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Eric123

Epic Pennant on BTC Chart

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9 minutes ago, XRPforLong said:

Someone just transferred 158m worth of Bitcoin to Coinbase apparently. Presumably a dump incoming. Shame. 

Where did you get this from?

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It will be interesting to see how this plays out. 

https://www.coindesk.com/bitcoin-price-eyes-chart-pattern-that-kicked-off-bull-market-in-2015

Quote

A long-term bitcoin (BTC) price indicator is about to turn bullish for the first time in nearly four years.

The 50-candle moving average (MA) on the three-day chart is trending north and could soon cross above the 100-candle, confirming a bullish crossover – the first since October 2015.

A bullish crossover, as the same suggests, is a strong indicator of bull market momentum, according to technical analysis theory.

In reality, however, both bullish and bearish crossovers tend to lag prices. After all, the MA studies are based on historical data.

Even so, the upcoming bullish crossover warrants attention due to the fact that bitcoin broke into a 2.3-year long uptrend with the bullish crossover of the same averages in 2015.

 

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Posted (edited)
15 minutes ago, Sebastian said:

I've been watching the RSI myself and thinking that we no longer have the downside pressure we had a few days back. Also the  8115 area I wanted to see us get back above has been crossed and we closed above it, although we have now pulled back slightly.

If we do see the crossover, especially on volume, we're probably going to test the next real resistance back up around 8750-ish.

If we bounce back off the 100 day and don't blow through it, I think we'll see a sell-off. All this should be evident very quickly now. Like by tomorrow (Friday June 14) or this weekend at latest, imho.

I am waiting to see here before deploying cash into some new positions. Cheers and good luck to everyone.

Edited by dr_ed

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Still expecting a big move for bitcoin - big day on big volume -  that brings it back to the trendline - and as I previously posted - I thought it would have happened already, maybe by this weekend.  XRP seems to be impervious to good news and stuck around .38-.40 - Litecoin is still chugging away.  

6 13 19.png

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Alts don’t look interested in this move, makes me wonder if this can bounce back down again, I suppose time will tell. Volumes still way lower than May and I don’t trust big moves upwards without volume 

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26 minutes ago, Trentsteel said:

Alts don’t look interested in this move, makes me wonder if this can bounce back down again, I suppose time will tell. Volumes still way lower than May and I don’t trust big moves upwards without volume 

can you elaborate on this? why is there a difference on move ups between large and small volume?

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Posted (edited)
7 minutes ago, invest2lose said:

can you elaborate on this? why is there a difference on move ups between large and small volume?

Well from my experience, a move upwards without much increased volume only gets so far before it retraces, and the alts haven’t seemed to be interested in moving with BTC makes me think that this is going to bounce down. This my opinion, only 

 

i personally would not not make a buy at this point until we closed above 8200 and were still looking bullish, it could swing either way

Edited by Trentsteel

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On 6/12/2019 at 5:49 PM, dr_ed said:

That's exactly what it looks like. He needs to turn loose of some more fiat and drive it on up. Same whale as last time. Mr. One Candle.

Cheapskate with no friends backing him.

I’ve noticed this, would like to see volume increase if it was making an attempt at over 8400 

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35 minutes ago, invest2lose said:

can you elaborate on this? why is there a difference on move ups between large and small volume?

Light volume markets are much easier for big players to move in any direction they want, at any time they want.  And advances on light volume are apt to be fickle. 

A big move up on rising volume means exactly what it should mean, that price is being driven by broad, increasing demand, and isn't just being pumped so the pumper can turn around and unload..

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3 hours ago, Eric123 said:

Still expecting a big move for bitcoin - big day on big volume -  that brings it back to the trendline - and as I previously posted - I thought it would have happened already, maybe by this weekend.  XRP seems to be impervious to good news and stuck around .38-.40 - Litecoin is still chugging away.  

6 13 19.png

Looks like a pretty obvious head and shoulders pattern. Likely direction is down I'd say. 

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21 hours ago, Eric123 said:

Still expecting a big move for bitcoin - big day on big volume -  that brings it back to the trendline - and as I previously posted - I thought it would have happened already, maybe by this weekend.  XRP seems to be impervious to good news and stuck around .38-.40 - Litecoin is still chugging away.  

6 13 19.png

This is a fun analysis!  Too good a dream to believe in

 

0P1b7ZVD

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17 hours ago, RippleGambler said:

Looks like a pretty obvious head and shoulders pattern. Likely direction is down I'd say. 

Didn't read this earlier, but most head and shoulders patterns for bitcoin end up breaking up.

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The H&S is history imho ...unless a big whale is waiting to take advantage of the buyers about to come in....and manages to wreck this more or less beautiful chart.

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