Yeah I keep telling myself to switch from bitstamp to coinbase chart for BTC but I just fail to remember and do it at all times as it is a more validated chart.
And yeah, what you’re saying regarding that ETN chart I agree and I actually have a predicted double bear flag pattern taking us there couple days ago, ill forward my painting if you would like to see. Basically gives us somewhat the same target though this is obviously a pure speculated event I could potentially foresee from what we have on the chart right now made this purely for fun and not holding much hope for it to play out even remotely as painted.
Personally I think that as long we’re below 7800-8000 I think we gonna have another retest for the lower regions potentially retest the bottom trendline at 6100-6500~, there’s to many bulls in an position already and I have a hard time believing that these margin exchanges + market whales would accept all these people ride the wave up without atleast trying to stop out the majority before the breakout happens.
So personally I’m sort of expecting a retest of the 7800 collect more long positions then a big wicker down with a fast retracement to the means before anything will happen to the upside above 8k.
But that is just me and my sceptical self as I have very low faith in any of the margin & (*edit leverage) exchanges doing 100% legit customer service operations.
Breakout of the accumulation box at 54 sats should in theory confirm the reversal and the target if the head and shoulders is valid is 75~sats, target if a simple break out without pattern is 63 sats and 72 sats. Longterm if breaking 72 sats that will enter us in the 2018 full pump fib retracement and could be expecting a 0.618 target of roughly 263 sats deep into Q4 2020. Make it or break it in roughly 3 -> 15 days depending on price action.
Bears have hade plenty of time to sell out and drop us down, but I think this chart is starting to speak for itself for the vast majority of beartraders forcing them to hold further to the upside.
All targets is completely independent of company actions, the right news could as seen before null all targets and wipe them completely off the table.
And as I have personally said I do believe there is many fundamentals that isn’t factored into the price discovery yet.
And looking at the 4H chart we had one bounce on the resistance trend-line which also coincidentally was the exact end of the formation and crossed paths with the supportive trend line.
Same goes here, break the dotted resistance and target should be roughly 54 sats for the short term.
And for the daily chart, I have troubles defining any significant trend patterns.
But I feel they need to be adjusted from how they are placed on the 1hour -> 4hour chart as it won’t be a perfcet match anymore.
So this is what im looking at on the daily chart, breakout a littlebit higher then previous charts with a rough 55 sats target.
If these breakouts happen and hold above 54/55 sats, I think there’s high chance of us confirming the reversal and could expect some decent legups in the following days and weeks after breakout confirmation.
I’m not sure if this initial 54 retest is going to be what we’re looking for. I would like to see us bounce on 0.5 fib line at 48 sats. But I have really never been in a uptrend market and I have close to no clue what kind of targets you should put for corrective moves (after) a moveup.
*Edit
If we do get good looking price action on 54 sats I’m probably returning my christmas gifts (just kidding), maybe, questionmark?
And as always not financial advice.
Wish I had my charts at work…I see ETN is just under 49 sats right now. If I had BTC on an exchange right now I would be buying my butt off (not financial advice). This is what we have kind of been waiting for…
I just realized the drop to the 47 sat range hit the reversal curve perfectly before bouncing back up. I am curious to see if we continue a horizonal/downward slope until we touch it again for a positive vertical move up.
As I mentioned on the post directly above, I’ll direct you to point 1 on the chart where the wick we had a couple days ago came down to perfectly touch the reversal curve (green support line). It happened to intersect with a very important horizontal support line (yellow at 47 sats) making for an extremely strong support area and we bounce back to just above the 49.34 sat horizontal support line. This was a major win for the bulls.
Because of that successful defense, ETN started moving slowly back up over the last 24 hours and we closed a candle above the first descending line up resistance, see the circled 2 on the chart. This is the first time we have closed a daily candle above that line. I’m hoping it will act as a very strong support to break through the wicked resistance line directly above it…if it does, we should see a continued move up to around 60 sats over the coming week or so.
You will also notice the blue snake like area on the chart. That’s the Bollinger Band. It is not an indicator I use often, but I find it significant in this case because you can tell a bigger move is coming when the edges of the band contract. On this daily chart you can see the upper edge and the lower edge making a clear move toward each other. We’re going to see some action in the fairly near future and I’m very excited about it…I just hope it’s a positive direction, but time will tell.
If this daily candle can close above both those resistance lines, it will be another positive indicator on the plethora of positive indicators we already have. The charts are looking beautiful for ETN.
Beautiful indeed, the bollinger bands really showcased that we tested the absolute minimum price range, it rejected us instantly with a massive wick and shot us straight back to the highest price action point and then settled with a close on the median line. Technically with more confirmation this should validate further upside. But obviously you can’t say anything in this scenery with a guarantee. But certainly looking like further bull action in the coming weeks & months.
4H chart just went full out buy signal on the short time frames, blue bull line crossing the red bear line, price action settled above the clouds, green line is above the clouds,
As if this all isn’t enough we broke out of the 0.618 fib resistance.
We also got a 4H close above 54 sats.
And with this 4H chart bull action it can potentially convert us into the daily chart again since the price action saved the daily Ichimoku signals with pushing us above the blue bull line again, and evidentially everything rest for the daily ichimoku is already bull action.
I don’t expect a “moon shot” anytime in the immediate future, but I don’t see a dip any lower than 48-49 sats at worst. My gut tells me it won’t go lower than 50 sats unless BTC has a moon shot. The chart is bullish overall, but this is crypto and things can change in an instant…check the Matic chart for that evidence;p
I might not buy, depends on what the daily candle close will tell me And i dont buy much, this particular plane is moving all the time Sometimes for the better, sometimes for the worse.
Overall I would like the daily candle close to be at 55 sats for me to feel safe so currently the odds are against my favors and I will have to wait patiently for what the chart will tell me when i wake up.
Don’t invest based on my posts. I have this as a side hobby and everything I say should be taken with bags of salt.
I do to take precaution with everything i write and I always try to be realistic and try to find what is the most obivious pivot points and most favoured direction.
But eventhough we get all indicators pointing towards either direction, in a blink of an eye it can be turned against you.
I will tell you this, personally if we close this daily candle under 55 sats im out for the time being, waiting for better oppurtunities in that case. Do we close daily above 55 sats, I think that there is a propable outcome of further upside movements.
Not investment advise
*Edit, looking at the clear and most obvious point of guidance currently we got rejected on the 4H chart of the 0.618 retracement so there is a propable chance we see 50 sats again.
I am not expecting any moonshots on BTC. I see a gradual overall uptrend with reaching the old ATHs at 20k around this time next year. From there, the real fomo will kick in and we should see the next ATH soon after than before the next bear cycle. Either way, the levels we see now will be long history at that point.
I certainly do not see us going much lower after today’s drop to the much expected 6700 range so I saw it as a good entry point for the long term future. Could we go to the mid 5k range? Sure. But by no means is there as much reason to believe we would go there as much as we had reason (and expected) the drop we had today. Not financial advice. But yes, I did buy a little BTC and will buy even more IF we drop into the 5k range.
