realized as a continuation pattern and after breaking the support line, we saw downward movement to 2400.00 support level. Today we have a new chart pattern which can be spotted as a big pennant or a small simetrical triangle. It does not matter which pattern you prefer, they are both belong to the group of continuation chart patterns. It means that we should expect the resistance line breakout with further upward movement. But don't forget that even if the market moves upward, 2900.00 and 3000.00 resistance levels will be strong barriers for this price movement. We should be very careful with all our long trades. Also, we have to be ready for a possible breakout below the support line. If price drops below this line, this chart pattern won't be realized as a continuation pattern again. We'll see downward movement to the uptrend line at least. If the market can break the uptrend line and 2600.00 support level, it will fall to 2400.00 level or even lower. Before SegWit, price movements are not stable. Watch for any price movements inside the symmetrical triangle and be ready for breakouts above or below the signals lines.
Komen
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Price breaks the resistance line. Probably the market will move upward to 3000.00 resistance level. It's buy signal but are you ready for trading in such market conditions?
Komen
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It was a good bullish trap. The market can fall to the uptrend line.
tops...giving technical...btc will hold and rise on current fundamentals...once btc-cash is released....some who hold will sell..many will assume prior exchange positions..buying will slow...some will devalue btc on btc-cash presence ....but this is temporary....btc will go back to previous price sub2600 at worse...there about......once dust settles it's btc long and test the magical 3000 barrier....this altcoin holds no value of btcoins' and should be proven as such......then the DELAY of btc retracement is over...
Enhancement321
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My fellow traders, get out the popcorn its going to be a fun ride in the next 48 hours! :-p
Hi Dmitry,
Nice charts as always.
I´m not normally a "Nervous Nellie" trader, in fact most of the time I swing on the risky side, but this time I feel that being in USD is the best move.
Somehow if feels like we´re all chasing the end of the rainbow with these BCC/BCH carrots dangling in front of us, and it´s making us all blind.
I think these market conditions warrant an extra level of caution and I personally will forfeit my BCC/BCH coins for the safety of my BTC ;-)
It´s going to be a roller coaster ride, so buckle up everyone ;-)
Be safe.
kamilch
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fu..k TA guys we going all the way up until segwit activation and everyone receives BCC/BCH then some correction
MateuszP.Rydzik
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You're right. It's risky (or just feels unconformable) now.
nafnar
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Thanks. As expected 2800 resistance proves too strong at the moment. Momentum is still not here yet.
UncannyDeduction
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@nafnar, I expect resistance at $2890. If that breaks I probably will take off my bearish hat.