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Epic Pennant on BTC Chart


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Well guys for those of you that got in late 2017, this is what the beginning of a Bull Market feels like.  There will be ups and downs of course, but it will get much crazier with much higher valuatio

Just taking the time to say a huge thank you to you @Eric123. I have been reading this thread daily for a long time now. I don't often sign in to post something so this thank you and acknowledgment of

I was a bit bored, so I decided to analyse the reactions in the first 404(!) pages of this thread. In those 404 pages, 3938 comments received a reaction, and in total there were 11515 reactions g

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Two likely scenarios jump out at me purely from a technical standpoint.  

Option 1) BTC is in a trend channel, consolidating the big move up to 14k, and looking for a break out.  It would be very likely to test the bottom again and then, upon rebound, and would complete a perfect inverse head and shoulders giving the momentum to finally break through resistance at the neckline around $10500.  I think we should be prepared for this and look to buy the dip if it holds the line.  A weekly candle closing below the 200 week moving average would be quite bearish.

EhDim2rl

Option 2)  BTC is trending in a much narrower channel since the COVID dump and is currently working on finishing off the handle of a cup pattern and will use this breakout to take out 10500 and above.  

55sQIxge

Time frames all arbitrary, just illustrating some possible flight paths.

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9 hours ago, Master_of_Brain said:

Two likely scenarios jump out at me purely from a technical standpoint.  

Option 1) BTC is in a trend channel, consolidating the big move up to 14k, and looking for a break out.  It would be very likely to test the bottom again and then, upon rebound, and would complete a perfect inverse head and shoulders giving the momentum to finally break through resistance at the neckline around $10500.  I think we should be prepared for this and look to buy the dip if it holds the line.  A weekly candle closing below the 200 week moving average would be quite bearish.

EhDim2rl

Option 2)  BTC is trending in a much narrower channel since the COVID dump and is currently working on finishing off the handle of a cup pattern and will use this breakout to take out 10500 and above.  

55sQIxge

Time frames all arbitrary, just illustrating some possible flight paths.

come on man, been trillion times i've heard "will test the bottom again before moon", it's very similar to the "wait 5 years but after years passed it is still 5 years instead of 3 or 2 years left" kinda thing.

 

you couldve said the test the bottom for 4 times already by looking at your first pic, 

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Bitcoin' Price has been above the Long Term Down Trend line for 39 Days.  The 200 Day EMA is going to break the Long Term Down Trend Line tomorrow.  Hash Rate is at the third highest level ever.   I expect the Long Term Down Trend Line to provide support so I do not expect that the price will fall below that line.  

7 5 2020.png

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34 minutes ago, Eric123 said:

Bitcoin' Price has been above the Long Term Down Trend line for 39 Days.  The 200 Day EMA is going to break the Long Term Down Trend Line tomorrow.  Hash Rate is at the third highest level ever.   I expect the Long Term Down Trend Line to provide support so I do not expect that the price will fall below that line.  

7 5 2020.png

How does BTC and XRP look compared to the previous 2 cycles? Usual behaviour so far if we dont count in covid response?

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44 minutes ago, Eric123 said:

Bitcoin's Price Action.  Bollinger Bands are very tight and getting tighter.  The 200 Day EMA just made a Bullish Cross of the Long Term Down Trend Line.  The price is right at the Short Term Down Trend Line.  

As you can tell if you've been following my posts for any amount of time, one of the main things I utilize to determine the direction which the price is headed is the Exponential Moving Averages breaking key Trend Lines.  To me the 200 Day EMA movement is a very bullish indicator.  

7 7 2020.png

C'mon dammit!! I'm ready for some irrational moon shot. I need some excitement as well as some others, I'm sure. Let's bring back some life to this thing!!

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Bitcoin's price is Breaking the Short Term Down Trend.  

As The daily price has been above the Long Term Down Trend Line for 42 days and as mentioned in yesterday's post the 200 Day EMA has also broken the Long Term Down Trend.  

In the previous cycle the Longer Term Down Trend Line which most equates to where we are now is on the chart below. 

In November 16, 2016 the 200 Day EMA also broke the Long Term Down Trend Line after the Daily price had been above the Down Trend Line for 42 days.  The price was in the 700's at that time.  Two months later the price re-took the ATH.

 

 

7 8 2020.png

2016 LTDT.png

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56 minutes ago, Staigera said:

Xrp can learn from vet.

Unbelievable what a letdown this asset has been in the last 2 and half years simply pathetic. All other coins had atleast some decent rally all we got was a shitty little pump to 0.5 cents and that was what in 2018 or something what a joke.

:huh: huh? How does a digital asset learn from another?

It has been clearly stated that XRP is not to be used as an investment vehicle which puts the onus on the individual. 

I invested, hoping I would get lucky. Purely speculation.

Now, being disappointed in Ripple's performance based upon what they have claimed is an entirely different story...

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