Just thought I would post my Bitcoin Technical Analysis for today 12/26/18.
Looking for a drop off at least to the $3,450 mark which would be a last stand mark for the bulls to hold hope to full-fill this inverse head and shoulders pattern that has been in the making for the last month.
The Bullish Outlook:
Bitcoin ripping to the upside would need a massive move upward within the next few days and then finding support above $4100, preferably a consolidation in the $4,150-$4,300 marks. Once its found support I can see it testing up to the $4,600 and possibly even the $5k and $5,200 levels. This exhausted look of a trend would also need to stop and we would need to see this volume, RSI and momentum pick up in a big manner.
The Bearish Outlook:
Something I would like to point out is with not making another high yet in this inverse head and shoulders attempt has become another bearish indicator. We are forming another descending triangle on the weekly timeframe. Descending Triangles break to the downside 70% of the time based on classic technical analysis rule of thumb. Charts Shown Below
The 50 Week and the 100 Week Moving averages are poised to Death Cross violently here in the coming weeks ahead, looking to potentially crush the small 200 Week Moving average that has just been created.
My Custom Charts for XBTUSD pairing on BitMex
What you can see here on my charts is the extrapolated lines for a bear flag play out as well as a bullish outbreak.If this $3,450 mark does not hold and have a major bounce , I am looking to discredit the inverse head and shoulders pattern as the right shoulder would have broken the last wicks of support in that range.
As seen it looks very bearish as the candles have followed the Bear Flag to a 'T' that would have us end up at about $3,300, if not lower. It looks in favor of breaking to the downside although the bulls are trying for one last surge to break the Bear Flag Pattern.
Looking for a drop off at least to the $3,450 mark which would be a last stand mark for the bulls to hold hope to full-fill this inverse head and shoulders pattern that has been in the making for the last month.
The Bullish Outlook:
Bitcoin ripping to the upside would need a massive move upward within the next few days and then finding support above $4100, preferably a consolidation in the $4,150-$4,300 marks. Once its found support I can see it testing up to the $4,600 and possibly even the $5k and $5,200 levels. This exhausted look of a trend would also need to stop and we would need to see this volume, RSI and momentum pick up in a big manner.
The Bearish Outlook:
Something I would like to point out is with not making another high yet in this inverse head and shoulders attempt has become another bearish indicator. We are forming another descending triangle on the weekly timeframe. Descending Triangles break to the downside 70% of the time based on classic technical analysis rule of thumb. Charts Shown Below
The 50 Week and the 100 Week Moving averages are poised to Death Cross violently here in the coming weeks ahead, looking to potentially crush the small 200 Week Moving average that has just been created.
My Custom Charts for XBTUSD pairing on BitMex
What you can see here on my charts is the extrapolated lines for a bear flag play out as well as a bullish outbreak.If this $3,450 mark does not hold and have a major bounce , I am looking to discredit the inverse head and shoulders pattern as the right shoulder would have broken the last wicks of support in that range.
As seen it looks very bearish as the candles have followed the Bear Flag to a 'T' that would have us end up at about $3,300, if not lower. It looks in favor of breaking to the downside although the bulls are trying for one last surge to break the Bear Flag Pattern.
코멘트:
In the midst of posting this, bitcoin decided to fall from $3,820 down to $3,760
코멘트:
Considering the size of the descending triangle on the weekly chart i extended my mid section line of the bear flag.
코멘트:
$3,708 ^^