Today was a big day across the board. Big moves in the Nasdaq and currency markets, and of course - Bitcoin.
Today Bitcoin confirmed perhaps the cleanest Inverse Head and Shoulders pattern I have seen in a long time. We have popped up almost 10% at the time of writing. Not an insignificant move.
The dilemma we now face is where price has stopped - at trendline resistance of a significant triangle. In bear markets, it is common for the trend to re-test the pattern from which price broke down from - which is what we're doing.
However, I'm erring bullish for now. We can view today as 'ignition'. The greater test will be in the 8000 area, which will be confluence of trendline resistance and the 200 MA.
Credit goes to my friend Max - a new trader who I've been guiding the last few months. He picked the reversal at around 6300 and entered long, exactly where I exited my shorts. I didn't enter long until I received confirmation from other markets, like ETHUSD. My tardiness cost me around $300 - so well done Max for making a bold move!
What next? - I want to see the day's gains hold. If we start losing ground here, the move is done. We really need to see bulls commit to Make Bitcoin Great Again. #makebitcoingreatagain
Today Bitcoin confirmed perhaps the cleanest Inverse Head and Shoulders pattern I have seen in a long time. We have popped up almost 10% at the time of writing. Not an insignificant move.
The dilemma we now face is where price has stopped - at trendline resistance of a significant triangle. In bear markets, it is common for the trend to re-test the pattern from which price broke down from - which is what we're doing.
However, I'm erring bullish for now. We can view today as 'ignition'. The greater test will be in the 8000 area, which will be confluence of trendline resistance and the 200 MA.
Credit goes to my friend Max - a new trader who I've been guiding the last few months. He picked the reversal at around 6300 and entered long, exactly where I exited my shorts. I didn't enter long until I received confirmation from other markets, like ETHUSD. My tardiness cost me around $300 - so well done Max for making a bold move!
What next? - I want to see the day's gains hold. If we start losing ground here, the move is done. We really need to see bulls commit to Make Bitcoin Great Again. #makebitcoingreatagain