Could today's BTC $500 move be part of a super Bart pattern?
This 30 minute chart bears a striking resemblance to one of the many Bart patterns that we experienced over the past couple of years.
As discussed in my last post (link below), we are looking at a descending pitchfork chart of BTC. Today BTC shot up vertically like a rocket fired from channel 3 and into channel 2. It blew right threw the white median line. Then the price started moving horizontally. Why did it lose momentum so quickly? It had high volume for the first hour (2 candles) then the rocket ran out of fuel and drifted sideways for the rest of the day.
Rumor has it BTC shot up today because of the Fed's new QE for the banks. The Fed will "print" hundreds of billions of dollars to add liquidity to the banks. Was this the real reason BTC exploded today, or was it just an excuse for a whale to run the price up higher to trick people into thinking we are in a bull trend and convince us the bottom is in? Is the whale going to pull the trapdoor from under our feet yet again?
What will BTC do next?
1) Rocket up to Channel 1 after some more accumulation? 50%
2) Dump back down to Channel 3 with another "Super" Bart pattern? 20%
3) Drift sideways and then coast back down because of low volume? 30%
I added percentages of each of the options of what I think it will do. I give it a 50% chance it will jump into channel 1 in 2 days.
Was it a coincidence that the price jumped up 7% today, just like it did 2 days earlier? Maybe. Maybe not. Will it jump another 7% in 2 days? We will have to wait and see. I don't think the last two 7% moves was a natural occurrence.
We have to watch the yellow box and see which direction the price is going to move. If it breaks to the downside then I'll have my stops in place under the box or I will go short. If it rockets to the upside then we could be in for another 7% move. Keep in mine that even with another 7% rise, BTC is still in a bear trend until it can break out of this pitchfork to the upside.
As always, do your own due diligence when buying or selling cryptos.
(And please smash the like button.)
As discussed in my last post (link below), we are looking at a descending pitchfork chart of BTC. Today BTC shot up vertically like a rocket fired from channel 3 and into channel 2. It blew right threw the white median line. Then the price started moving horizontally. Why did it lose momentum so quickly? It had high volume for the first hour (2 candles) then the rocket ran out of fuel and drifted sideways for the rest of the day.
Rumor has it BTC shot up today because of the Fed's new QE for the banks. The Fed will "print" hundreds of billions of dollars to add liquidity to the banks. Was this the real reason BTC exploded today, or was it just an excuse for a whale to run the price up higher to trick people into thinking we are in a bull trend and convince us the bottom is in? Is the whale going to pull the trapdoor from under our feet yet again?
What will BTC do next?
1) Rocket up to Channel 1 after some more accumulation? 50%
2) Dump back down to Channel 3 with another "Super" Bart pattern? 20%
3) Drift sideways and then coast back down because of low volume? 30%
I added percentages of each of the options of what I think it will do. I give it a 50% chance it will jump into channel 1 in 2 days.
Was it a coincidence that the price jumped up 7% today, just like it did 2 days earlier? Maybe. Maybe not. Will it jump another 7% in 2 days? We will have to wait and see. I don't think the last two 7% moves was a natural occurrence.
We have to watch the yellow box and see which direction the price is going to move. If it breaks to the downside then I'll have my stops in place under the box or I will go short. If it rockets to the upside then we could be in for another 7% move. Keep in mine that even with another 7% rise, BTC is still in a bear trend until it can break out of this pitchfork to the upside.
As always, do your own due diligence when buying or selling cryptos.
(And please smash the like button.)
تعليق:
It looks like it did turn into a Super Bart formation. There were 2 bull traps in the head to shake out the shorts.
