Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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"The symmetrical triangle, which can also be referred to as a coil, usually forms during a trend as a continuation pattern. The pattern contains at least two lower highs and two higher lows."
For a symmetrical triangle, the IDEAL pattern shows 3 touches. 3 Lower highs and 3 higher lows. We are now at the 3rd touch of this triangle, at the top. Technically speaking, this pattern can send us to either $5,450, or $7,200+. As we speak, Bitcoin is finding resistance at the .618 retracement of the swing high/low from the Tether pump, but is showing extreme strength. On the RSI, we broke out of the lower high pattern on the daily:
Bull scenario: Weekly close above $6,800 with volume. Targets are $7,300/$8,145/$8,950/$9,450
Bear scenario: Weekly close below $6,400 Target would be $5,450.
I believe Bitcoin may finally be breaking downtrend. In the link below, I analyze the monthly chart on Bitmex, Bitfinex, and Bithumb. In my monthly analysis I found that Bitcoin is showing a lot of hidden strength. Please click below and read for more details.
My name is MC_Peewee but you can call me teh Salesman.
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Bitfinex shows a very different story. 8k would be the target of this triangle break.
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Hmm..
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Hmm..
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Retrace! Retrace! OH NO.
SO FAR, we stopped at the 0.5 retrace for this ENTIRE move since Oct 29th. The 0.5 retrace is around $6,390. The .618 is around $6,350.
If we hold above at least $6,350, we could potentially be seeing the end of a wave 2, start of a wave 3 on the daily. Woudln't THAT be nice :D Right now I'm neutral leaning bullish, this seemed like a stop hunt to me. The daily is holding above 50 RSI, but we have a bearish enulfing candle.
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Huge bearish doji on the 4h, which closes in 30 minutes. This is a great sign.
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We need to hold $6,390. If we do, this will be a very, very bullish sign.
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4H just closed a 50 cent bearish doji. This is a possibly good sign.
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Oh yeah, and hidden bullish divergence. Let's see who wins..