Bitcoin appears to be Flagging
Bitcoin could be gearing up for another power surge.
After surging significantly on Feb. 8th, bitcoin has mostly been going sideways.
Well, sideways with a slightly downward bias.
On the charts, this appears to be creating a bullish flag pattern.
If we look at a 3 day chart we can see that bitcoin could be setting up for another surge higher based on this pattern, though we need to see prices break about $3,700 for confirmation:
(Source: https://www.coindesk.com/bitcoins-sideways-drift-has-shifted-price-recovery-target-to-3-7k)
A flag pattern is basically where you have a big move up, creating the flag pole, followed by slightly lower trending price action over the following couple of days.
It is confirmed once prices surge above the top of the flag pole, which in this case would be about $3,700.
If we zoom in a bit, things look even more encouraging.
If we look at a 4 hour chart of the same price action, things look even better.
We have the same potential flag pattern, followed by mostly sideways to down price action.
However, we are starting to break the downtrend line of that flag, often known as a falling wedge, to the upside:
(Source: https://www.coindesk.com/bitcoins-sideways-drift-has-shifted-price-recovery-target-to-3-7k)
Often when we break a falling wedge to the upside like we did here, we end up also taking out the top of the flag pole, which would be around $3,700.
If that were to happen here we would be good to go for a move roughly the same length as the flag pole.
Which would take us to about $3,900/$4,000.
My gut says we go for it within the next couple days.
Stay informed my friends.
Follow me: @jrcornel
I hope this is the way this time
If this pattern plays out favorably, we probably test $4k within the next few days.
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To the Moon Alice!
It looks like Ethereum has broken the resistance line today formed by the local peaks at November 5 and Jan 4. Seems like an extremely bullish signal.
I'm willing to bet that mid December was the end of the bear market. Get ready for three more years of uphill action folks.
Yea I was with you on that call as well. Usually when everyone wants the market to do something, it never ends up happening, and it seemed like everyone was calling for a plunge below $3k.
ETH-BTC has been so low that I have been converting almost all of my BTC to ETH in anticipation of it eventually going back up to 0.09 BTC.
Yea ether likely represents somewhat of a leveraged bet on bitcoin turning around. If bitcoin turns, ether likely goes up even more.
Whenever Ripple flips Ethereum it always seems like a good time to buy.
What did you make of the JPM coin and its impact on xrp?
A stable coin can't compete with XRP. Especially a private one. As much as I hate XRP and know the banks can undercut that project, a stable coin is not the way to go.
These corporate stable coins will eventually remove their peg from the dollar just like USD removed its peg to gold. That's when they can compete with Ripple. However, Ripple is way ahead of the game. In order to remove the peg from USD crypto has to be mainsteam AND likely USD is no longer the world reserve currency as it begins to destabilize. This is the only scenario I can imagine where removing the peg could be justified while retaining the user base.
https://steemit.com/informationwar/@edicted/could-stable-coins-crash-the-economy
Wouldn't a stable coin work better for moving money around?
A stable coin, in effect, is still controlled by the Federal Reserve. A stable coin is just an extension of USD. There is nothing stopping a cryptocurrency from issuing similar monetary policy compared to fiat and issuing their own "stable coin" that isn't pegged to anything but its own monetary policy. Nothing about USD is intrinsically better than cryptocurrency.
When it really comes down to it, XRP and JPM are controlled centrally, fully negating their long-term value. Why would anyone use these services when they can just use a decentralized stable coin like Dai? Dai can't be regulated. Accounts can't be haircut or shut down or denied access.
When shit hits the fan all these centralized projects will reveal their worthlessness. Why get a loan from the bank when you can give a loan to yourself at 0.5% interest? But now I'm just being uber bullish on Maker again.
Back to the main question. No, a stable coin isn't better at being transferred, it's just better at being stable, assuming USD will remain stable, which I don't assume at all.
I’m ready for a solid bull run
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I don't think we see a big run for a while still, but I could see a nice mini surge soon here.
A mini-surge in crypto is the equivalent of a OMFG moment on the stock market.
Haha yes, very true.
I need to sell and lower my cost basis so a small pump works too.
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I think you mean buy more to lower cost basis. :)
Sell into a pump and buy the pullback. I’m not adding any new money until I recover my losses. So it’s all swing trading for me.
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That may take a while if you are like most on here...
My guts still say we're heading to 4400 USD. Short-term average is now a lot lower than long-term average which means the recent corrections were not enough and we will see more drastic change.
I am not sure if we get there on this surge or not, however I do think within this year we eventually challenge that $6k number.
It's already above 3900 USD, so getting to 4400 USD isn't so unlikely... Everything I see suggests the climb continues...
Minor resistance at $4k. Heavier at $5k. Super heavy at $6k.
Minor resistance is just a good thing, it means it won't so easily fall back... Some crazy exchanges are selling BTC already at 4379 USD which means people buy from one exchange and sell on another...
Which exchanges?
BiteBTC is the one I'm following, because people think it's scam exchange, but withdrawals do work.
Off to the races! A couple of Moving Averages already in sights. Will be interesting to see if it holds with volumes past the holiday weekend (in the US)!
Posted using Partiko iOS
Yep! Nice when things work out how we want!
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