Epic Pennant on BTC Chart

[Eric123 8,976]

Bitcoin's price broke through top of the pennant and is above the trend line.  Important price levels to cross are  $12,100, $12,400. $13,300, $13,900,  $17,200 and finally $19,400.

[Fidel_Castro 78]

Am I reading XRP chat or Bitcoin? 

[LetHerRip 1,208]

2 minutes ago, Fidel_Castro said:

Am I reading XRP chat or Bitcoin? 

XRP failed, we moved on to analyzing the only real crypto now

[Master_of_Brain 953]

Quick update on BTC.  It tested the top of the pennant but has not broken through and so there is a real possibility that it will test the bottom one more time, currently at 11100.  I have exited my position and will re-buy if it breaks up or when it hits the bottom.  If it goes back down, then XRP might have itself the correction that I was envisioning.  No threat to the long term bull case.  Best strategy for most is to simply HODL.

[Eric123 8,976]

I have Bitcoin's price through the top of the pennant. (I am using close prices which is why my perspective differs slightly from @Master_of_Brain)  The top line has been offering some support which has briefly broken (currently below the line, but the drops have been happening on weak volume).  If we stay around this price or above we are looking a a very good weekly close the highest since January 2018. 

[Jotaro 300]

1 hour ago, Master_of_Brain said:

Quick update on BTC.  It tested the top of the pennant but has not broken through and so there is a real possibility that it will test the bottom one more time, currently at 11100.  I have exited my position and will re-buy if it breaks up or when it hits the bottom.  If it goes back down, then XRP might have itself the correction that I was envisioning.  No threat to the long term bull case.  Best strategy for most is to simply HODL.

when i see the word "test the bottom", i become agitated

[RipplePiercing 1,130]

1 hour ago, Eric123 said:

I have Bitcoin's price through the top of the pennant. (I am using close prices which is why my perspective differs slightly from @Master_of_Brain)  The top line has been offering some support which has briefly broken (currently below the line, but the drops have been happening on weak volume).  If we stay around this price or above we are looking a a very good weekly close the highest since January 2018. 

@Eric123 - Based on the volumes and sentiment, do you think these prices are sustainable in the near term? Trying to find an XRP entry point for next week... I am an XRP long term holder, just looking to top up 

[Julian_Williams 12,900]

12 minutes ago, RipplePiercing said:

@Eric123 - Based on the volumes and sentiment, do you think these prices are sustainable in the near term? Trying to find an XRP entry point for next week... I am an XRP long term holder, just looking to top up 

My amateur impression is that it is coiled up and if it breaks .325 it will shoot up quite fast to the next resistance level.  If it fails to break there will be a retrace to the high twenties.

Edited August 7, 2020 by Julian_Williams

[Jotaro 300]

Look at BTCUSD 1W chart, we have the deep V formation now, bullrun anytime soon

look at previous deep V patterns, all resulted into upside

lovin this deep V

[tar 946]

1 hour ago, Jotaro said:

lovin this deep V

Obscene!

[ManBearPig 1,140]

3 hours ago, Jotaro said:

when i see the word "test the bottom", i become agitated

One more dip before the rip

[Eric123 8,976]

2 hours ago, RipplePiercing said:

Eric123 - Based on the volumes and sentiment, do you think these prices are sustainable in the near term?

There seems to be support right around .2909.  You could chance it that it will go down and pick some up at that price.  If it breaks .29 looks like .26 is the next support. 

[Eric123 8,976]

Bitcoin's price has come under pressure today but has for the most part held up.  It wicked down for a minute on large volume but rebounded nicely.  ETH is down the most of the major coins I follow.  Might be time to add to my position in ETH.  XRP is also holding up pretty decent.  

[Jotaro 300]

Here's what i meant by Deep V formation, the formation's bottom must be really a V but not a rounded bottom, in other words it simply means the price go down quite sharply followed by a quite strong rebound, resulting in a V instead of a drawn out rounded bottom.

To date, only 5 deep V has formed including the current one, the first 2 yellow circle got 2 deep V respectively, the third circle has 2 deep V in it, and the last one is self explanatory and pretty obvious.

So far, all deep V gives a 100% chance of upside, the difficult part is when to take profit, i believe everyone has their own way of doing it, just dont get too greedy else you'll end up with little to no profit if you dont exit for the 2nd and 3rd yellow circle trade.

Noticed the 2 red trend lines, entry could be earlier than a Deep V as soon as you entered at the broken trend line, a subsequent deep V formation is just a confirmation bonus that you can sell your house and car and wife and bet it all on crypto and take on 200x leverage on Bitmex or whatever exchange platform.

If you'd ask me, noticed the vertical orange lines function like a date separation? I'd take profit by the end of year because the start of a new year most likely the correction begins, if you follow this method, you'd timed a perfect exit for the 2nd and 3rd yellow circle Deep V trade. The first yellow circle's take profit is a bit subjective because by end of year it havent moved up a lot, a Deep V shouldnt give that little profit and i'd wait it out longer, exit around anywhere after the 2nd deep V formed would be good enough for the first deep V trade.

All hail Deep V.

[Beatrice 46]

This threads reads like astrology for Bitcoin