BTC Update 2/12/2018

Afternoon everyone, apologies for my hiatus from Steemit for the past week. Winter has not been a friend of my immune system. Anyway, on to the charts.

I see many many things happening in BTC at the moment, alot of interesting activity which i will discuss in this post. Will be a bit more of a lengthy one to make up for the 1 week of no TA from myself.
Firstly id like to talk about the potential inverted heads and shoulders pattern which is playing out, the neckline is indicated by the purple line i have drawn.

Not only does a pattern need to play out and complete, it needs to be confirmed, to confirm a inverted heads and shoulders pattern we need to see the volume typically lower in both shoulders and higher volume in the head of the pattern, and as you can see from below, this seems pretty textbook.
Next id like to look at the potential ascending triangle forming on BTC, this is something i noticed just this morning as a possibility when i first looked at the charts after waking up. Debate could occur over the upper resistance of my triangle, but i have decided to leave it at the $4,210 dollar resistance, which was previous support.
One more possible situation is the pattern of a bear flag forming.

Lastly, just a look at the RSI and the MACD on the daily time frame. The RSI has come out of the oversold conditions and is heading towards a more neutral standpoint. The MACD is looking bullish short term with the histogram ticking upwards and we have the convergence of the 12 and 26 MA'.

A week ago i said we are likely to have a rise up to the $5,000/ $6,000 although i do not think we can get as far as $6,000 before one more capitulation, i do think we are on the rise short term. If you are prepared for every situation and minimise your risk, you have nothing to worry about, trade safe and smart.

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Disclaimer: I am not a financial advisor and any of my content should not be taken as financial advice. The information and content provided is purely my own thoughts and intended for informational and entertainment purposes only. This is not investment advice. If you want to invest you should consider consulting with a professional beforehand.