So I'm not a Bitcoin trader, nor am I even a Bitcoin follower, but I am a technical analyst & on the weekends I like to work on that skill by bringing up various charts and breaking them down. I haven't looked at Bitcoin in a while, but what I noticed is that recently it's been in a triangle consolidation pattern on the daily and on the 4 hour it was beginning to consolidate towards the lows.
The triangle on its own doesn't give me any indication on whether to predict a bearish break or a continuation back to the opposing trend line, but the head & shoulders bottom is a classic reversal pattern causing me to predict at least a shorter term bullish move from that level.
My predictions are based on structure and not the classical way of predicting a H&S break but I do think it's possible that we see a slight move higher providing opportunity or intraday and shorter-term traders to take advantage of.
Akil Really wish the Cavs could have pulled off that first game. Let's see if they (and by they I mean LeBron) has anything left in the tank for game 2.
The game 1 loss was such a killer for lebron. Some of the calls from the refs against him were just criminal. Of course what JR did was just unforgivable. I'm a big lebron fan, he's the GOAT in my eyes :)
Good post as always!
Akil_Stokes
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@paulDtrader, Thank you, and yeah I felt really bad for him. He did EVERYTHING and gave EVERYTHING and it ended up being for nothing. That's hard
I'm glad I'm not the only one looking at charts I don't trade, This is the first time I've looked at bitcoin and I'm quite glad to see it moves in the same way as Forex. Thanks for your input on this Akil.
Akil_Stokes
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@Rufio182, No problem, trading is a skill, so the more we work on it the better we get!
Napoleon_Carnegie
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Thanks for the good charts.
Cavs...it was really rough to watch that self inflicted loss... Once in overtime we knew the outcome...
Akil_Stokes
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@Napoleon_Carnegie, Yup, as soon as it went to OT, I knew it was over. They gave everything and that series of unfortunate events was just killer.
TomPower
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@Napoleon_Carnegie, And that charge went against LeBron when he was run over obviously.
Akil_Stokes
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@TomPower, Yeah, that was the biggest one in my opinion.
Napoleon_Carnegie
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@TomPower, Yes, seems that since he's so big they just conclude he's the bully. Can you imagine how he'd play if he never had to worry about the modern definition of foul?
Good post as always!