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Title: Bull Pennant on the Weeklies Nearing Close Post by: RejectedBanana on May 23, 2018, 02:37:11 PM During times like these, it helps to take the long view.
Let's play the matching game... https://i.imgur.com/Qd1Fy9V.jpg https://i.imgur.com/GCYB0qE.png Weekly candles, 50/200 Daily MA Volume, RSI, MACD Title: Re: Bull Pennant on the Weeklies Nearing Close Post by: Denker on May 23, 2018, 04:41:24 PM Yes that's one possibility. Touching the lower trendline, for another test of support, would bring us as low as $7000!!
That would still be a higher low. Just to let you know. But despite those pattern play, I will first start to get bullish again when we break above $12k or see that golden cross happen. Anything else is not strong enough evidence for me that the bulls have taken over. Title: Re: Bull Pennant on the Weeklies Nearing Close Post by: stompix on May 23, 2018, 06:02:37 PM If you use data from 4 yeas ago to create the pattern it's always going to be bullish, there is no way to have a graph matching the bearish ones in that image.
I just hope we won't be touching 6000 again,this it's getting annoying. But despite those pattern play, I will first start to get bullish again when we break above $12k or see that golden cross happen.Anything else is not strong enough evidence for me that the bulls have taken over. Breaking 10 000 and staying for a while seems now pretty bullish to me ;D And as always BTC doesn't care about TA and patterns, I'm willing to bet the next month will again prove the price is as chaotic as it can be. Title: Re: Bull Pennant on the Weeklies Nearing Close Post by: RejectedBanana on May 23, 2018, 06:44:27 PM If you use data from 4 yeas ago to create the pattern it's always going to be bullish, there is no way to have a graph matching the bearish ones in that image. I just hope we won't be touching 6000 again,this it's getting annoying. But despite those pattern play, I will first start to get bullish again when we break above $12k or see that golden cross happen.Anything else is not strong enough evidence for me that the bulls have taken over. Breaking 10 000 and staying for a while seems now pretty bullish to me ;D And as always BTC doesn't care about TA and patterns, I'm willing to bet the next month will again prove the price is as chaotic as it can be. 4 years? That's just one year! The rocket cannot refuel without touching earth again. Even $6000 still feels too expensive for latecomers. Anyone who got involved 1 year to 6 mos ago, they are still up and probably reluctant to buy moar. At some point, the price will hit a magic number where old timers and newcomers alike feel compelled to buy again. This might require bouncing off a lower support a few times or consolidating sideways. Bargain basement prices along with positive fundamental analysis is the rocket fuel we are looking for. Title: Re: Bull Pennant on the Weeklies Nearing Close Post by: RejectedBanana on May 23, 2018, 09:18:26 PM For every one of these idiots selling, someone is buying. At higher and higher lows. Buy the Fucking Dip https://i.imgur.com/3awm9kX.png Title: Re: Bull Pennant on the Weeklies Nearing Close Post by: exstasie on May 23, 2018, 11:51:52 PM I'd say that's not a robust "bull pennant." The first retracement in a flag usually goes much higher than 40%. It actually looks more like a "bear pennant" with the $20K-->$6K leg serving as the flag pole. Here's what that might look like:
For every one of these idiots selling, someone is buying. At higher and higher lows. True, but the flip side is that we're seeing lower and lower highs. No telling for sure which way the current range will break, but I wouldn't assume up. Those sellers may not be idiots after all. Time will tell. Title: Re: Bull Pennant on the Weeklies Nearing Close Post by: stompix on May 24, 2018, 01:23:32 PM 4 years? That's just one year! The rocket cannot refuel without touching earth again. Even $6000 still feels too expensive for latecomers. Anyone who got involved 1 year to 6 mos ago, they are still up and probably reluctant to buy moar. At some point, the price will hit a magic number where old timers and newcomers alike feel compelled to buy again. This might require bouncing off a lower support a few times or consolidating sideways. Bargain basement prices along with positive fundamental analysis is the rocket fuel we are looking for. Yeah, but I was telling you that the entire BTC graph looks bullish if you apply that pattern, If the ups and downs continue you can just add a few more months from the past and it's still going to look bullish. And if even that fails, just add more till 2009 ;D So, it will go up for sure 8), unless... :-X But you might be right about the entry price I''m not seeing the usual "cheap coins" posts on the WOT thread like the last time.. :D Title: Re: Bull Pennant on the Weeklies Nearing Close Post by: timerland on May 24, 2018, 10:09:35 PM Or, if you zoom into a 6m or so view, you could match our current trend with the bearish pennant or bearish rectangle. These TA trends can virtually be manipulated to fit whatever narrative you want to tell, based on the scale of which you are presenting the graphs.
I still think that bitcoin is bearish right now. It'll probably go down further and esta lish a bottom near the $5k mark before the recovery takes place. I'm not saying that a pump at this current stage is impossible, but even if it happens it would probably only be a temporary bounce in prices which will be followed by more dips, until we actually establish a bottom which I don't think we have done yet. |
