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Epic Pennant on BTC Chart


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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

@Eric123 My perspective is a bit different;  in my opinion the alt season begins once BTC momentum tapers off and the price becomes stuck.  While this may take place after BTC hits some ridiculous ATH

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Bitcoin's price is seeing a bit of an assault this morning which I doubt will last based on the USDT being transferred to Bitfinex and Huobi. Currently Bitcoin's price is below the top of the Pennant line but is being supported by the triangle, (I just drew)  near term I expect this range to hold until the Weekend.   Regardless of the day to day gyrations in the price my main focus on the chart is the 600 Day EMA and the Longer Term Down Trend Line which will cross Sat or Sunday but the price might whipsaw and move up sooner.

 

 

8 11 2020.png

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5 hours ago, Eric123 said:

Bitcoin's price is seeing a bit of an assault this morning which I doubt will last based on the USDT being transferred to Bitfinex and Huobi. Currently Bitcoin's price is below the top of the Pennant line but is being supported by the triangle, (I just drew)  near term I expect this range to hold until the Weekend.   Regardless of the day to day gyrations in the price my main focus on the chart is the 600 Day EMA and the Longer Term Down Trend Line which will cross Sat or Sunday but the price might whipsaw and move up sooner.

 

 

8 11 2020.png

Was the 600 day moving average the last one to be passed before the las bull run? That's what I remember if I recall correctly.

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1 hour ago, Eric123 said:

@AlejoMoreno it depends where you put the Down Trend Line from the last cycle  - it would put us now right around May 2016.  The crossing of the Trend Line of the 800 Day EMA really nailed the upward movement last time but it positive movement seems to happen around the crossings of the major EMA's

8 11 2020.png

Maybe May 2016 in terms of levels - but my expectations are that the price will ramp up much faster this time round because the exchanges are much better prepared this time, and they will advertise and compete with each other to accelerate the FOMO momentum, and draw buyers from much wider catchments through efficient targeted mass advertising.   Companies like Greyscale and Etoro are hungry and have been planning for this next run.

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3 hours ago, Julian_Williams said:

Maybe May 2016 in terms of levels - but my expectations are that the price will ramp up much faster this time round because the exchanges are much better prepared this time, and they will advertise and compete with each other to accelerate the FOMO momentum, and draw buyers from much wider catchments through efficient targeted mass advertising.   Companies like Greyscale and Etoro are hungry and have been planning for this next run.

I agree. If I was an exchange I would start ramping up my advertising now and making sure all my systems are ready for the load. They should have had plenty of time to learn from the last bull run in order to avoid the delays and backlogs that happened last time.

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This is why I generally dislike chart patterns based on diagonal lines; they are subject to change with much higher frequency than horizontal patterns, which tend to be very clear and obvious.  Anyway, BTC finally tested the support line around $11100 like I was hoping for a week or so back, only I wasn't positioned in cash for it and so couldn't capitalize.  Nice bounce back so far and I look for this pattern to hold up as a consolidation prior to the next leg up.  RSI is officially reset and ready to go.

o8NG5HrU

 

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Bitcoin's price broke down below one support line after a bit of a fight, but was still supported by the support line of the pennant.  With the 600 Day EMA hitting the Long Term Down Trend Line around the 16th or 17th I am expecting some positive movement at that time or shortly thereafter.

I've seen a lot of commentary from other channels linking Bitcoin's price to the S&P which I think is flawed as yesterday for instance the S&P was up most of the day while Bitcoin's price was down all day long (the drop in  the S&P only happening at the end of the day), I think correlation is unfounded, it may occur coincidentally but I dispute that there is sufficient linkage between the S&P and Bitcoin to state that Bitcoin's price movement is dependent on the S&P.  

8 12 2020.png

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9 hours ago, Eric123 said:

Bitcoin's price broke down below one support line after a bit of a fight, but was still supported by the support line of the pennant.  With the 600 Day EMA hitting the Long Term Down Trend Line around the 16th or 17th I am expecting some positive movement at that time or shortly thereafter.

I've seen a lot of commentary from other channels linking Bitcoin's price to the S&P which I think is flawed as yesterday for instance the S&P was up most of the day while Bitcoin's price was down all day long (the drop in  the S&P only happening at the end of the day), I think correlation is unfounded, it may occur coincidentally but I dispute that there is sufficient linkage between the S&P and Bitcoin to state that Bitcoin's price movement is dependent on the S&P.  

 

If anything, it seems as though BTC has been more correlated with precious metals than the S&P.  Which has me a little worried, since the air seems to be going out of the PM balloon just now.  

Cy3Tw5ck

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