Crypto Charts Analysis #11 Update - Bitcoin - 24th July 2017
Hi fellow Steemians, fellow investors, traders and crypto enthusiasts. Bitcoin is just pushing up. What a move over the last week.
So lets dive in and see what has happened over the last week and where we are now.
Bitcoin/US Dollar (BTC/USD) - Daily Chart
Looking at the previous analysis of the head and shoulders pattern to where the price is today and how the price has moved over the past week, it is pretty clear that the price is heading up.
We have seen a stall over the last couple of days where the price has been trading well within the bounds of the highest high, at the head, which can now be considered as a resistance point, and the neckline, now turned upward trend line.
When stepping back and re evaluating this pair it seems like we could be looking at an ascending triangle.
All patterns play an integral part in the price movement of the currency. Depending on your perspective you could say that the head and shoulders played out it's part and now prices have corrected enough and Bitcoin/USD is now going to be looking for higher highs. You could also say that the head and shoulders pattern never existed and this was an ascending triangle. It is quite normal to see a break of the rising trend line in such patterns only to see the price break back over the trend line and break the resistance for higher highs.
A break and confirmation of the resistance level around the $3000 mark would signal that price will move higher while another break of the rising trend line could indicate that Bitcoin has not finished it's correction.
Want to see the initial Bitcoin Head and Shoulders Pattern? Find it here.
So fellow Steemians, investors, traders and crypto enthusiasts what is your take on where the price of the price of Bitcoin is going? Do you agree or disagree with this analysis or do you have your take on what the chart is showing ?
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Resources
Coinigy - Online chart tools for Cryptocurrencies - Affiliate link
Coin Market Cap - Excellent resource with a loads of crypto data
Please keep in mind: The risk of loss in trading can be substantial. I am not offering financial advice nor am I telling you how or what you should be trading. I will simply be applying charting techniques I have learnt over the years. If, of your own free will, you decide to trade never trade with money you cannot afford to lose and if you do trade, try to spread out your trades on multiple assets. A diverse portfolio is much better than only holding a single asset.
nice post, tnx for sharing ^^
Thanks glad you liked it :)
im hoping for a drop in the next few days
If I had to say I would still expect a steep drop followed by a pop but seeing how it went back into that triangle and the fact that support for BIP91 has already been given.... It will really have to be fear that ends up driving that sort of move or some unexpected news, both of which are very possible.
Is there anything as beautiful as this chart? #Bitcoin on it way up up up after the sucess of #segwit2x
If you bought bitcoin at the conservative bottom or have been holding on to Bitcoin for a while then I would say a break of the $3000 mark XD But yeah those are some impressive moves.
Great post. Please read my biggest danger in crypto, would love your feedback -
https://steemit.com/cryptocurrency/@cryptocoinclub/blockfolio-addiction-help-group
Haha just read your post. Nice one. I was doing that when I started investing in Crypto. I still look at it every couple of days but not as obsessively as before. Now charts yes, I am obsessed with them. Same same I guess :) We all just want to see our investments skyrocket, sell some and chill out on some beach far far away.