Market Update: BITCOIN testing triangle top - break higher targets 5000!
UPDATE: Top is breached. Chart updated. New record highs. This is a BUY!
Hey Steemit, usually do daily charts, but this is by far one of my favourite technical patterns so we're drilling down to the hourly:
Bitcoin tested the record high overnight and was rejected, this is not bad news though. What we have now is an Ascending Triangle, which is an extremely reliable bullish continuation pattern. The buy signal occurs on a break above the horizontal line (or a close if you're a little more conservative). Now the triangle is still very wide, so we could fail again and go side ways ... but I have a sneaking suspicion this thing is going to go like now. Hopefully not before I get this post on the blockchain.
Break higher would target 4900/5000.
Why the low price target, if it is an ascending triangle the target would be the height of the triangle above the top. Putin close to 6k which matches the fib of run up from ETF rejet
The height of the triangle is only 600 points, the top of the triangle is 4400 = 5000. We must be looking at different triangles. We also have 261.8 extension of the 3K - 1800 segwit correction at 4900. Not to mention round number significance. Bear in mind this rally is already larger than the leg up from 800 to 3K in not only dollar, but percentage terms. I'd be very surprised if he we traded all the way from 1800 to 6000 with out a structural correction. Stranger things have happened though. :)
yea my mistake I was on the phone, 4900 looks like a good target, 4800 to get out ahead of profit takers. But I don't think that will be the big correction. am thinking 6000-8000 then all way back to 4000 or less. In the next 6 months or so. With eth same shape but bigger % moves.
That would be pretty crazy, I hope not. I know it used to behave like this, but I'm hoping it is becoming more stable. 8000 back to <= 4000 would be a massive correction indeed. Though yeah structurally the 3K former resistance remains untested. This is why I lean towards a 5K -> 3K -> Resumption. I try not to make really long term, multi-move predictions though - literally anything can happen!
Good chatting mate, look forward to more of it!
Omg, when altcoins and Steem will get at least 2.5 price?
Hi Anforo, I note you haven't up voted my post, but you've asked a question and up voted your own comment ... Bad sportsmanship IMO.
And there's a valid fundamental reason why you should buy.
Another 'SegWit.'
https://scrypto.io/content/perma?id=3857
Is the block scaling happening already? I thought it wasn't til September?
I honestly don't know @bulleth, but I suspect the market is running ahead of the event.
I need to read more, I think this is activation of the actual SegWit part and Block Scaling doesn't come til September (which is actually more event risk as it might not get activated :S)
I have a feeling that it is hitting 10k by the end of the year
Would be nice, but that's a big call!
would be perfect, my hopes are up
Keep watching man. Currently I have 0.15btc.
Nice! Keep stacking them Bits!
Great buy alert @bulleth... just what I've been waiting for!
Great info
it is going up in lightening speed
Wow
This thing is unstopable
It's easily going to $5,000 this week and maybe higher, but do expect some turbulence going into the next hardfork.
Thanks for the info :)
Glad you enjoyed!